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News Roundup: Jaypee Cement To Buy Zawar’s Wadi Facility

07 May, 2010

Jaypee Cement To Buy Zawar’s Wadi Facility – Jaypee Cement, the cement venture of Jaiprakash Associates, is acquiring a controlling stake in Zawar Cement’s defunct grinding unit at Wadi in Karnataka. The Zawar Group is based out of Pune and has business interests in cement, power, mineral water and real estate. Zawar Cement had earlier bought the Wadi unit from ACC. Jaypee Cement, which has a capacity of 25 mtpa, expects to end this financial year with a total capacity of 36.5 mtpa. It is looking to expand cement supply in Karnataka and Maharashtra though the Wadi acquisition. (DNA)

Chennai Realtor VGN Developers To Raise Rs 700Cr PE – VGN Developers Pvt Ltd, a Chennai-based real estate developer, is planning to raise Rs 600-700 crore private equity (PE) to fund its projects. The company has lined up several residential projects with a proposed investment of around Rs 3,000 crore. It has already roped in a PE player, which will invest around Rs 80 crore. The realtor has so far developed 2 million square feet of residential projects in the last four years, and plans to develop another 7-8 million square feet over the next 3-4 years. (BS)

Oberoi Family Drops EIH Stake Sale Plan To Analjit Singh – Oberoi family, the promoters of Kolkata-based hospitality firm East India Hotels (EIH) Ltd, has dropped plans to sell a substantial stake in EIH to Analjit Singh. Singh is the founder and chairman of Max India Ltd. Oberoi family was reportedly exploring the possibility of bringing in Singh as a co-promoter in EIH. Very recently, EIH has acquired its partner’s stake in the international hotel joint venture company EIH Holdings Ltd for $45 million. (Mint)

Suzlon, Caparo In Talks For Power Deal – Suzlon Energy Ltd, world’s third largest wind turbine manufacturer, is in advanced talks with Lord Swraj Paul’s Caparo Group to set up 3,000 mw capacity wind farms over a period of six years. The deal, if materialises, would bring in around $3 billion to Suzlon Energy. The power plants will be developed for Caparo Energy, the London-based group’s JV with Finland’s Wartsila, and most of them are likely to be executed in India. (ET)

Nagarjuna Promoters To Offload Stake, To Raise PE – The promoters of Nagarjuna Agrichem Ltd, a Hyderabad-based crop protection company, would dilute 4-5% of their stake in the company. This is in compliance with the Sebi guidelines to offload at least 25% promoter’s stake in listed companies. The promoters currently hold 78.29% stake in Nagarjuna. The company plans to raise Rs 350 crore to fund its capacity expansion, and is looking at qualified institutional placement (QIP) route and private equity to raise the fund. (BS)

PVR Suspended Agreement For DT Cinemas Buy – PVR Ltd, India’s largest multiplex operator, has suspended the agreement to buy the cinema operations of DLF group. PVR and DT Cinemas Ltd had mutually agreed to end the deal in February as the latter did not comply with certain issues needed to complete the deal. However, PVR is willing to resume the talks if it benefits its shareholders. (Moneycontrol.com)

Coal India Selects Investment Bankers For IPO – Coal India Ltd (CIL), the state-run coal miner, has selected Citigroup, Bank of America Merrill Lynch and Deutsche Bank as book running lead managers for its IPO. CIL has shorlisted six investment bankers for the same, while the other three include Morgan Stanley, Kotak Mahindra Capital and Enam Securities. (Reuters)


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News Roundup: Jaypee Cement To Buy Zawar’s Wadi Facility

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