JSW Energy Joins Race For $2B Coal Mine – Sajjan Jindal-owned JSW Energy is likely to join the race with Essar group, Hyderabad-based GVK and Lanco Infratech to bid for the coal mines that have been put on the block by Australian coal mining major Hancock Coal. The bids of GVK and Essar are close to $2 billion each. Hancock Coal is seeking a buyer for two of its coal mines Alpha Coal and Kevin’s Corner, which are located in Galilee Basin in the coal-rich Queensland. The combined reserves of both coal mines can be as high as 7.6 billion tonnes of thermal coal which was used to produce electricity. Life of these mines are almost 30 years. (Business Standard)
iGate, Apax Execs Joining Patni Board – Software provider Patni Computer Systems is set to announce the appointment of iGate representatives, Phaneesh Murthy and Goran Lindahl, and Shashank Singh of Apax Partners to its board. They will replace the two Patni brothers, Ashok and Gajendra Patni, and William O Grabe of private equity firm General Atlantic. The Patni board met on Tuesday and this may be the last board meeting being attended by Ashok and Gajendra. (Economic Times)
Kidswear Chain Gini & Jony Goes For Debt Restructuring – Kidswear retail chain Gini & Jony has approached its bankers to restructure part of its debt after failing to stick to the repayment schedule. The company has filed for corporate debt restructuring (CDR) with bankers including Punjab National Bank, State Bank of India, Bank of India and IDBI. The firm has a total debt of Rs 120 crore on its books. (Economic Times)
ISRO To Exit Devas – The Department of Space is looking at the best exit option for ISRO to come out of the contract with Bangalore-based Devas Multimedia Pvt Ltd. It expects to complete the process soon. Deutsche Telekom had picked up 17% stake in Devas for $75 million in 2008. (HinduBusinessLine)
Sanghvi Forging To Raise Rs 43cr From IPO – The Vadodara-based Sanghvi Forging and Engineering has filed Draft Red Herring Prospectus with SEBI to raise Rs 42.50 crore through an initial public offer. It has proposed to use the IPO process to part-finance its Rs 120-crore expansion plan. The company will set up 15,000 tonnes a year open-die forging unit (with single piece forging up to 40 tonnes) to manufacture forgings such as stepped shafts, bars and hollows, blocks, flanged shafts, gear blanks and forging items at Vadodara. (HinduBusinessLine)
United Tech In Talks To Form 5 JVs – United Technologies India, the Indian subsidiary of the $54.3 billion global defence and aerospace major, is in advanced stages for floating five joint ventures for engine component manufacturing. The move is aimed at tapping the airspace sector in the country. The joint ventures are expected to be floated in a year’s time and will help it gain operational control and develop the standards of its suppliers. (Business Standard)
TCS Eyes Acquisitions Worth $500M – Tata Consultancy Services (TCS), the country’s largest information technology services provider, is eyeing acquisitions to expand its geographic footprint and presence in niche verticals. It is ready to spend more than $500 million (around Rs 2,250 crore) for this. (Business Standard)
Cox & Kings To Complete Overseas Buys By June – Cox & Kings Ltd, the tour operator, is in the final stages of making more than one acquisition by June this year. The buyouts being looked at include in Europe, the UK, the US and China. Cox & Kings currently has liquid funds of Rs 1,052 crore, earmarked for acquisitions. Of this, approximately Rs 640 crore is parked outside India. (DNA)
Liberty Shoes to Raise Up To Rs 150Cr – Liberty Shoes, a leading footwear manufacturer, is planning to raise Rs 100-150 crore by the end of this financial year to fuel its expansion plan. While it has not taken a decision yet on the mode of capital-raising, the company may look at the private equity route among others. The company earlier announced its plans to open 100 stores under the company owned company operated model this year.
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