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News Roundup: Lanco Infra Joins Race For Premier Coal

31 May, 2011

Lanco Infra Joins Race For Premier Coal – After its acquisition of Australia’s Griffin Coal Mines for $760 million in December, infrastructure major Lanco Infratech is joining a race for another coal asset in the continent — Premier Coal — which is expected to cost over $450 million. The proposal is still being evaluated and it would take some more time for the company to decide. Reliance Power and another Hyderabad-based infrastructure company GVK Power are also said to be in the race for Premier Coal. (DNA)

Jyothy’s Board Approves Rs 500Cr Fundraising – Jyothy Laboratories, which recently bought a majority stake in Henkel India, got approval from its board to sell shares through private placement for up to 5 billion rupees ($111 million). The board also approved the company’s sale of surplus assets. Jyothy has acquired 50.97% equity Henkel India Limited from Henkel AG & Co. KGaA and 14.9% stake from Tamilnadu Petroproducts. Private equity players find the company an attractive investment. (Wall Street Journal)

JK Papers Issues FCCBs Worth Rs 225Cr – JK Paper today said it had issued foreign currency convertible bonds (FCCBs) worth 35 million euro (about Rs 225 crore) to various global investors to partially fund its capacity expansion. The company has issued FCCBs worth 9 million euro with a maturity date of May 15, 2016, and FCCBs worth 6.5 million euro with a redemption date of November 15, 2016. (Business Standard)

Gemini Communications Shelves IPO, Eyes PE Funding – Gemini Communication has shelved a plan to conduct an initial public offering for unit PointRed Telecom Ltd., and is now looking to sell a stake of up to 15% to a private equity investor for $26.6 million. The company is already in stake-sale talks with six private equity companies and has appointed PriceWaterCoopers. Gemini Communication provides equipment and services to telecommunications companies in India and overseas, while PointRed Telecom designs and makes wireless products, mainly for mobile worldwide interoperability for microwave access, or WiMax, technology. (Wall Street Journal)

Piramal’s Murari Rajan Joins JSW  – Piramal Group’s key dealmaker, Murari Rajan, has joined JSW Group as head of its mergers and acquisitions (M&A) team. JSW is looking for acquisitions in thermal coal, coking coal and iron ore. This is the first time that JSW Group has put it’s M&A team firmly in place with a senior resource to steer it. Murari Rajan will now also head capital market division for the group. (Economic Times)

McLeod Russel Completes Rwandan Deal – McLeod Russel India Ltd on Monday said Borelli Tea Holdings Ltd, UK, its wholly owned subsidiary, finally completed the acquisition of the controlling stake of 60% in Gisovu Tea Company of Rwanda for $2.4 million. It has further invested another $1.8 million since the initial takeover in February, taking the total to $4.2 million so far. Borelli provisionally took over the management control through an MoU on February 23. (Business Line)


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News Roundup: Lanco Infra Joins Race For Premier Coal

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