Mexican Firm Cemex May Buy Penna Cement – Cemex, the world’s third largest cement manufacturer and producer of ready-mix concrete and aggregates, is looking at options to enter India. As part of the plan, the company has initiated talks for a possible buyout of the privately-held Penna Cement Industries Ltd, a Hyderabad-based company. Penna Cement, on the otherhamd, was also looking for strategic investors for quite sometime now. Cemex is based in Mexico. (ToI)
Ananta Capital Eyes Closing In 3-4 Months – Ananta Capital, a private equity fund launched last year, is raising a total of $150 million for its two funds. Out of the two funds, one is a pledge fund focused on private equity deals, while the other is an equity fund dedicated to stake acquisitions in publicly-traded companies. Both the funds had so far raised $20 million from LPs, comprising high networth individuals and financial institutions, and are expecting another $110 million in the next three-four months. The pledge fund plans to invest primarily on the advanced materials and renewable energy sectors in India. (BS)
UltraTech Cement To Buy majority In Star Cement – UltraTech Cement Ltd, part of diversified Aditya Birla Group, is acquiring 51% stake in Dubai-based Star Cement Co. Llc. Star Cement owns cement plants in Dubai, Sudan, Bangladesh and Bahrain with a total production capacity of 3.8 million tonnes. Both the companies have agreed to enter into an agreement for the deal. The buy will allow Aditya Birla Group to access growing markets in Bangladesh, Bahrain and Sudan. (Mint)
Integra Software Buys US Firm Silver Editions – Integra Software Services Pvt Ltd, a Puducherry-based e-publishing company, has acquired US-based Silver Editions, a design studio and publishing services company in the PreK-12 segment. The deal size is estimated to be under $4 million. Reportedly, two other India companies were also in the race with Integra for the buy. (ET)
Ruias Invest Rs 1,400Cr In Essar Oil – The promoters of Essar Oil have infused $293.30 million (Rs 1,378 crore) into the company by subscribing to a preferential share issue. The latest investment has been made through an overseas company and the new shares account for 7.2% of the enlarged capital base of the company. The company’s promoters held around 18% of the total equity at the end of March 2010. (DNA)
Parveen Travels To Raise PE – Parveen Travels, a Chennai-based company which operates tourist buses as well as fleets of buses for several IT and engineering companies for their staff, is looking for private equity investment of Rs 300 crore to fund its expansion. The company is planning to expand its flagship travel business, the logistics business as well as its restaurant and resorts business. The group has a few restaurants under the brand PitStop, and intends to expand the business as well. (Business Line)
Sobha Raises Rs 124Cr Selling Lands – Sobha Developers Ltd, a Bangalore-based real estate developer, has raised Rs 124 crore through the sale of lands. The development came at a time when the company is planning to launch some new projects including the Gurgaon project which is slated to be launched by the end of this financial year. The company is also exiting its majority interest in Sobha Global Mall, a joint venture with Davanam Constructions, for developing a large mixed-use project focused on retail in Rajajinagar, the western suburbs of Bangalore. (DNA)
Govt Likely To Divest IOC Stake By March 2010 – The government of India, which has been divesting stake in PSUs to raise as much as Rs 40,000 crore from the asset sales, may sell shares in Indian Oil Corporation (IOC) by March 31, 2010. The government plans to utilise the proceeds to reduce its budget deficit. It also plans to sell shares in Hindustan Copper Ltd and Power Grid Corporation. (BS)
Godrej Scouts For Toilet Soap Brand In Latin America – Continuing its acquisition led expansion, FMCG major Godrej Consumer Products Ltd is scouting for possible buys in Latin America. This time, the firm is looking for companies producing personal care products such as toilet bar soaps. Godrej says it sees huge opportunity in this space. Outside India, Brazil is the second largest market for toilet bar soaps. With a mix of both mass market and a premium market at the top end, these are high growth markets with large populations and good per capita income and GDP. (Business Line)
Cipla Invests Rs 50Cr In Stempeutics Research – Cipla, a leading pharmaceutical company in India, has invested Rs 50 crore in R&D of Manipal group-owned Stempeutics Research Private Limited, a leading player in stem cell. The investment marks Cipla’s entry into the stem cell segment. It also got the marketing rights of the current eight pipeline products of Stempeutics. (Business Line)
Satluj Jal Vidyut Nigam Fixes IPO Price Band – Satluj Jal Vidyut Nigam (SJVNL), the PSU which kick started its divestment programme in line with government policy, has fixed the price band of its initial public offer (IPO) at Rs 23-26 a share. At the lower end of the price band, the government plans to raise Rs 946 crore, while at the higher end it will raise Rs 1,079 crore. SJVN is a joint venture between the centre and the government of Himachal Pradesh and is engaged in executing and operating hydro electric power projects in the river Satluj basin in Himachal Pradesh. (Business Line)
Allcargo Global Raises Rs 104Cr In Share Sale – Allcargo Global Logistics Ltd, a Mumbai-based logistics firm, has raised over Rs 104 crore selling shares to qualified institutional buyers. The company has sold 5.66 million shares at Rs 184.8 each in the process. It plans to utilise the proceeds for developing business, future acquisitions and capital expenditure, it informed the stock exchange. (Team VCC)
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