Jyothy Emerges Sole Bidder For Henkel India – Mumbai-based Jyothy Laboratories has emerged as the sole bidder for acquiring a majority stake in Henkel India from its German parent, as the bidding process closed on Tuesday. Jyothy has offered Rs 10 per share for the stake, a steep 80% discount to the current market price. The offer price was also about 70% cheaper than what Jyothy paid Tamil Nadu Petro Products for buying its stake in Henkel India recently. The steep discount is a result of Rs 900-crore debt on Henkel India’s books. (Economic Times)
Handset Makers Gee Pee, Karbonn In Talks For PE Funding – At least five homegrown mobile-handset makers are in talks with private equity (PE) funds to raise about $1 billion to ramp up the size and sophistication of their operations. Gee Pee Infotech, Karbonn Mobile, Lava Mobile, Olive Telecom and Spice Telecom are at various stages of talks with PE firms to sell equity. While Karbonn is in talks to raise $300 million, Kolkata-based Gee Pee Infotech is in advanced talks with the Motilal Oswal Group, SBI Caps, Srei Infrastructure Finance and the PE arm of Deloitte Touche, to raise about $50 million over the next two months. (Economic Times)
Soota In Talks With VCs For New Venture – Indian software company MindTree Ltd.’s co-founder and former Chairman Ashok Soota launched an information technology services firm that he aims will touch $100 million in sales in the first five financial years of operations. The new company, Happiest Minds Technologies Pvt. Ltd., will start operations within five months. The company is in talks with two venture capital firms to meet the company’s funding requirements with a deal likely to finalize in the next four-six weeks. (Wall Street Journal)
German Firm Sells Mumbai Plot – German major Bayer CropScience has sold its approximately 108 acre-land parcel on Kolshet Road at Thane to Agile Real Estate Pvt Ltd, a subsidiary of real estate developer Kalpataru. The deal is estimated to be Rs 1,300 crore. The company said they have received an amount of Rs 260 crore from the sale. Kalpataru’s Rs 1,300 crore-bid was the second to DB Realty’s Rs 1,540-crore bid. DB Realty , however, withdrew its bid in February 2011. (Economic Times)
Venkateshwara Hatcheries Buys Stake In Music Site – Poultry major Venkateshwara Hatcheries has picked up a stake in Internet music company Hitlab.com, which counts pop artist Akon as one of its promoters. Venky’s India is the third-largest shareholder in Hitlab.com and the Web site had a soft launch on April 1 ahead of Akon’s India tour. Hitlab.com is a forum for musicians to test their songs and uses the DHS (Dynamic Hit Scoring) technology. (BusinessLine)
Zoom Debt Recast Fails – The proposal to restructure the debt of Zoom Developers has fallen through as banks aren’t convinced of the company’s business model. SBI Caps was given a mandate to study its viability and to suggest a debt restructuring package. Zoom was admitted for corporate debt restructuring (CDR) last year but this process has been stopped. As a result, a consortium of 27 banks, with combined exposure of Rs 2,600 crore, will start trying to recover their loans. (Business Standard)
MFI Bandhan Sells Loans Worth Rs 400Cr – Bandhan, the country’s fourth-largest microfinance institution (MFI), managed to sell about Rs 400 crore of its portfolio to banks. The lender had entered into separate deals with IDBI Bank, Axis Bank, Development Credit Bank and HDFC Bank for securitisation of the loans. (Business Standard)
Honda Completes Hero Exit – Bringing an end to the 26-year-old partnership between the Hero Group and Honda Motor Corporation (HMC), Hero Honda on Tuesday said the Japanese auto maker has exited the company completely after selling its 26% stake to a group firm of the Indian promoter family. Munjals’ promoted Hero Investment Private Ltd (HIPL) has increased its stake in Hero Honda to 43.33% from the earlier 17.33 per cent (as on December 31,2010). (Business Standard)
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