KKR, the global buyout fund, is likely to acquire one-third of Hyderabad-based Gland Pharma for a little over Rs 1,000 crore ($154 million). The deal, likely to be consummated by this month-end, will be a combination of fresh equity infusion into the company and buyout of the existing investor Evolvance India Life Science Fund, two persons familiar with the development told. The deal would value the company at around $500 million (Rs 3,000-3,500 crore). KKR would infuse about Rs 600-700 crore of the deal ($108 million) amount into the company to augment manufacturing capacity while the balance would be used to buy out the Evolvance’s stake in the company. Currently, promoter Ravi Penmetsa along with other Indian shareholders will continue to own about 60% stake in the company. (Economic Times)
Renuka Sugars in talks with UK, German firms to sell Brazil asset: German sugar producer Suedzucker AG and UK-based Associated British Foods Plc (ABF) are in talks with Shree Renuka Sugars Ltd’s power production unit in Brazil, two people close to the development said. Renuka Sugars is expecting to raise at least Rs 2,000 crore ($308 million) from selling stake in its Brazil business. Investment bankers estimate the total value of Renuka’s Brazilian operations at about $1.5 billion. Renuka is looking to sell its co-generation asset in Brazil at the moment. The companies Brazil business includes two subsidiaries Renuka do Brasil S/A and Renuka Vale do Ivai S/A. Standard Chartered Bank India, Motilal Oswal Investment Advisors Pvt. Ltd and law firm Crawford Bayley are advising Renuka Sugars on the asset sale. (Live Mint)
NTPC plans for acquisitions: State-owned power major NTPC today said, it was conducting due diligence to buy a couple of stranded power plants. The company which has a cash reserve of about Rs 18,000 crore (2.78 billion), has been approached by banks to acquire some stressed power plants as the assets have become non-performing assets (NPAs) to the lenders. (Business Standard)
OVL-IOC-Petronet consortia isin talks for stake in Yamal LNG: A consortium on ONGC Videsh Ltd, Indian Oil Corp (IOC) and Petronet LNG Ltd is in talks to buy about 9-10 percent stake in Russian natural-gas producer OAO Novatek’s $20 billion Yamal LNG Project. The Indian consortia is sending a team of officials to Russia this month for negotiations for a stake in the project that will aim to make 16.5 million tonnes of liquefied natural gas (LNG) a year and start shipments in 2016, sources with direct knowledge of the development said. OVL-IOC-Petronet were originally interested in taking up to 15% stake in the Yamal project, which also requires construction of an airport and port on the Arctic Ocean. But they would have to settle for a smaller stake after Novatek last week sold a 20% stake in the project to China National Petroleum Corp (CNPC). Total SA of France had in March 2011 bought 12% stake in the project for about USD 4 billion. Since then, it has raised the stake to 20%. (Money Control)
Sanjay Gupta plans to raise $1 billion for LIFE fund: After setting up multi-crore businesses from scratch, former bureaucrat-turned-entrepreneur Sanjay Gupta is now planning to help entrepreneurs with his newly-launched private equity fund Let India Fly for Ever (LIFE). Aimed at small and medium enterprises in the ‘late start-up phase’, the Rs 250-300-crore fund would provide capital solutions to enterprises for expanding their business. While a Securities and Exchange Board of India approval is being expected in 45-60 days. Gupta aims to wrap up the first round of financial closure within the next three months. The fund would seek to invest in Indian enterprises in media and entertainment, hospitality and tourism, healthcare and lifestyle sectors. He is also looking to raise the $1 billion for the fund over the next five years. (Business Standard)
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