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News Roundup: L&T infra arm to raise $500M from PE investors

25 June, 2012

L&T Infra Arm To Raise $500M From PE Investors – Engineering major Larsen & Toubro (L&T) has decided to initiate a fund-raising exercise, one of the largest in the space in recent times, for its wholly-owned infrastructure development arm L&T Infrastructure Development Projects (L&T IDPL). L&T had mandated Morgan Stanley to help it raise $400-500 million (Rs 2,200-2,750 crore) for a minority stake in the company from financial sponsors like large sovereign funds or long-term infrastructure-sector-focused private equity investors. (Business Standard)

Utility Firms May Buy Stake In GVK Coal Unit – Power generation utilities from the Philippines, Taiwan and South Korea, including Korea Electric Power Corp. (Kepco), may buy 30 million tonnes of coal a year from the GVK Group’s mines in Australia that it acquired from Georgina Hope Rinehart’s Hancock Group for $1.26 billion last year. Also these firms may also acquire a stake in GVK Coal Developers (Singapore) Pte Ltd that holds the assets in Australia. (Mint)

Morgan Stanley To Buy Continuum For Rs 1,200Cr – Morgan Stanley Infrastructure Partners, an arm of the US investment bank, has agreed to pay Rs 1,200 crore to buy a majority stake in a wind energy firm, highlighting the increasing interest of US private equity firms in Indian renewable assets. Singapore-based Continuum Wind Energy will issue preference shares to Morgan Stanley to be converted into equity at a later date. The purchase will be equivalent to more than 50% stake in the energy firm. (Economic Times)

ONGC Mulls Listing OVL To Fund Overseas Buyouts – Oil and Natural Gas Corp (ONGC) is mulling listing its overseas investment arm ONGC Videsh Ltd (OVL) next year to raise funds for aggressive foreign acquisitions. ONGC in its Perspective Plan 2030 has set a target of production of OVL’s overseas properties jumping to 20 million tons of oil and oil equivalent gas by 2017 and 60 million tons by 2030 from current over 9 million tons. (Business Standard)

ICICI Venture Eyes Exit From Updater Services – ICICI Venture, one of the leading venture capital and private equity funds in India, with $2 billion under management, is looking once again to script an exit from Chennai-headquartered facilities management company, Updater Services, one of the top three integrated facilities management companies in India. ICICI Venture had invested close to Rs 100 crore for a 40 per cent stake in Updater Services during early 2008. (Business Standard)

RINL IPO In July – The government’s disinvestment plan for the current financial year is set to gather pace with the decision to bring the initial public offer (IPO) of Rashtriya Ispat Nigam Limited (RINL) in the second half of July. That will be accompanied by the initiation of the consultation process for stake sales in about half a dozen public sector companies. (Business Standard)

Kamath Pushes Infosys For Mega Buyout – Infosys Technologies chairman K V Kamath has advised the top leadership of the company to go for a sizable global acquisition within the next few months to turn around the flagging market sentiment about the IT major. Kamath had a serious chat with key leaders at Infosys and advised them to use the company’s massive cash reserve for a buyout with a minimum ticket size of $1 billion. Infosys has a cash reserve of over $4 billion – more than twice that of TCS. (Economic Times)

ASK Raises Rs 1,000Cr For Realty Fund – ASK Property Investment Advisor, the real estate private equity arm of diversified financial services company ASK Group, has raised Rs 1,000 crore from domestic investors despite increasing risk aversion towards realty deals. The significantly large corpus raised under the Special Opportunity Fund II is possibly the highest amount mopped up locally by any real estate fund in the last four years. (Economic Times)

Standard Chartered In Talks To Buy Barclays Portfolio – Standard Chartered Bank Plc is in the race to acquire the Rs. 3,250 crore retail book of UK based Barclays Bank Plc in India. Barclays’ non banking finance company (NBFC) Barclays Investment and Loan (India) Ltd is also up for sale putting its entire Indian operations on the block. (Mint)

Motilal Oswal Looks To Exit Parag Milk Foods – Motilal Oswal’s private equity arm is looking to exit its investment in Parag Milk Foods. Motilal Oswal had invested $11 million in 2008 in Parag and was to exit the company as soon as its IPO was launched in early 2012. Motilal Oswal to begin talks with mid-market PE players such as Avigo, Sequoia, Navis and Pipal Capital for a partial or complete exit. Motilal Oswal is said to be seeking a valuation of Rs 900 crore for Parag. (Moneycontrol)


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News Roundup: L&T infra arm to raise $500M from PE investors

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