News Roundup: JP Morgan Invests $30M In Parsvnath Project

27 May, 2011

JP Morgan Invests $30M In Parsvnath Project – JP Morgan has invested $30 million in Parsvnath Developers’ residential project La Tropicana coming up in the Civil Lines area of New Delhi. The deal includes an additional funding for the real estate group through JP Morgan’s local NBFC in India. Part of the funds raised has been used by Parsvnath to provide an exit to Red Fort Capital, which had invested Rs 115 crore in the project in 2009. The 400-apartment project, which was launched in 2008, has been much delayed and is now expected to be completed by 2013. (Economic Times)

Shree Ganesh Close To Two Acquisitions – Shree Ganesh Jewellery House is close to acquiring two foreign jewellery retail brands, one each in Italy and United Arab Emirates, worth Rs 1,000 crore. The bigger deal, an Italian retail chain, is worth €150 million and is likely to happen within the next 5-6 months while the UAE brand is valued at Rs 125-150 crore. If the acquisitions fructify, Shree Ganesh, which went public a year back by raising Rs 315 crore, may go for additional fundraising this year, though Parekh didn’t elaborate further. (DNA)

Tata International To Acquires Crew B.O.S. Products – Noel Tata-led Tata International, an unlisted Tata group entity is close to acquiring Crew B.O.S. Products Ltd, a listed manufacturer-exporter of leather items. Tatas have offered to buyout the promoters at Rs 150 per share. The promoters, who hold 54% in Crew B.O.S., pledged a large part (representing 32%) of the holding and were trying to release the pledges before the eventual sale of Crew B.O.S. Crew B.O.S. exports designer leather fashion accessories to global retailers. (Business Line)

SEBI To Probe Vaswani IPO – Market regulator SEBI today said it will probe alleged irregularities in subscription of shares of sponge iron producer Vaswani Industries and investigation will be completed within 30 days. The company, its promoters, directors and intermediaries have been asked by the Securities and Exchange Board of India (SEBI) to cooperate in the investigations. SEBI, on May 13, had withheld the listing of the company’s IPO following complaints by about 100 investors alleging large scale withdrawal and rejections in the issue. (Economic Times)

Fortis Eyes More Buys In Mumbai – Close to two years after its big-ticket acquisition of select hospitals from Wockhardt, the Fortis chain of hospitals is looking for opportunities to get into two “uncovered geographies” in the city – South Mumbai and the Western suburbs of the city. Fortis Hospitals Ltd comprises hospitals acquired from Wockhardt in August 2009, and it is a wholly-owned subsidiary of Fortis Healthcare. (Business Line)

Zee, Star Merge Distribution Arms – Television network Zee Entertainment Enterprises and a unit of Rupert Murdoch’s News Corp, Star India, have joined hands to distribute their television channels in the domestic market. Zee Turner, a 74:26 joint venture (JV) between Zee Entertainment and Turner International, will form a JV with Star Den Media, an equal JV between Star India and Den Networks. The JV, Media Pro Enterprise India, will initially distribute 68 channels, most of which will be paid channels. (DNA)

Coal India Eyes Indonesia Mine – Coal India, the world’s largest coal producer, may submit a final bid by the end of June to buy a stake in Indonesia’s PT Golden Energy Mines. The state-run coal monopoly is currently doing due diligence of Golden Energy. Coal India is yet to decide on a valuation for the stake it plans to purchase as a proposal is yet to be placed before the company’s board. (Wall Street Journal)

MCap Fund Buys Into Jyothy Labs – Emblem FII, a fund advised by MCap Fund Advisors Pvt. Ltd., has picked up a 1% stake in Jyothy Laboratories Ltd. from the open market. At current market price, the investment is valued at about $5 million. This is the fund’s first investment, and it comes on the heels of Jyothy Labs’ purchase of a majority stake in Henkel AG and Co. KGaA’s Indian unit. (Wall Street Journal)


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News Roundup: JP Morgan Invests $30M In Parsvnath Project

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