Bhaskar Group’s power generation company, Diliigent Power, is in advanced talks to sell an equity stake in the company for $150 million (around INR 800 crore) to JP Morgan. This would be the first private equity deal in the conventional energy space since 2011 as investors have shied away from the beleaguered sector due to policy uncertainties, fuel scarcity, and weak health of utilities. JP Morgan may own 21% stake in Diliigent after the completion of the deal. Blackstone, which had announced plans to invest in Visa Power in 2011, decided to call off the deal after the company failed to meet milestones despite the investor pumping in about $20 million into the company. (The Economic Times)
DLF to raise INR 1,500 crore by hiving its noncore assets to pare debt: As it continues to focus on reducing debt, DLF Ltd. is looking to raise INR 1,500 crore ($280.82 million) by hiving off most of its noncore assets. The building firm has just signed three definite agreements to divest two land parcels for about INR 700 crore ($131 million) and 60% ownership in Star Alubuild, a facade engineering and contracting company, for about INR 70 crore ($13.1 million). The company aims to complete the sale of most noncore assets this quarter, including its exit from insurance business, and will mobilise a slice over INR 3,700 crore ($692.69 million) through this route. The INR 3,700 crore figure includes INR 1,500 crore from fresh sale of assets and another INR 2,250 crore from the balance payment of older transactions that were concluded in 2012. (The Economic Times)
Blackstone plans 4 exits in India this year: Blackstone, the global financial powerhouse, is looking at four exits this year from its portfolio of 25-odd investments in India. Most of these were part of its early investments in 2007-08. This would be the second exit of the firm after it sold out of Intelenet in 2011. The four exits, mainly in unlisted companies, are important for Blackstone as it would book fair returns for its investors. Among the early investments by Blackstone in India are $50 million in Emcure Pharmaceuticals, $16 mn in Sparsh BPO Services and $65 mn in MTAR Technologies, an aerospace and defence company. It also invested $58 mn in CMS Computers’ outsourced business services and $40 mn in CMS Infosystems. Blackstone made a successful exit from Intelenet, business process outsourcing company, in 2011 when it sold its stake for $634 million. (Business Standard)
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