Mitsubishi Eyes Stake In Future Group Flagship Big Bazaar – Japan’s Mitsubishi Corporation has sprung a surprise on Kishore Biyani by asking for a piece of Big Bazaar, Future Group’s flagship retail business. Japanese giant had made it a pre-condition to invest in Future Group’s food sourcing and back-end infrastructure. Mitsubishi has suggested a convertible structure that would allow an equity exposure in Big Bazaar, as and when foreign direct investment was allowed in multi-brand retailing. (Business Standard)
Shriram To Raise Rs 400Cr PE Funding For Cement Biz – Shriram EPC, which recently entered the cement sector by acquiring majority stake in Andhra Pradesh-based cement manufacturer Sree Jayajothi Cements Ltd, is looking to raise Rs 400 crore through the private equity (PE) route. The group may have had discussions with Italcementi Group for a strategic partnership. (Business Standard)
Goldman Sachs In India’s Biggest Office Space Deal – US banking group Goldman Sachs has agreed to take on lease 1.6 million sq ft of office space — an area the size of nine football fields — in Bangalore, in what is the biggest recorded commercial property deal to date in India. The two-step transaction will see the New York-headquartered investment bank initially taking up one million square feet. Another 600,000 square feet will be taken up in the second step of the transaction. (Economic Times)
Frontier Investments To Set Up Fund For Emerging Markets – Frontier Investments Group, the flagship investment vehicle of global microfinance and investment firm Accion International, is in the final stages of setting up its first fund focussed on emerging economies, with India as a priority market. The Frontier Investment fund, which will have a corpus of between $60 million and $75 million, will focus on ventures beyond the microfinance space alone. (Economic Times)
L Capital Walks Out Of Lilliput Deal – Private equity fund L Capital Asia has withdrawn its offer to buy beleaguered kidswear maker Lilliput due to differences over valuation and deal details. L Capital wanted to settle for a substantially lower valuation than what was initially agreed by choosing to buy only the retail assets of Lilliput, and not the entire company complete with its export and manufacturing divisions. (Economic Times)
LIC May Buy SUUTI’s Stakes – Life Insurance Corp (LIC) has offered to buy out the erstwhile Unit Trust of India’s stakes in ITC, Axis Bank and Larsen & Toubro (L&T), valued at Rs 37,000 crore, in a move that will ease the government’s fiscal burden, but fuel debate on the insurer’s risk and governance policies. The proposal to buy these stakes was made recently to finance ministry officials, who are looking for ways to bridge the yawning fiscal gap. (Economic Times)
Future Group Buys Hitkari Brand – Future Group has acquired the brand rights of bone china crockery brand Hitkari and will relaunch the once-popular brand in the mass-to-premium segment. Future has brought brand licence for 10 years and will pay royalty to the promoters of Hitkari Potteries. The target is to grow sales to Rs 50 crore by 2015 and Rs 100 crore in five years. (Economic Times)
ICOMM Tele Enters Loan Recast – Indian lenders are set to restructure loans close to Rs 2,390 crore extended to ICOMM Tele, a Hyderabad-based engineering, procurement and construction firm. Recently, the lead banker to the company, Axis Bank, had referred the loan of ICOMM Tele to corporate debt restructuring (CDR) cell – a forum where lenders and borrowers mutually decide to rework loan of ailing firms. (Economic Times)
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