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News Roundup: Irish cement major likely to bag Shriram Group cement business

24 July, 2013

Ireland-headquartered cement maker CRH Plc may acquire Sree JayaJothi Cements, the cement arm of the $9-billion Shriram Group. The deal is likely to be announced soon and CRH Plc is set to buy the target through its joint venture partner MyHome Industries Ltd., an AP-based cement manufacturing company. The enterprise value of Sree JayaJothi Cements has been pegged at around INR 1,500 crore ($251.41 million).  (Economic Times)

GDF Suez eyes Hyderabad power plant, marks return of foreign interest in power sector: French energy giant GDF Suez is close to buying a power plant owned by a little-known Hyderabad-based company, signalling revived foreign interest in Indian power firms after a long hiatus. The company is in advanced stages of buying a 900 mw coastal power plant owned by Meenakshi Energy. Three people close to the development said Meenakshi signed a binding agreement with GDF Suez a couple of weeks ago. GDF may pay about $200 million (INR 1,191 crore) for the plant. (Economic Times)

Utkal Alumina plans to raise up to INR 20 bn in bonds: Utkal Alumina International Ltd (UAIL), a unit of Hindalco Industries, plans to raise up to INR 2,000 crore ($335.8 million) via sale of 10-year bonds. The firm intends to sell floating rate bonds benchmarked to the SBI base rate, which stands at 9.70%. The proceeds from the bond sale would be used to partly refinance existing term debt. The bonds have been guaranteed by the parent company. ()

Saraswat Co-operative looking to acquire Pune-based bank: Saraswat Co-operative Bank is planning to acquire Pune based bank. So far, the company has acquired eight loss-making urban co-operative banks, including Maratha Mandir Co-operative Bank, Mandvi Co-operative Bank, Nashik Peoples Co-operative Bank and South Indian Co-operative Bank. Currently, SCB has 242 branches and 168 ATMs spread across six States — Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi.  (Business Line)

Tata Technologies may buy more firms to tap new markets: Tata Technologies Ltd, which provides design and engineering services to automobile and aviation companies, is planning to acquire more companies over four years to tap new markets. The company would continue to look at potential acquisitions in the size of $35-50 million to support growth. The company, which provides services to companies including Tata Motors, Jaguar Land Rover, Boeing and Airbus has about $143 million (INR 852 crore) in cash. The firm would acquire companies to enter new markets such as China and Australia where it does not have a presence, expand its aviation business and add new technologies. In April, the company bought US-based engineering services company Cambric Corp. for $32.5 million. (Live Mint)

Promoters plans for stake sale in Best Eastern Hotels: Dilip V. Kothari and on behalf of Vandeep Holdings LLP and Mrs. Neelam D. Kothari, a part of the promoter group of Best Eastern Hotels Ltd. are planning to sell 1.2 million equity shares or 14.60% stake in the company exclusively through the seller’s broker on the separate window provided by the BSE Ltd. Kotak Securities Ltd. is appointed as the manager to the issue. The Sale shall take place at 9:15 AM and shall close on the same date at 03:30 PM. (BSE)

Courtesy: VCCEdge


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News Roundup: Irish cement major likely to bag Shriram Group cement business

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