IndusInd Bank has emerged as the front runner to buy Royal Bank of Scotland’s India retail assets and a deal could be announced as early as next week. The deal, which has been in the works for over a year, has hit various speed-bumps along the way on valuation concerns. According to sources in the know, IndusInd Bank, Kotak Mahindra Bank, Axis Bank and Standard Chartered Bank are in the fray to acquire the assets. The deal, according to sources, has been valued at around Rs 150-200 crore ($27.5 million – $36.68 million). The deal will involve only RBS’ India retail assets, which include a very high quality customer base. YES Bank and ICICI Bank were also believed to be in the race for the deal, but sources say they pulled out sighting valuations. Morgan Stanley is the i-banker to the deal. (The Economic Times)
Jain Irrigation to sell wind power biz to reduce debt: Jain Irrigation Systems is planning to sell the wind power business to bring down its debt by Rs 63 crore ($11.55 million). The company is in talks with a textile group for sale of its eight wind mills of 1.65 megawatt each in Tamil Nadu. The firm would seek shareholders approval for “sale or otherwise disposal of wind power undertaking of the company”. The total debt of the company, which stands at Rs 1,500 crore ($275.16 million). The company aims to sell its wind mills by next month post shareholders approval. (The Economic Times)
Credit Suisse, HSBC to manage NHPC share sale: Credit Suisse and HSBC have been selected as merchant bankers to manage the sale of shares in hydel producer NHPC, which is expected to fetch over Rs 2,200 crore ($403.56 million) to the exchequer. As many as 10 merchant bankers, including ICICI Securities and SBI Cap, had evinced interest in managing the stake sale. The government plans to sell 11.36% of its stake in NHPC in the proposed offer. The government currently holds an 86.36% stake in the target company. (The Economic Times)
Tech Mahindra scouts for buys in Australia: Tech Mahindra is scouting for global acquisitions. The company is keenly looking at an acquisition in Australia. The firm is looking at a candidate to enhance domain capabilities such as in BFSI (banking, financial services and insurance), telecom and healthcare. Tech Mahindra is also looking at some virgin markets in the region. (Business Line)
Green Tree Homes to raise Rs 50 crore PE fund: Residential real estate developer Green Tree Homes & Ventures Pvt. Ltd. is planning to raise around Rs 50 crore ($9.17 million) from private equity firms to support its ongoing products. The company is in talks with various private equity players through a model in which it would share revenue through a common escrow account. The firm also floated a new company Town & Tower Systems Pvt. Ltd. with plans to produce and market prefab building components for itself and other real estate development firms. (Business Standard)
Compact Disc plans to sell stake in the company: Compact Disc India Ltd. is planning to sell 50% shares in the company to UAE based conglomerate, comprising of 23 companies, having more than 5000 employees, business spread over all states of UAE, Qatar and Oman. Current valuation of the target company is US$ 49.60 million (Rs 297.60 crore). As part of the expansion, the acquirer has recently invested in Europe and China, on manufacturing Food Products, IT solution and Electronics. (BSE)
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