News Roundup: L&T Metro Rail in talks with IIFCL to raise Rs 1000Cr

16 March, 2016

“Continuous dialogue is on with IIFCL (India Infrastructure Finance Co Ltd). It has progressed quite well and raising a Rs 1,000-crore loan should happen in couple of months,” L&T Metro Rail (Hyderabad) Ltd Chief Executive and Managing Director V B Gadgil, told reporters.

“There will be saving of around 5 per cent on interest rates. The advantage of ECB is that we get long-term loans ranging for 25 years,” he said. L&T is developing the Rs 16,500-crore Hyderabad Metro Rail project, which is the biggest urban infrastructure project undertaken as a public-private partnership in India. (Money Control)

ICICI Venture to exit Medica Hospitals in 3-4 weeks: ICICI Venture, which holds close to two-third stake in MedicaSynergie, is expected to exit the firm in the next three to four weeks. The deal is in pipeline and is expected to mature in the next three to four weeks in which new investors would come in and ICICI Ventures will exit. Debgupta indicated that new venture capital is likely to play an important role for taking the ICICI Venture’s stake in Medica business. Religare Milestone had invested $6.85 million through its India Build Out Fund-I in Healthcare Global, while ICICI Venture invested in MedicaSynergie through its investment arm I-Ven Medicare and holds around two thirds stake in the company. (Business Standard)

Essar Ports to secure Rs 700 crore loans for Vizag port in 6 months: Essar Ports the country’s second largest private port operator, is looking to secure finances of about Rs 700 crore ($117.4 million) for developing three iron ore berths at the Visakhapatnam port in next 6 months, a top company official said.In June, the company had won the bid for mechanisation and operation of three iron ore berths at Visakhapatnam Port, which will have a combined capacity of 23 million tonnes per annum (MTPA). The total project cost is estimated to be about Rs 1,000 crore. The company may be taking about Rs 700 crore loans out of the Rs 1,000 crore project cost. The loans will be taken for next four years. (Business Standard)

Green Infra close to acquiring TVS Energy’s wind power assets: IDFC Private Equity-promoted Green Infra Ltd is close to acquiring the wind power generating assets of TVS Energy, which add up to 59.5 MW. TVS Energy is a wholly-owned subsidiary of TVS Motor Company and was set up only three years ago. At least three companies are in the fray to buy wind assets — Mytrah Energy, Orient Green Power and Green Infra. TVS Energy’s wind assets have been on the block for quite some time. Its wind assets sale, when it happens, would be the latest element in a trend of consolidation that is evident in the wind power industry now. (Business Line)

India Ventures to float Rs 1,000-crore healthcare fund: Ajay Piramal Group promoted India Venture Advisors, a healthcare focused venture capital, is planning to launch a Rs 1,000 crore ($167.8 million) fund. The fund is looking at Rs 1,000 crorefund, of which Rs 500 crore will be from overseas investors to invest in the Indian health-care market,” India Ventures Advisors PresidentSanjay K Randhar said. The company has focused on some early stage hospitals with strong local presence mainly in south and western India. ()

Tata Power eyes local acquisitions: Country’s largest private electricity producer Tata Power is eyeing local acquisition opportunities amid “stress” in the domestic sector. Besides, the company, which has an installed generation capacity of over 8,500 MW, is seeking to strengthen its footprint in the solar and wind power segments by way of new projects and acquisitions. (Economic Times)

Bangs to raise Rs 20 crore to fund outlets expansion plan: Bangs Hospitality India Pvt Ltd plans to raise Rs 20 crore ($3.35 million) through private equity to finance the setting up the company-owned outlets. Bangs introduced its exclusive food outlet in Chennai. The retailer currently operates 40 plus outlets, including franchise outlets. Bangs has plans to open 500 outlets across the country in the next five years, of which 100 will be company-owned, while the rest will be franchise outlets. (Business Line) 

Courtesy: VCCEdge


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News Roundup: L&T Metro Rail in talks with IIFCL to raise Rs 1000Cr

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