Kotak In Talks To Buy CitiFinancial – Kotak Mahindra Bank Ltd, a leading financial major, is in talks with Citibank NA’s Indian management for a possible acquistion of the latter’s consumer finance arm — CitiFinancial Consumer Finance India Ltd. The acquisition, if materialises, will help Kotak to offer home and personal loans to retail borrowers in the low income segment. Kotak is reportedly conducting due diligence on CitiFinancial’s assets. It currently has 249 branches across 145 locations, with an asset base of Rs 37,439 crore. (Mint)
RBI Yet To Decide Sequoia’s Stake Buy In Care– Private equity fund Sequoia Capital, which was planning to pick up stake in the rating agency Care, has encountered fresh hurdles. Though Sequoia has received approval from the Foreign Investment Promotion Board (FIPB), the Reserve Bank of India (RBI) is yet to take a stand on the deal. It is believed that the investment may not meet the minimum requirement of $500,000 (around Rs 2.25 crore) that foreign entities must invest in non-banking finance companies or credit rating agencies. Sequoia is said to have been in talks with a number of stakeholders to purchase anywhere between 10% and 15% of the organisation. (DNA)
GVK Power Plans Separate Holding For Portfolios – GVK Power and Infrastructure Ltd, a Hyderabad-based infrastructure major which owns substantial minority stake in two of India’s international airports, is planning to form separate holding companies for its assets in various divisions. The company has interests in power, airports, special economic zones, roads and urban infrastructure. It also has presence in the hospitality, services and manufacturing sectors. The move is part of company’s plan to have holding in each vertical and unlock better value when they are listed. (BS)
Goldman To Exit Mrs Bector’s Food – Goldman Sachs, a global investment banking and securities firm, is planning to exit from its investments in Mrs Bector’s Food Specialities, makers of Cremica biscuits and ketchup. Goldman holds 10% stake in the company, and bought the stake for Rs 50 crore four years ago. The Bector family, which controls the company, may also sell part stake along with Goldman. (ET)
VLCC Plans IPO In 18 Months – VLCC Group of Companies, one of India’s leading fitness services and wellness products majors, is planning to hit the capital market with its initial public offer (IPO) in the next 18 months. Though the size of the IPO is not disclosed, its founder reoportedly said the issue size would be fairly big. The company has posted revenue of Rs 700 crore in the last fiscal from all its business verticals, and is expecting to achieve a turnover in excess of Rs 1000 crore by the end of 2011-12. Apart from domestic operations, VLCC has 14 centers overseas, in UAE, Oman, Bahrain and Nepal. (BS)
Blackstone, THL Group’s Fidelity Bid May Exceed $15B – Blackstone Group LP, Thomas H. Lee Partners LP and TPG Capital are in talks to pay more than $15 billion including debt for Fidelity National Information Services Inc. Fidelity National is likely to reach for an agreement with the buyout group by May 16. At this price, the deal would value the company at about $32 a share. Fidelity National had about $2.9 billion of net debt and noncontrolling interest as of March 31. (BS)
L&T To Foray Hotel Biz – Larsen & Toubro (L&T), India’s leading infrastructure company, is planning to foray in hospitality business. The hotel projects will include budget, mid-market, business hotel, five-star and serviced apartments. It has identified four markets for its hospitality business foray that include Navi Mumbai, Chandigarh, Bangalore and Chennai. The proposed hotels will be developed through the special purpose vehicle (SPV) route, either directly through L&T Ltd or through a group company such as L&T Urban Infrastructure Ltd. (DNA)
Golden Tulip To Biuld 8 Hotel Properties In 2010 – Golden Tulip Hospitality Group, a Netherlands-based hospitality major, is planning to invest over $200 million in the next three years to expand its footprint in India. The company plans to open eight properties by the end of 2010, comprising a total of 1,100 rooms. Out of the eight properties, three will be developed with company equity, while the balance will be through franchise or management contracts. The hotels will be developed in Gurgaon, Rajasthan, Jaipur, Bangalore, Mumbai and Goa. (Business Line)
HCC Spins Off IT Unit – Hindustan Construction Company (HCC) has hived off its information technology division into a fully-owned subsidiary called Highbar Technologies. The company may also look at listing the new entity separately on stock exchanges. Prior to HCC, other construction firm Larsen and Toubro (L&T) has also formed L&T Infotech, which is expected to be listed publicly by March 2012. (ET)
Ranbaxy To Sell Stakes In Ex-group Cos – Daiichi Sankyo-controlled Ranbaxy Laboratories plans to divest its investments made by the previous management under Malvinder Mohan Singh in the group companies owned by his family. Under the earlier management, Ranbaxy had picked up minority stakes in Fortis Healthcare and Shimal Research Laboratories. At the current market price, the value of these investments is a little over Rs 300 crore. The process is likely to complete by the end of this year. (ET)
NTC To Sell More Mill Land – State-owned National Textile Corporation (NTC) is planning to raise over Rs 6,000 crore from sale of around 100 real estate properties spread over five cities — Mumbai, Indore, Kanpur, Kolkata and Bangalore. The proposed divestment of land is part of Rs 9,000-crore fund-raising exercise started in 2009-10, under which the company had already raised Rs 4,000 crore by selling 1,300 acres in Mumbai, Indore, and Gujarat. The funds will be utilised to part-finance its Rs 9,031-crore expansion, diversification and modernisation plan. (ET)
JPMorgan Appoints Maiya As Asia Debt Cap Mkts Head – JPMorgan Chase & Co has named Murlidhar Maiya as head of debt capital markets for emerging Asia. Maiya, a 16-year veteran with the US-based bank, takes over from Rohit Chatterji who will head the investment banking operations in India. Maiya previously worked with the financial institutions group in Singapore and will relocate to Hong Kong in his new role. (Reuters)
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