News Roundup: Jhunjhunwala Takes 30% In Krayon Pictures
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News Roundup: Jhunjhunwala Takes 30% In Krayon Pictures

By TEAM VCC

  • 09 Dec 2010

Jhunjhunwala Takes 30% In Krayon Pictures - Rakesh Jhunjhunwala, the billionaire investor, has taken up a 30% plus stake in Pune-based Krayon Pictures, co-founded by Kishor Patil, who is also CEO and managing director of KPIT Cummins Infosystems. Krayon Pictures aims at emerging as India’s answer to Walt Disney’s Pixar Animation studios. Jhunjhunwala was also an early investor in KPIT Cummins Infosystems, a Pune-based niche IT firm that is a specialist in the auto sector. (Financial Chronicle)

Tata Steel May Team Up For Riversdale Bid - Tata Steel could team up with an Indian metals company or a miner to make a counterbid for Riversdale Mining, in response to Rio's $3.5 billion bid for coal-rich Australian miner Riversdale. Tata Steel is gearing up for a battle to control the Australian-listed miner in which it owns a 24% stake. (Economic Times)

Vishal Retail Gets A Month To Settle - Vishal Retail has got a month’s time from the Delhi high court to reach a settlement with unsecured lenders who have filed separate winding-up petitions against the troubled discount retailer. Creditors include Singapore’s DBS Bank Ltd, London-based Barclays Bank Plc and Germany’s Deutsche Bank AG.  Settlement of the dispute is crucial for Vishal Retail to transfer its assets to US-based private equity firm TPG Capital and the Chennai-based Shriram Group. (Mint)

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Stemcor Eyes JV, Stake Buy - The Oppenheimer family-controlled Stemcor, the world’s largest steel trading company, is discussing a joint venture with two local partners for a $2-billion steel plant in Karnataka. Stemcor has been holding talks with Bangalore-based diversified business group United Telecoms and an unidentified mining partner from the iron ore rich Bellary. (Times of India)

Pyramid Saimira May Bid For Hoyts - Cineplex Odeon Corp., India’s Pyramid Saimira Theatre Ltd. and private equity firm Archer Capital are among potential bidders for Pacific Equity Partners’ Hoyts Cinemas Group, the Australian newspaper reported. The sale may fetech more than A$500 million. (Bloomberg)

ITC Eyes Acquisitions In Papers Space - Cigarette-to-hospitality major ITC is eying an acquisition for its Paperboards and Speciality Papers division to add capacity to its paper production. ITC is in talks with several companies in the paper production segment, may clinch a deal in the next six to eight months. This will be the company's second acquisition in this space, with the earlier one being the Kovai recycled boards unit of BILT a few years ago. (HBL)

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HPCL Gets 15 Bids For Prize Petroleum's 50% Stake - Prize Petroleum, the exploration and production arm of Hindustan Petroleum Corporation (HPCL), has got interests from 15 bidders for the 50% stake on the block. ICICI Bank, ICICI Venture Funds and HDFC plan to offload their 50% equity stake in Prize Petroleum Company (PPCL) to another exploration and production company. (Financial Express)

Nu Street Eyes $10M Funding - Nu Street, a Bangalore-based cloudware startup focusing on providing simple applications on the cloud to small and medium businesses, is in the process of raising $10 million (approximately Rs 45 crore) venture capital fund shortly to support its go-to-market drive and product development. (BS)

Kotak's ARC To Raise Rs 300Cr Fund - Kotak Mahindra Group’s asset reconstruction business arm, Phoenix ARC, is set to raise a global fund of Rs 300 crore from investors abroad. The target was a Rs 600-crore ARC fund, Rs 300 crore from abroad and Rs 300 crore from the domestic market. In July, it made its first closure after getting commitments worth Rs 167 crore from the domestic market. (BS)

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Actis In Talks With Isuzu For Swaraj Mazda Stake - Private equity company Actis is in talks with Isuzu Motors for exiting automobile company Swaraj Mazda. Actis holds 5.6% in Swaraj Mazda, while Sumitomo Corporation of Japan and Isuzu own 54.9% and 4%, respectively. Actis holds more than 0.8 million Swaraj Mazda shares worth around Rs 33 crore as per today’s share price. (BS)

 

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