Kurlon Eyes Rs 200Cr PE Funding - Global private equity majors and large buyout funds are understood to be in advanced discussions with the promoters of Kurlon Ltd, to acquire a minority stake in the company. Kurlon Ltd is a Rs 750 crore group company of the Manipal Group has around 20 per cent market share in the Rs 4,000 crore branded mattresses business in India. Apax Partners and Darby Private Equity are players in talks for Rs 200 crore infusion. (Business Standard)

Essar To List North American Steel Units - Ruias of Essar may take their North American steel business for an initial public offering (IPO) in Canada, or mull other strategic options, as one of India's largest private conglomerates looks to pare debts. The $17-billion group has started exploratory talks with banks on the possibility of listing the combined operations of Algoma and Minnesota steel units. Essar's steel business carries almost $4 billion debt, while the cumulative leverage of the group is estimated at about $12 billion. (Times of India)

Global Giants In Fray For ING's India MF Business - Three global giants are interested in purchasing Dutch firm ING Asset Management’s Indian mutual fund business, which may be carved out of the Asian operations and sold separately. South Korea’s Mirae, Vanguard and US-based Pramerica have held talks with ING on the issue. The Indian business has assets of only Rs 797 crore as of April this year and a sale is likely to fetch only Rs 40 crore. (Economic Times)

Shanghvi Steps Down As Sun Pharma Chairman - Dilip Shanghvi has stepped down as the chairman of Sun Pharmaceutical Industries Ltd, India’s most valuable pharmaceuticals company. Shanghvi will, however, remain the company’s managing director. Former Teva boss Israel Makov has been appointed non-executive chairman. (Business Standard)

Reebok India Referred To SFIO - The government has referred the fraud at Reebok India to the Serious Fraud Investigation Office (SFIO) after finding anomalies in the company's books.Reebok India has accused two of its former top executives for a Rs 870-crore fraud. He said the step was taken after a non-invasive scrutiny of the books of accounts of the sportswear maker. (Times of India)

Loop Telecom Seeks Damages, Refund - Loop Telecom moved the telecoms tribunal, seeking refund of entry fee paid for acquiring telecoms licences, release of performance bank guarantees and damages for tarnishing reputation, totalling over 4,700 crore from the government. Loop Telecom's Mauritius-based investors, Capital Global and Kaif Investment, have invoked the India-Mauritius bilateral investment treaty. (Economic Times)

Escorts Shareholders Approve Restructuring Proposal - Shareholders of Escorts Ltd have approved a controversial restructuring proposal that envisages the merger of one subsidiary and two affiliates with the tractor maker. The decision, taken at an extraordinary general meeting in Panchkula in Haryana on May 21, will help promoter Rajan Nanda and his family consolidate their control over the flagship firm to a little over 41%. The Nanda family owns 12.43% stake in the company. (Economic Times)

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