JSPL To Acquire Shadeed Iron & Steel In Oman – Jindal Steel & Power Ltd (JSPL), part of diversified Jindal Group, is acquiring Oman-based Shadeed Iron & Steel for a consideration of around $500 million. Shadeed Iron & Steel is owned by Abu Dhabi’s Al Ghaith Holdings PJSC and has a 1.6-million tonne gas-based factory that makes sponge iron, which are used in steel-making at Sohar in Oman. Jindal Steel has already signed an MoU with Shadeed, and will fund the acquisition through a mix of internal accruals and debt. (ET)
Kotak Realty Fund To Invest Rs 150Cr In Mumbai Project – Kotak Realty Fund, the real estate-focused private equity (PE) fund of Kotak Mahindra Group, has invested Rs150 crore in Dheeraj Insignia, a residential project launched by Dheeraj Realty in Mumbai. Dheeraj Insignia is located in Bandra East, close to the Bandra Kurla complex (BKC), a business hub in Mumbai. Recently, VCCircle has reported that the PE arm of Kotak has also lined up an exit plan for at least five of its portfolio companies this year through strategic stake sale. (Mint)
HT Media To Raise Rs 300Cr In IPO – Hindustan Media Ventures Ltd, a New Delhi-based media group with presence in print as well as electronic space with an FM radio station, is planning to raise Rs 300 crore through an initial pubic offer (IPO) to fund its expansion programmes. It has already filed the Draft Red Herring Prospectus (DRHP) for the public issue and expects to come out with the IPO in the next three months. The company which has presence in states including Uttar Pradesh, Bihar, Uttarakhand, Jharkhand, and National Capital Region, plans to intensify this expansion, besides exploring new markets. (BS)
Crompton Greaves Buys Three Business Units Of Nelco – Crompton Greaves Ltd (CG), a manufacturer of electrical equipments, is acquiring three businesses of Nelco Ltd for around Rs 92 crore. The businesses include Traction Electronics, SCADA and Industrial Drives. Crompton says, in its filing to the BSE, that the acquisition will help the company to become a stronger and more comprehensive player in the railways business segment and build capabilities in drives by better leveraging on its existing product portfolio. (Team VCC)
Parsvnath Developers Raises Rs 350Cr Via Land Sale – Parsvnath Developers Ltd, a New Delhi-based real estate developer, has sold land parcels across three cities to retire part of its debt. The company has sold six properties in Mumbai, Pune and Ahmedabad. Parsvnath has raised around Rs 350 crore from the sale. The company is currently focusing on project execution and delivery in north India as around 90% of them are located in the region. IVRCL Infrastructures and Projects Ltd, a Hyderabad-based infrastructure company, has also raised fund by selling land properties in Chennai and Pune in recent times. (Mint)
Pantaloon In JV With UK’s Footwear Retailer – Pantaloon Retail India Ltd, the retail arm of Kishore Biyani-led Future Group, has formed a 50:50 joint venture company with C & J Clark International, a footwear retailer in UK. The yet to be named JV company will retail C & J Clark’s footwear brand ‘Clarks’ in India, besides wholesaling the brand along with other allied products, Pantaloon Retail informed the Bombay Stock Exchange. With this, the company has taken a strategic business decision to enlarge its business activities and have a better footprint in retail as well as wholesale of branded footwear and allied products in India. (Team VCC)
Essar Energy Cuts Asking Price For IPO – India’s leading energy firm Essar Energy, which has floated $2.5 billion initial public offer (IPO) in the London stock exchange, has dropped the asking price below its planned price range, underlining the fragility of the UK market for new listings. Essar Energy had been discussing the issue with the advisers and was considering a small reduction in price, taking it below the 450p-550p range ahead of a formal announcement on Friday. The company is expected to announce the final price for the shares on Friday before they begin conditional trading. (FT)
Patni In JV With Japanese Firm – Patni Computer Systems Ltd, a provider of information technology services and business solutions, is looking to form a joint venture with a Japanese company to strengthen business in that country. The development came days after the firm has acquired CHCS Services, a subsidiary of Universal American with technologies in the healthcare insurance segment, for less than $10 million. However, the details of the joint venture could not be ascertained. (DNA)
Japan Tobacco Infuses $65M In Indian Unit – Japan Tobacco Inc, the world’s third largest tobacco company by sales volume, has invested $65 million (Rs 293 crore) in its Indian unit without increasing its shareholding. The development came on the heels when the government is going to implement the ban of foreign direct investment (FDI) in cigarette manufacturing. Japan Tobacco holds 50% equity in JTI India, a joint venture with a Mumbai-based law firm, the Thakkar family. It had earlier sought permission of the Foreign Investment Promotion Board (FIPB) to increase its stake in the Indian venture from 50% to 74%. (BS)
Lenders To Discuss Vishal Retail CDR Package On May 4 – Debt-ridden Vishal Retail is holding a joint lenders’ meeting on May 4 to get the corporate debt restructuring (CDR) cell members, the company and Texas Pacific Group (TPG) on board with the CDR package and oversee its implementation. Vishal Retail had gone for CDR last November. The TPG, a private equity fund, is said to be keen on taking over the assets of Vishal, with an investment of Rs 250 crore. (BS)
Bata To Get Rs 100Cr In Township Venture Share Transfer – Bata India Ltd, a leading footwear retailer in India, will get Rs 100 crore as upfront payment and 6.4 lakh square feet of built-up area for future transfer of its shares in Riverbank Developers Pvt Ltd, the 50:50 township development joint venture with Calcutta Metropolitan Group Ltd. Bata India has restructured the agreements with revised terms and conditions for the development of the integrated township project, while retaining the legal title over the land at Batanagar project and shares in the joint venture company. The township project is located on the surplus land of the company’s shoe manufacturing unit in Kolkata. (Business Line)
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