Jet Airways Plans To Raise $150-200M - Jet Airways, India's largest private airlines operator, is looking to raise $150 million to $200 million through placement of equities to institutions. The company will be finalising the details in the next few weeks. (Reuters)
Jaiprakash Power Ventures To Raise Rs 2,500Cr - Jaiprakash Power Ventures Ltd, the wholly owned subsidiary of Jaiprakash Associates Ltd, plans to raise around Rs 2,500 crore from domestic and international markets. The board of directors of the company has approved the plan in a meeting held on January 25, 2010, said the company in the stock exchange. The company will raise the fund through the issue of QIP, FCCBs, ADRs, GDRs and follow-on public offer. It plans to utilize the fund as capital expenditure for the projects of the company, its joint ventures and projects being implemented through company's subsidiaries. (Team VCC)
India Equity Partners To Buy 25% In IETS - New York-based India Equity Partners is set to acquire a 25% stake in IL&FS Education and Technology Services (IETS) for little over Rs 140 crore. IETS is an education and cluster development initiative of Infrastructure Leasing & Financial Service (IL&FS). The private equity firm would pick up nearly 20% in secondary sale by the three existing partners and another 5% through fresh issue of shares by IETS. Orix Corporation of Japan, HDFC and Sera Fund are divesting their entire stake in favour of India Equity Partners. (ET)
Willowood Group Acquires Shreeji Pesticides - Hong Kong-based Willowood Group has acquired Shreeji Pesticides Pvt Ltd, a Vadodara-headquartered contract manufacturer of agrochemicals, for an undisclosed amount. The group, through its subsidiary, Willowood Chemicals, has picked up 100% equity in the company that had been promoted by Akshay Shah and his family. Shreeji Pesticides is involved in toll (contract) manufacturing for multinational companies like Du Pont and Makhteshim Agan and domestic ones like Shriram Fertilisers and Chemicals. (BS)
Aginyx Seeks FIPB Nod To Acquire 4.79% In MCX - The Cyprus-based Aginyx Enterprises Ltd has sought Foreign Investment Promotion Board (FIPB) nod for acquisition of 4.79% stake of Multi Commodity Exchange of India (MCX) from Citigroup Strategic Holdings Mauritius Ltd. The proposal was taken up for discussion at an FIPB meeting held on January 18, and is learnt to have been recommended for approval. The value of the deal, however, could not be ascertained. (Business Line)
Maersk Deal To Buy Devon Assets Hits Roadblock - AP Moller-Maersk Group, a Danish shipping and oil major, which has agreed to buy US Devon's stakes in the Cascade, St Malo and Jack oilfields in the Gulf of Mexico for $1.3 billion, said that the plan to buy Devon Energy Corp's stakes in two Gulf of Mexico oilfields was off after other owners used purchase rights, but Maersk may still buy a stake in a third field under the initial deal. The preliminary deal in December involved a 50% stake in the Petrobras-operated Cascade field and a 25% stake in each of the Chevron-operated Jack and St Malo fields. (DNA)
Japanese Co Buys Stake In Tata Steel Arm - Nippon Yusen Kaisha (NYK), one of the world’s largest logistic groups, has picked up a strategic stake in Tata Steel subsidiary TM International Ltd. The Japanese major has bought 26% in the Kolkata-headquartered company that operates a berth at Haldia, runs charter ships and handles bulk cargo such as coal for Tata Steel and other customers. The Tatas hold a 51% stake in the company, which was set up in 2002 with IQ Martrade of Germany holding the rest. NYK has come in as a shareholder after buying equity from IQ Martrade. (Telegraph)
Sebi, FMC Merger On The Backburner - The finance ministry’s proposal to merge commodity futures regulator Forward Markets Commission (FMC) with the Securities & Exchange Board of India (Sebi) has been put on the backburner. It met with opposition from the consumer affairs department. The process has been suspended for the time being as Agriculture, Food & Consumer Affairs Minister Sharad Pawar is opposed to any intrusion into his turf. The issue of who will regulate the commodities futures business has been contentious, with Pawar having his way around five years ago when the issue had come up for discussion. (BS)
