Macquarie SBI May Invest In WTTIL – Macquarie SBI infrastructure is close to buying a stake in Wireless Tata Tele Info Services (WTTIL), widely known as Tata-Quippo. The fund is likely to pay $310 million for around 10% in WTTIL valuing the company at around $3 billion. The Tatas own 51% of the company, while 49% is owned by QTIL, which has management control. (Economic Times)
M&M, Adani In Race For DLF’s Stake In Insurance Venture – The Mahindra group and Adani Enterprises Ltd are in the race for DLF Ltd’s 74% stake in the life insurance firm, DLF Pramerica Life Insurance Co. Ltd. Prudential International Insurance Holdings Ltd has the remaining 26% stake in the venture. Audit and consulting firm Ernst and Young is an adviser to the intended transaction. (Mint)
Intex Eyes Rs 300Cr PE Funding – IT hardware and electronics company Intex Technologies (India) plans to raise Rs 250-300 crore from private equity (PE) investors in the next three-five years. The company has grown at a compounded annual growth rate of 38% over the last five years. The company is in talks with six PE players. Intex is targeting 100% growth in revenues for 2010-11 to Rs 1,200 crore from Rs 593 crore. (Business Standard)
Mitsui Sumitomo Eyes India Insurance Partner – Japanese insurance giant Mitsui Sumitomo Insurance Group (MSIG) is planning to enter the life insurance space in India. MSIG is actively scouting for a partner and may finalise one in another six months. The Japanese insurer, who is unrelated to Sumitomo Mitsui Banking Group which recently picked up a 4.5% stake in Kotak Mahindra Bank, is already present in the non-life insurance space with Cholamandalam MS general insurance. (BS)
SREI Plans $1B Infra Fund – SREI Infrastructure has planned to launch a private equity (PE) fund for the infrastructure sector. The company is targeting $500 million to $1 billion (Rs 2,300-4,600 crore) for this fund. The company is in talks to raise money to make equity investments in infrastructure projects and companies. (BS)
Omnitech Close To US, Europe Buys – BSE-listed IT major Omnitech Infosolutions is close to sealing up to two acquisitions in Europe and the US for around $35 million even as it aims for a nearly four-fold growth over the next three years. Omnitech has short-listed four companies, two in the US and one each in the UK and Netherlands, for acquisitions. The deal-size for the US one is around $20 million and for the European one, around $15 million. (ET)
US I-bank Buys Stake In Avista Advisors – US-based investment bank Houlihan Lokey has picked up a minority stake in boutique firm Avista Advisory. The American firm specialises in advisory services in mergers and acquisitions, capital markets, financial restructuring and valuation. Avista, an advisory firm in the mid-sized financing deals in India, has also been advisor to multinationals on their India entry strategy. (ET)
Axis, IDBI Consortium Back Fortis Bid – A consortium of banks including Axis Bank and IDBI Bank have committed to part finance the $ 2.3 billion counter-offer of Fortis Healthcare to acquire Singapore’s Parkway Holdings. The consortium, in which Axis Bank and IDBI Bank are among the lead arrangers, could expand its size to 10-12 banks participating lenders from both India and abroad. (ET)
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