Intact, HDI-Gerling In Fray For Reliance General Stake – Intact Insurance Co., Canada’s largest home, auto and business insurer, and Germany’s third largest insurance group, HDI-Gerling International Holding AG, have emerged as top contenders to buy a 26% stake in Anil Ambani-owned Reliance Capital Ltd’s non-life insurance arm, Reliance General Insurance Co. Ltd. The deal value could be around Rs 1,500 crore, which would make it among the largest foreign investments in the insurance business in India.
Essel Group Close To Buying Out DB Corp In DNA Publisher – Subhash Chandra’s Essel Group is close to buying out its joint venture partner DB Group’s 50% stake in Diligent Media Corp., the publisher of the English daily DNA, or Daily News and Analysis. The deal has been completed in principle and the financial details are being worked out. Diligent Media was formed in 2005 and the DNA newspaper was first published in Mumbai. (Mint)
Navis Capital Buys Out Kuckreja’s Stake In Nirula’s – Malaysia-based private equity Navis Capital Partners has taken complete control of homegrown fast food chain Nirula’s after buying out its co-owner Samir Kuckreja’s stake. Kuckreja was holding a minority share of less than 10 per cent in the restaurant chain. (Times of India)
Spykar Asks Lincoln To Find Buyers – The management of Spykar Lifestyle, a leading player in the denim garment space, has appointed global investment bank Lincoln International to find out potential buyers. The talks with possible buyers would begin from next month. Private equity (PE) firm Avigo Capital Partners holds a 60 per cent stake in Spykar. The valuation of the company is expected to be in the range of Rs 300-500 crore. (Business Standard)
Accel Partners Eyes Deals In Healthcare, IT – Venture capital fund, Accel Partners is looking to invest in areas like techonology, healthcare and education in the current financial year. It is looking to invest particularly in cloud computing and SAP, education and healthcare in the current financial year. (Economic Times)
Havells India Gets Rs 714Cr Refinancing – Delhi-based Havells India has refinanced its outstanding debt of Rs. 714 crore (102 million euros) at 350 basis points over Euribor from a new set of lenders. The loan was part of the 200 million euro (equivalent to Rs. 1,160 crore in 2007) that the electrical goods maker had raised in 2007 to finance the acquisition of Germany-based lightning company Sylvania for 225 million euros (Rs. 1,305 crore) the same year. (Economic Times)