Sahajanand Laser Eyes PE Fund - Eyeing the textile, pharma and chemicals industries in Gujarat, Gandhinagar-based Sahajanand Laser is planning to foray into solar thermal systems for boilers to replace conventional oil and gas based boilers. An investee company of Gujarat Venture Fund Ltd (GVFL), Sahajanand Laser primarily operates in laser cutting systems segment, apart from software development and microwave absorbers manufacturing. For its new venture, the company plans to infuse funds worth Rs 100 crore and has been scouting for private equity players for the same. GVFL had invested Rs 11 crore in Sahajanand Laser and currently holds around 7.42% stake in the company. (BS)
NTPC To Bid For Gas Blocks With ONGC - Power producer NTPC is keen to bid for gas blocks in India and abroad with Oil and Natural Gas Corporation Ltd as partner. The company is looking at possible options in Nigeria and West Asia for a gas deal. In this partnership, ONGC would help the firm take on the competition from global players, especially the Chinese firms. NTPC would also launch its follow-on public offer on February 3, 2010. (Telegraph)
SBI Eyes Acquisitions In South-east Asia – State Bank of India (SBI), countries largest lender, is eyeing acquisitions in the south-east Asia, particularly in Indonesia where it acquired a bank way back in 2006. It also looks at opportunities in Thailand and the Philippines. SBI deputy managing director and group executive (International Banking) Pratip Chaudhuri told reporters that Indonesia has huge reserves of coal, oil and many Indian companies are eyeing acquisitions there, which makes it a good case to acquire another bank. (ET)
DoT May Ask TataComm, Airtel To End Pacts With SingTel - The Department of Telecommunications (DoT) may ask two leading private operators, Bharti Airtel and Tata Communications, to terminate their contracts with Singapore Telecommunications (SingTel), which was allegedly offering international long distance (ILD) services here without a licence. SingTel, which has over 325 stake in Bharti Airtel, may also attract a penalty for violating laws and offering services in India without a proper licence. DoT also plans to penalise other foreign telcos such as AT&T, British Telecom, Equant (France Telecom) and Verizon for illegally offering services before obtaining licences to operate in India. (BS)
Oil Ministry Seeks Fund For Overseas Buys - The Petroleum Minister, Murli Deora, has written to the Finance Minister, Pranab Mukherjee, to consider setting up a fund that will aid domestic public sector companies in acquiring oil and gas assets overseas. This is in line with countries like China, which has a mechanism where funds are set apart for overseas acquisitions. Currently, Oil and Natural Gas Corporation's (ONGC) overseas investment arm, ONGC Videsh Ltd (OVL), has the power to take investment decisions of $75 million. Investments beyond the permissible limit need to be approved by the Cabinet Committee on Economic Affairs. OVL has been seeking more powers for its board to take investment decisions and to increase the current investment limit as well. (Business Line)
LIC Ups Stake In ONGC - Life Insurance Corporation of India (LIC), the public sector insurance major in India, has increased its stake in Oil & Natural Gas Corporation (ONGC) marginally, but the overall stake now stands above 5%. LIC has hiked its stake to 5%, from 4.99% earlier, ONGC told the Bombay Stock Exchange. The aggregate number of shares held by LIC as on January 19, 2010, are 10.71 crore. (Team VCC)
Google Founders Brin, Page To Sell 10M Shares - Google Inc founders Larry Page and Sergey Brin plan to sell about 10 million of the company's shares over the next five years. Page and Brin currently own about 57.7 million shares of Google's Class B common stock -- roughly 18% of Google's outstanding capital stock and about 59% of the voting power of Google's outstanding capital stock. If the two founders both sell 5 million shares as planned, they would own about 47.7 million shares, which would represent around 15% of Google's outstanding capital stock and 48% of the voting power of Google's outstanding capital stock. Page and Brin are currently Google's president of products and president of technology, respectively. (Reuters)
M&M To Subscribe To Warrants In Unit – Auto major Mahindra & Mahindra (M&M) said it will subscribe to 7.3 million warrants in unit Mahindra Forgings, which will enable it to acquire shares at 137 rupees each. At 0949 GMT, Mahindra Forgings shares were trading at 118.70 rupees, down 2.1% in a weak Mumbai market. (Reuters)
