FIPB Rejects Etisalat’s Application – West Asian communication major Etisalat’s move to acquire a controlling stake in its Indian JV has been rejected by the Foreign Investment Promotion Board. The government panel has rejected the company’s request to raise its shareholding in the local venture by an additional 5.27%. The application was rejected due to technical reasons and the firm would re-apply with required documents within the next three-to-four days. (Economic Times)
3i Group To Invest $150M In Soma Biz – Private equity firm 3i Group is likely to invest $150 million in the road business of Hyderabad-based construction and engineering company Soma Enterprises. 3i’s infrastructure fund will invest a large part of the money in Soma Enterprises’ yet-to-be-formed holding company for road business. The remaining part will be put in various road projects. (ET)
Karuturi To Raise $100M From PE – Bangalore-headquartered rose exporter Karuturi Global will raise $100 million (Rs 450 crore) through the private equity route to fund its growth plans in both agriculture and horticulture sector, and is expected to close the deal during the next week. Karuturi recently raised $15 million from IL&FS PE and another $24 million through a GDR issue. (Business Standard)
Shyam Srinivasan Joins As MD Of Federal Bank – Shyam Srinivasan, formerly of the Standard Chartered Bank has taken charge as the new managing director & CEO of the Aluva-based Federal Bank. An alumnus of IIM Kolkata and Regional Engineering College Tiruchi, Srinivasan was responsible for strategy, development and management at Stanchart and was the country head of its consumer franchise in Malaysia. (BS)
RIL, Promoters To Up Stake In EIH Rights Issue – Reliance Industries Ltd (RIL) and the Oberoi family will increase their shareholding in East India Hotels by buying the unsubscribed portion of a Rs 1,300-crore rights issue, which was cleared by the hotel major’s board. EIH has decided to form a committee to decide on the rights issue price, ratio and other procedural formalities. (BS)
L&T Forms T&D JV In South Africa – Larsen & Toubro signed an agreement with South Africa-based Befula Investments for a joint venture to develop power transmission and distribution (T&D) projects in South Africa. L&T will have a 72.5% stake in the venture. L&T’s agreement will help the company exploit the business potential for T&D projects in Africa. (BS)
United Technologies Eyes India Buys – United Technologies Corporation (UTC), the US-based $53-billion company with interests in aviation, elevators, fire and safety, has formed a mergers and acquisition (M&A) team to scout for acquisitions to strengthen its commercial companies in India. UTC’s commercial companies, which earn revenues of $500 million in India, include Carrier (heating and air conditioning solutions), Otis (elevators and escalators) and fire and security. (HinduBusinessLine)
Tecpro Raises Funding From Anchor Investors – Tecpro Systems Ltd, a material handling company, has announced that it has roped in eight anchor investors for its initial public offering. As many as 13.23 lakh shares have been allocated to the eight anchor investors at Rs 355 per equity share. (HBL)
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