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News Roundup: Japan’s Zenrin To Buy 24% In MapMyIndia

21 July, 2011

Japan’s Zenrin To Buy 24% In MapMyIndia – Japanese map publisher Zenrin is all set to buy a significant stake in an India-based digital-map company that is being valued at $125 million. Zenrin is in advanced talks to invest $30 million for a 24% stake in MapmyIndia, the country’s largest provider of digital-map data and consumer-navigation services. Funds will be used to expand operations at the Delhi-based firm and also offer a partial exit to some of the existing investors like Qualcomm Ventures, Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital. (Economic Times)

GE’s PE Arm To Get New India Head – The private equity arm of General Electric in India will soon have a new chief with Anand Trivedi due to take over as the new managing director. Trivedi will move from the Indian arm of the Japanese banking firm Shinsei Bank and lead the revival of the private equity arm of GE. GE Equity was not fully operational for over a year, especially after the global recession when there was a consolidation of the Indian operations. (Economic Times)

Reliance To Sell 23% In Insurance Arm To Banks – Reliance Capital, which recently signed a pact to sell 26% in Reliance Life Insurance (RLIC) to the world’s sixth biggest life insurance firm Nippon Life, is in talks with domestic public and private lenders to divest further 23% stake. Reliance Capital will continue to hold a minimum of 51% stake in the domestic insurance company post divestments. Axis Bank and Syndicate Bank are among the banks that are in talks with Reliance. (Economic Times)

Oil India In Talks For Assets In Gabon – Oil India Ltd., the nation’s second- biggest state-run oil producer, is in talks to buy a stake in Etablissements Maurel & Prom SA’s assets in Gabon. Oil India is studying the fields and plans to appoint banks for financial due diligence soon. Maurel wants to sell a controlling stake in the fields, which may be valued at more than $1.5 billion. (Bloomberg)

Cox & Kings Invests In Radius – Travel firm Cox & Kings today said it had acquired a stake in US-based travel company Radius for an undisclosed amount. Cox & Kings has subscribed to the share offering of Radius through its Singapore subsidiary. Cox & Kings operates in 20 countries through branch offices, subsidiaries, representative offices, franchised sales shops, global network of sales agents and caters to the overall travel needs of Indian and international tourists. (Business Standard)

Lupin Shares Fall As Jhunjhunwala Cuts Stake – Shares of Mumbai-based drug maker Lupin the fell nearly 4% after billionaire investor Rakesh Jhunjhunwala and his wife reduced their stake in the company. Jhunjhunwala’s holding in Lupin came down to 1.73% on June 30 from 1.97% on March 31, the company’s shareholding pattern available on the Bombay Stock Exchange website showed. Lupin fell 3.96 per cent, or Rs 18.95, to Rs 460 on BSE today. The stock touched a low of 452.90 during the day.  (Business Standard)

Smile Microfinance To Raise Rs 250Cr – SMILE Microfinance Ltd, a Tamil Nadu-based micro finance institution (MFI), plans to raise up to Rs 250 crore through term loans from banks and finance companies for its lending business in the current financial year. At present, it draws financial support from 21 banks and some finance companies. In 2010-11, SMILE disbursed loans of Rs 377 crore, serving 330,000 members through 143 branches. Its asset base was Rs 192 crore at the end of March, up from Rs 166 crore a year before. (Business Standard)

Nitesh Estates To Raise Rs 400Cr In Debt – Bangalore-based real estate developer Nitesh Estates is planning to raise around Rs 300 crore of debt in the next one year to fund its projects in residential and retail verticals. While the publicly-listed company is likely to raise around Rs 100 crore of construction debt for three of its residential projects, around Rs 200 crore will be raised for its shopping mall project in Bangalore. (Business Standard)


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News Roundup: Japan’s Zenrin To Buy 24% In MapMyIndia

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