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News Roundup: Leela group to sell Delhi, Chennai hotels

By TEAM VCC

  • 22 Apr 2014

Hotel Leelaventure Ltd is in talks with sovereign wealth funds of Abu Dhabi, Qatar and Malaysia to sell its prime properties in Delhi and Chennai for around Rs 1,850 crore ($306 million) to pare debt. The firm, which owns, operates and manages hotels, palaces and resorts, is likely to hive-off the two properties into separate entities. While the foreign investor may pick up 74% interest in the hived-off entities, Leelaventure will retain 26% stake and continue to manage the five-star hotels, industry sources said. (The Times of India) 

NMDC eyes coal mine in Indonesia: NMDC Ltd is on the verge of completing its due diligence for a thermal-coal mine of the Shree Renuka group in Indonesia. The Indonesian coal mine, which is likely to be used for trading purposes, will help the company to diversify its business beyond the mining of iron ore. Due diligence on the asset owned by Indonesian stock exchange-listed PT Renuka Coalindo Tbk is almost finished and the report is likely to come by the end of the current month. After evaluating the report, officials of the state-owned company will visit the mine in Jambi province of Sumatra. Based on their feedback, a decision on the acquisition will be taken, the official said. (Telegraph) 

SJVN weighing funding options for Luhri project: While the financial tie-up for 612 MW Luhri hydro electric project in Himachal Pradesh with World Bank depends on the submission of techno clearance report, SJVN Ltd has said that it is weighing other options as well in this regard. According to sources, talks were on for funding with other institutions like Rural Electrification Corporation and Power Finance Corporation, besides others. The World Bank, which was to provide a loan of US$650 million to the $1,150 million project, has now indicated the project status as "dropped" on its website. (The Times of India) 

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Essel's Private Equity arm to raise Rs 1,700 cr via 2 realty-focused funds: Essel Financial Advisors and Managers (EFAM), the private equity arm of Essel Finance, is raising two real estate-focused funds – a domestic fund of Rs 500 crore ($83 million) and a foreign fund of $200 million (Rs 1,200 crore). Both the funds will focus on investing in residential projects in top six cities in the country. Abhinav Bhushan, head of private equity, told dna that EFAM has already made investments of Rs 180 crore spread across three deals - two in National Capital Region (NCR) and one in Mumbai. The fund is close to signing a couple of more deals and the deal size for domestic fund is typically around Rs 50-100 crore ($8.3 million-Rs 16 million). (DNA) 

Laundry Project India to raise Series A fund of Rs 10 cr: Laundry Project India Pvt Ltd, a professional laundry service start up based in Chennai, is looking at raising a Series A funding of Rs 10 crore ($1.65 million)by the end of 2014 through Unitus Seed Fund, in order to expand of its operations. The company, backed by Das Star Ventures, currently has operations in Chennai and Bangalore and plans are to commence its services in Gurgaon and Pune soon. Durga Das, managing partner of Das Star Ventures, which owns a majority stake in the company, said that the seed capital investor has to work closely with the start up for the first two years and handhold the entrepreneur through various challenges in the first two years and that what the fund has been doing in various start ups including Laundry Project India. (Business Standard) 

Gujarat NRE Coke plans private placement with ICICI Bank: Gujarat NRE Coke Ltd on Monday said its board of directors will meet on 24 April to consider selling shares to ICICI Bank Ltd in a private placement. The share sale is per the terms set for Gujarat NRE Coke under a corporate debt restructuring (CDR) plan approved by its lenders. The company will also consider issuing convertible warrants to promoters and non-promoter entities on a private placement or preferential basis, it said in a filing to BSE. On 25 March, Kolkata-based Gujarat NRE said it had received a formal approval for the restructuring of its debts from an empowered group of the CDR cell. (Live Mint)

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Courtesy: VCCEdge

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