Naveen Jindal-controlled Jindal Steel & Power (JSPL) has offered to buy Gujarat NRE Coking Coal at a price of A$222 million ($231 million). It already holds 19.48% stake in Gujarat NRE. After the completion, this would give the company full control of two mines in the Australian state of New South Wales. JSPL operates coal mines in South Africa and Mozambique and agreed last year to buy Canada’s CIC Energy Corp. (Business Standard)
Pipavav Defence offers 26% stake sale: Pipavav Defence & Offshore Engineering Company, founded by Nikhil Gandhi, has offered to sell 26 per cent of its equity. A group of corporate majors is interested. The talks are in an advanced stage and Pipavav’s board would soon meet to decide on the buyer, based on the offers received. The promoters were seeking close to INR 8,400 crore (1.58 billion), or Rs 120 a share. The investor would get up to three board seats, including the position of co-chairman, and have a say in day-to-day management. According to the deal structure, the Gandhis would first dilute stake from 45% to 35%; then, new shares would be issued to the strategic investor via preferential allotment. The investor would also make an open offer to the other shareholders, in line with takeover law. (Business Standard)
MokshaYug plans to raise $10 mn: MokshaYug Access (MYA), rural supply chain enablement company in the dairy segment, is looking to raise INR 50-60 crore ($10 million) by second half of 2013. The company had earlier raised INR 40 crore including infusion from American businessman and venture capitalist Vinod Khosla and Unity Equity fund. The company as part of its growth initiatives has launched its dairy brand, Milk Route. (Business Standard)
JSPL eyes 49% stake in Gopalpur port: Jindal Steel & Power Ltd ( JSPL) is keen to acquire 49% stake in Gopalpur Port Ltd (GPL), which is currently engaged in developing the seasonal port at the beach town in south Odisha’s Ganjam district into an all-weather port. This is the second investment proposal of JSPL in port sector in Odisha as the company is vying to set up a captive port Bahuda Muhan also in Ganjam district. JSPL had evinced interest in acquiring stake in GPL after exit of one its original promoters, the Hong-Kong based Noble Group in May 2010. Since the original promoters have to retain at least 51% equity as per the terms of the concession agreement, the company is ready to pick up the residual 49% stake. (Business Standard)
Mahindra Satyam looks for buys in EU, Australia: Sitting on a cash pile of INR 3,311 crore ($622.61 million), Mahindra Satyam is looking at acquisitions in the European Union and Australia in the areas of engineering services, manufacturing and healthcare verticals. As Mahindras await the Andhra Pradesh High Court for the merger, Mahindra Satyam and Tech Mahindra have begun to work together. (Business Line)
All Nippon held talks with KFA too for India entry: Japan’s All Nippon Airways (ANA) has reportedly held talks with GoAir and SpiceJet for a stake purchase. Ever since India relaxed ownership rules, allowing foreign carriers to buy up to 49% stake in domestic airlines, the sector has been buzzing with news of mergers and acquisitions. Jet Airways and the grounded Kingfisher Airlines have been in stake-sale talks with Etihad Airways. SpiceJet has had talks with private equity funds like Olympus Capital and TPG Capital and is now looking at strategic investors. GoAir too was looking at private equity money some time ago. (The Times Of India)
GAIL to form joint venture with EDF Trading: GAIL is forming a joint venture with global energy marketer and trader EDF Trading, marking the Indian utility’s baby steps for getting into marketing of gas in the US and jointly acquire assets in that country. GAIL and EDF would sign the MoU in New York on Saturday during M Veerappa Moily’s first overseas visit as petroleum minister. GAIL already has a presence in the US by way of a 20% stake in Carrizo Oil’s Eagle Shale Assets in Texas. Besides it has an agreement to import 3.5 million tonne of liquid gas from Cheniere Energy’s Sabine Pass shale gas project in Louisiana and is eyeing another deal for 2 million tonne of gas. (The Times Of India)
ONGC Videsh in race with Asian rivals for Videocon stake in African gas field: Indianenergy major ONGC Videsh (OVL) is set to battle it out with Asian rivals from China and Thailand as well as some of the biggest global names for Videocon Industries’ 10% stake in Mozambique’s Rovuma offshore block. From early February, a due diligence exercise to evaluate reserves and other financial and commercial details of the gas fields will begin. At least six bidders have expressed initial interest including Shell, ExxonMobil, BP, Spain’s Repsol, China’s Petroleum & Chemical Corporation (Sinopec) and OVL which may team up with Oil India to form an Indian consortium. An existing investor, Thailand’s state-owned PTT Exploration and Production Public Company Limited (PTTEP), which owns 8.5% stake in the field, may also bid to increase its economic interest. (The Economic Times)
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