Indraprastha Gas Keen On BG’s Mahanagar Gas Stake – BG Plc is keen to sell its 49.75% stake in Mumbai based gas retailer Mahanagar Gas Ltd (MGL). Delhi based city-gas distributor Indraprastha Gas, which is jointly promoted by Gail and Bharat Petroleum Corporation, is keen to pick up BG’s stake in MGL. Gail is also a contender for BG’s 65% stake in Gujarat Gas Co Ltd. (Economic Times)
JP Morgan To Invest Rs 200Cr In Nitesh SPV – A proprietary investment arm of JP Morgan will take 50% stake in a Rs 1,500 crore joint venture with Nitesh Estates for developing residential projects in Bangalore. The JP Morgan Fund will invest $40 million, or Rs 200 crore, as equity into the special purpose vehicle (SPV) developing five projects. The JV between JP Morgan and Bangalore-based Nitesh Estates will be to develop over 5 million sft of living space with the projects valued around Rs 1,500-2,000 crore. (Times of India)
Financial Institutions Eye PFC’s Power Fund – ICICI Bank? Ltd, Infrastructure Leasing and Financial Services Ltd(IL&FS), Infrastructure Development Finance Co. (IDFC) and IFCI Ltd have shown interest in state-owned Power Finance Corp. Ltd’s proposed $1 billion (Rs. 5,270 crore) private equity fund. PFC plans to form a joint venture in which it will have a 49% stake and the selected partner the rest. (Mint)
Hinduja Group To List Three More Companies – Hinduja Group remains committed to its pledge of investing $12 billion (Rs.62,520 crore today) in the Indian power sector, and plans to list two-three group companies on the stock markets in up to 14 months. The London-based group plans to develop power projects to generate around 10,000 megawatts (MW) over the next five years.
Amitabh Bachchan Buys Stake In Fineotex Chemicals – Amitabh Bachchan has bought three lakh shares of Fineotex Chemicals through open market purchases on the BSE last week. Bachchan holds 1.2% shares in Fineotex Chemical, a company that deals in speciality chemicals.He also holds significant stakes in Birla Pacific Medspa and Neuland Labs, where he holds 1.4 and 1.7%, respectively. (Economic Times)
Transgene Biotech Sells Technology To TSS Exports – Hyderabad-based Transgene Biotek Limited, a biotechnology company, has announced the sale of technology for recombinant human erythropoietin (rh-EPO) to TSS Export GmbH FZE, one of the group companies of Germany-based TSS group, for $5 million (Rs 26 crore). The technology transfer and the sale of this technology is expected to be completed within 5-6 months. (Business Standard)
GMR In Talks With DHL, FedEx For Cargo Hub – Bangalore-based GMR Infrastructure Ltd is in talks with international cargo airlines FedEx Corp. and DHL International GmbH? to make Hyderabad airport their regional hub in India. The country does not have a dedicated cargo hub. The civil aviation ministry’s plan to develop Nagpur as a cargo hub has not fructified in the past three years.