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News Roundup: Keventer Agro Buys 50% In Candico

12 October, 2010

Kishore Biyani Eyes 40% In ACK Media – Kishore Biyani, the CEO of Future Group, is in talks with the promoters of ACK Media, which owns iconic Indian comic content such as Amar Chitra Katha, Tinkle and Karadi Tales, to buy an over 40% stake. ACK was created and launched by Anant Pai in 1967 and in 2007 was taken over by former McKinsey associate partner Samir Patil with the aim of broadcasting the cartoon characters on cable television, Internet, mobile phones and cinemas. (Economic Times)

Keventer Agro Buys 50% In Candico – Homegrown Keventer Agro has snapped up a 50% stake in confectionery maker Candico. The enterprise value of the deal has been estimated at Rs 100 crore. Mayank Jalan, managing director of Keventer, has been appointed joint managing director of Candico. Sanjeev Kumar, the promoter of the confectioner, will remain chairman and managing director. (Telegraph)

JSW Eyes 51% CIC Energy – Jindal-controlled JSW group has emerged as the front-runner in the talks to buy a controlling stake in Canadian resources company CIC Energy which could value the acquisition at $450-500 million (about Rs 2,025 crore). Toronto-listed CIC,which owns coal mines in Botswana, is also talking to two other Indian companies that have a presence in power generation. (ET)

IOC To Buy 49% In Nuclear Power JV – Indian Oil Corporation  (IOC) may acquire up to 49% stake in its proposed joint venture with Nuclear Power Corporation of India (NPCIL) as against the 26% holding announced earlier. State-run IOC had earlier said that it would invest Rs 961 crore for 26% stake for setting up the 1,400 mw nuclear power project with NPCIL. The project is being set up at a total outlay of Rs 12,000 crore, to be financed in the debt-to-equity ratio of 7:3. (ET)

SEBI Nod Delays BSE’s CAMS Buy – The Bombay Stock Exchange’s (BSE) plan to buy a majority stake in Chennai-based registrar and share transfer agent Computer Age Management Services (CAMS) appears to be getting delayed, with the Securities and Exchange Board of India (Sebi) yet to approve the proposal. The BSE board will be meeting later this week to discuss the matter, and will decide on the future course of action. BSE is eyeing a 51% stake in CAMS, and is learnt to have offered Rs 600 crore to the existing shareholders. (ET)

IVRCL Infra May Get Rs 750cr For Hindustan Dorr Oliver Stake – IVRCL Infrastructures, the parent company of Hindustan Dorr Oliver, is expecting anywhere between Rs 600 crore and Rs 750 crore for selling out its 55% stake in the company. The company is currently valued at at about Rs 1,000 crore. IVRCL, it is believed, is currently evaluating certain acquisition targets in Europe and more particularly in countries like Poland to boost valuations. (DNA)

Moser Baer’s Power Arm Eyes Rs 700Cr Funding – Moser Baer Projects Pvt Ltd now plans to raise Rs 500-700 crore for one of its downstream companies engaged in the thermal business. It will soon enter into negotiations with various PE players for raising funds in Moser Baer Power & Infrastructure (MBPIL), which focuses on power sector including power generation, transmission and distribution. Moser Baer Projects Pvt Ltd, in mid-August, had raised Rs 1,350 crore from the Blackstone Group. (HinduBusinessLine)

MIC Acquires 51% In Avni Energy – MIC Electronics Ltd has entered into a memorandum of understanding to acquire 51% stake in Bangalore-based Avni Energy Solutions Pvt Ltd for Rs 10 crore. Avni Energy has a plant in Tirupati besides a sales office and R&D centre in Bangalore. MIC would take either equity or the unsecured loans route to complete the process of acquisition. (HBL)

Sweat Equity Fight May Spell More Trouble For Kochi IPL Team – The Kochi IPL franchise has to sort out the issue of sweat equity which prevents them from turning themselves into a company and getting on with the business of raising a team as they try to meet the 10-day deadline set by BCCI to shape up. Rendezvous Sports World, the Kochi consortium, has sought BCCI’s approval to “amend the shareholding structure of the proposed joint venture company” and make consequential changes in the Unincorporated Integrated Joint Venture Agreement submitted during the bidding process.


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News Roundup: Keventer Agro Buys 50% In Candico

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