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News Roundup: L&T Finance in talks with Yes Bank on stake buy

23 April, 2014

L&T Finance Holdings, the non-banking finance which lost out on its bid to get a banking licence, may be looking to buy a stake in Yes Bank, or combine the two entities, three people familiar with the matter said. A senior executive from the company has held talks with Yes Bank promoter Rana Kapoor on the possibility of combining the two companies, said those people who did not want to be identified.  Over the last few years, the company has diversified into several lines of businesses by acquiring companies like Indo Pacific, a housing finance company, Family Credit, an auto and two-wheeler financier and Fidelity Mutual Fund to grow its fund management portfolio. (The Economic Times) 

Malaysian co 1MDB & JSW Energy lead race for Lanco’s Udupi power plant; deal valued at $1.1-billion: State-owned 1 Malaysia Development Bhd (1MDB), the second-largest independent power producer in the Southeast Asian country, has emerged as the frontrunner to acquire Lanco Infratech’s 1,200 mw coal-fired power plant at Udupi in Karnataka, underscoring the growing interest of global utilities in the battered Indian power sector. The transaction, valued in excess of $1 billion (Rs 6,065 crore), is poised to be the largest thermal power asset sale in the country and will help cash-strapped power and road developer Lanco pare debt, multiple sources with direct knowledge of the development said. Lanco’s debt, taken on to build power plants and roads and to purchase overseas coal mines, has swelled more than fourfold since March 2010. (The Economic Times) 

Mahindra Logistics finalising acquisitions to expand business: Mahindra Logistics, which sold 23% stake to private equity fund Kedaara Capital for Rs 200 crore, will use the funds to make strategic acquisitions to expand its business, its CEO Pirojshaw Sarkari said. The company is close to acquiring a majority stake in a freight forwarding company and expects to announce the deal in the next two to three weeks. Sarkari said the deal sizes in these segments could range from anywhere between Rs 10 crore and Rs 100 crore ($1.6 million – $16.4 million). (The Economic Times) 

Tata Motors to raise $300 million: Tata Motors, India’s largest automobile maker, is talking to banks for raising $300 million (Rs 1,800 crore) through dollar-denominated bonds, the second such issuance by the city-based company this year. Sources said the issuance would be carried out in two-three weeks. TML Holdings PTE, Tata Motors’ Singapore arm, will conduct the issue. Tata Motors has appointed ANZ, Bank of America Merrill Lynch, Citigroup and HSBC as arrangers for the issue, according to news agency Bloomberg. Last year, it had raised Rs 1,545 crore through an issuance of Singapore dollar-denominated bonds. In January 2013, Jaguar-Land Rover, a subsidiary, had raised $500 million (Rs 2,750 crore) in senior debt. (Business Standard) 

Shruti Shibulal’s Tamara scouting for hospitality acquisitions: While Infosys chief executive SD Shibulal’s wife is making plans to take him travelling once he retires next year, their daughter Shruti Shibulal is taking a more hands-on role at their hospitality group the Tamara. Set up by the Shibulal family office, Innovations Investment Management, Tamara launched its first property in Coorg two years ago. The property earned net revenue of about Rs 7 crore and broke even in fiscal 2014 . The 100-room Thiruvanthapuram business hotel, which could sport a new name when operational, is the firm’s second property. In the meantime, the company is open to acquiring properties that are under construction or even those that are functioning. (The Economic Times)

Courtesy: VCCEdge

 

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News Roundup: L&T Finance in talks with Yes Bank on stake buy

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