L&T To Buy IDFC PE, JPMorgan’s Stake In Arm – Larsen & Toubro will make L&T Infrastructure Development Projects (L&T IDPL), a wholly-owned subsidiary, by buying 14% from IDFC Private Equity and JPMorgan Chase for at least Rs 740 crore. The firm may later go for an IPO. The transaction will put L&T IDPL’s valuation at Rs 5,300 crore. IDFC and JP Morgan Chase bought 21.6% in L&T IDPL for Rs 550 crore in 2006. (Economic Times)
Apollo, Citi In Talks With Welspun Maxsteel – Apollo Management and Citi Venture Capital are in negotiations to pick up an equity stake of about 25% in Mumbai-based Welspun group’s unlisted steel venture Welspun Maxsteel. The buyout funds are discussing commercial terms and structure to start due diligence for a deal to infuse Rs 800 to Rs 1,000 crore. (ET)
ITC, EIH To Combine Hotels Business – Diversified conglomerate ITC Group and hospitality major EIH have drawn up a blueprint to combine and emerge as the country’s largest hotel chain by revenues. The development is expected to form a three-way venture between the two groups and Reliance Industries, which recently picked up 14.8% stake in EIH. ITC is expected to demerge its hotel business, which would then form a partnership with the EIH group. (Financial Express)
IL&FS To Take 45% in Jhajjar Township – Infrastructure Leasing & Financial Services will become an equal partner with Reliance Industries to develop an industrial township in Haryana. IL&FS will be given a 45% stake in ‘Model Economic Township’ at Jhajjar which will focus on the domestic market with Reliance Ventures owning 45% and the rest with Haryana State Industrial and Infrastructure Development Corporation. (ET)
Surana Ventures To Raise Rs 60Cr From QIP/PE – Surana Ventures, the to-be-listed, demerged entity of Surana Telecom, is planning to raise about Rs 60 crore through a qualified institutional placement or a private equity placement. The company would use the proceeds to funds to expand its capacities in solar power equipment. (DNA)
Bharati Shipyard To Sell 15% To SCI – Bharati Shipyard plans to sell as much as 15% stake to the country’s largest shipping company, Shipping Corporation of India (SCI). At present, with a market capitalisation of Rs 636 crore, a 15% stake sale would fetch the company Rs 95.4 crore. (Business Standard)
Mittal Sells Stake In Kazakhstan Oil Co – Steel tycoon Lakshmi N Mittal is believed to have sold his stake in a Kazakhstan oil company to China’s Sinopec after ONGC Videsh Ltd turned down the offer. Mittal Investment Sarl, the holding company of Mittal family interest in world’s largest steel ArcelorMittal, sold its 50% stake in Caspian Investment Resources (CIR). (BS)
Nilgiri’s CEO Moves Out – Vikram Seth, CEO of Actis-backed supermarket chain Nilgiri’s, is moving out as his two-year contract with the company expires this month end. A three-member team will manage the company now: Murali Krishnan, Chief Operating Officer; Ravinder Raina, Senior Vice-President, Supply Chain; and T.V. Ranganathan, Senior Vice-President, Finance. (HinduBusinessLine)
Ashish Dhawan Ups Stake In Kajaria Ceramics – Ashish Dhawan, founder and senior MD of ChrysCapital, has increased his stake in Kajaria Cermaics by 2%. With this Dhawan, who earlier had around 4%, will now have 6% in the company. Rakesh Jhunjhunwala, a leading investor and stock-broker, also holds around 3.42% of the paid up capital of the Kajaria Ceramics. (Financial Express)
Catholic Syrian Bank Eyes NBFC Acquisition – Kerala-based Catholic Syrian Bank is planning an acquisition of an NBFC and is looking to raise Rs 1,000 crore in funding. The firm is exploring options like an IPO, QIP or a rights issue. The firm is expected to decide on a road map in its board meeting early next month.
RPG Enterprises Plans Inorganic Push – RPG Enterprises is planning for acquisitions in sectors where it already has a presence, such as power, retail and information technology. The company is also planning to enter new ones such as railway and water infrastructure. The growth strategy follows a recent restructuring of the holding pattern of the group, owned by the Goenka family.