The $3.8 billion Japanese foods and instant noodles giant, Nissin Foods – popular around the world for its Top Ramen brand of cup noodles is in advanced discussions to buy out Capital Foods, a home-grown processed foods and ingredients company. The company is 40% owned by Kishore Biyani’s investment arm Future Ventures while the rest is controlled by the company’s founder-chairman and managing director Ajaay Gupta. These sources add Nissin is currently conducting a detailed financial and business diligence of Capital Foods’ operations. The company is expecting an enterprise valuation of Rs 500 crore – Rs 600 crore or three to four times its FY’13 sales figures. (Times of India)
Maveric promoters plan to dilute stake: Promoters of Maveric Systems would dilute their stake in the company to raise $6-9 million (Rs 25.6 crore – Rs 38.4 crore) from private equity investors or venture capital funds. As an angel investor, Arun Jain, Founder, Polaris Financial Technology, has a stake in his personal capacity in the privately held Maveric. The Chennai-based company has appointed MAPE Advisory Group to find a potential investor. The funds would be used to scale up operations and invest in intellectual property. (Business Line)
ONGC Videsh plans to raise stake in Latin American blocks: ONGC Videsh, the overseas arm of state-owned energy explorer Oil & Natural Gas Corporation, plans to raise its stake in oil and gas acreages in Brazil and Venezuela to counter China’s growing influence in the region. The company is also scouting for experienced equity partners that can help it better exploit hydrocarbon resources in its acreage in Venezuela. The move comes just two months after OVL bought 20% stake in the gas rich Rovuma basin in Mozambique, one of the most coveted new energy assets in the world, for $5.11 billion. OVL, explaining the company’s privilege to acquire more stake in block BC-10 before it could be offered to any other company. OVL owns 15% of the block, while state-run Petrobras owns 35%. China’s Sinochem Group has offered $1.54 billion for a 35% stake in the block. (Economic Times)
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