Strategic, PE Players In Race For Reliance Infratel – A consortium of PE firm Blackstone and US-based tower company Crown Castle International, Manoj Tirodkar owned GTL, and American Towers, are in talks with Anil Ambani’s Reliance Communications (RCOM) for acquiring its tower unit through a demerger. RCom said on Monday that its board had approved a proposal to restructure the ownership of its tower arm, Reliance Infratel, and make it an independent tower company that is not owned nor controlled by any telecom operator. (Economic Times)
Lodha To Raise PE For Mumbai Project, IPO On Hold – Indian real estate firm Lodha Developers, which has recently announced a 117-storey residential project in Mumbai, is looking at private equity to fund the project. The company is currently in talks with several such funds to sell stake in the project. Meanwhile, the company is also planning to hold its proposed $600-million initial public offer (IPO) until stock markets stabilize. It believes the situation will work out in the next 2-3 months. (Reuters)
Fatpipe Plans PE After Withdrawing IPO – Fatpipe Networks India Ltd, which provides wide area networking (WAN) products, has decided to withdraw its initial public offering (IPO). The company stated this was due to market conditions and that private equity (PE) was one good possibility now. The company planned to raise around Rs 50 crore through the IPO. (Business Standard)
Mahindra To Start Ssangyong Due Diligence – Mahindra & Mahindra Ltd. will start due diligence on Ssangyong Motor Co. in the next 1-2 days so it can decide on submitting a final bid for South Korea’s fourth-largest car maker by sales. Mahindra, India’s biggest sport-utility vehicle maker by sales, is among six companies worldwide who qualified earlier this month to conduct due diligence on cash-strapped Ssangyong before submitting their binding bids. (Wall Street Journal)
Rajiv Shukla To Head Citi Corporate Banking – Citi has promoted Rahul Shukla to head of corporate banking in India. Nikhil Eapen, who currently works with him, will take on Shukla’s current role as Asia-Pacific head of technology, media and telecommunications (TMT) within the global banking division. In his new role, Shukla will be charged with enhancing Citi’s offering of corporate banking services in India, including cash management, foreign exchange, loans and trade finance. (Financia Asia)
Govt Plans $1B Energy Focused Fund – The government of India is planning for an over $1 billion sovereign-backed fund to boost trade and investment by domestic power utilities in South Asia. The Commerce Ministry has already asked the Export-Import Bank of India (Exim) and the Export Credit Guarantee Corporation of India (ECGC) to work out on the outline of the fund. The proposed fund is aimed at developing a South Asian regional energy grid, with focus on renewable sectors such as hydro, solar and wind. (Business Line)
Jaypee Group To Buy Duncans’ Fertilizer Biz – Jaypee Group, a diversified industrial conglomerate, is acquiring a controlling stake in the dormant fertiliser division of G P Goenka-controlled Duncans Industries. Duncans board will meet on June 17 to discuss the issue. Duncans’ proposal for divestment would have to be ratified by the Board for Industrial and Financial Reconstruction (BIFR). The fertilizer division has liabilities of around Rs 560 crore, which Jaypee will take on. (BS)
Fortis Hires Religare Cap, RBS & Macquarie For Fund Raise – Fortis Healthcare Ltd, the Delhi-based healthcare operator which has recently announced its plan to raise up to Rs 2,750 crore through issue of fresh securities, has appointed three investment banks to process the activity. The bankers include Religare Capital, RBS and Macquarie. Reportedly, a consortium of banks are willing to fund up to $1 billion (about Rs 465 crore). Fortis is readying warchest for majority buy in Parkway in which its rival Khazanah, a Malaysian fund, recently made its formal offer to increase its stake to 51.5%. (ET)
Gammon Infra Signs MoA For 250MW Power Plant Buy – Gammon Infrastructure Projects Ltd, an infrastructure project development company incorporated by Gammon India Limited, is foraying into the thermal power biz with a buy. As part of the plan, the company has recently entered into a Memorandum of Agreement (MoA) for the acquisition of an entity, which is setting up a 250 MW coal based power plant in Western India, it informed the Bombay Stock Exchange. The company currently has presence in hydro and biomass power projects which are under various stages of development. (Team VCC)
Govt Approves Stake Sale In HCL, Coal India – The government of India has approved the stake sale in two PSUs namely Coal India Ltd and Hindustan Copper Ltd. The decision was taken in a meeting of the Cabinet committee on economic affairs (CCEA) today. The government plans to divest 10% stake in each firm. It plans to utilise the proceeds through HCL divestment to meet the firm’s capital expenses, while that from the sale of Coal India will accrue to the government. (ToI)
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