Morgan Stanley’s Gautam Bhandari To Quit, Set Up Own Fund – Gautam Bhandari, the India head of Morgan Stanley Infrastructure Partners (MSIP), is set to leave the company. Bhandari has plans to launch an India-focused infrastructure fund along with a former colleague. MSIP, the $4-billion infrastructure fund of US banking giant Morgan Stanley, has made investments worth about $1 billion (Rs5,600 crore) in India so far like Asian Genco, Indus Concessions and wind power firm Continuum wind energy. (Business Standard)
US Firm Buys 50% In Globosport’s Brading Biz – Globosport, tennis player Mahesh Bhupathi’s entertainment and sports solutions firm, has sold 50% stake in its brands business to Platinum Rye Entertainment, a US entertainment marketing company, and has formed a global partnership with it. Globosport was professionally valued at Rs 100 crore in 2009-10 for a round of investment at that time. (Economic Times)
Aditya Birla Group Ups Bid For Northern Iron – The Kumar Mangalam Birla-led Aditya Birla Group has sweetened an offer to acquire Perth-based Northern Iron, which recently signed a long-term supply agreement with Tata Steel Europe. The Birlas’ revised bid for the mining firm translates to A$518 million, or about Rs 2,983 crore. The Indian Group’s initial bid in May, between A$ 1.23 – A$ 1.29 per share, was rejected by the Northern Iron board, saying that the offer did not reflect the value of the company. (Economic Times)
Eicher, Polaris Form Joint Venture – Eicher Motors, the commercial vehicles (CVs) major, will enter the personal vehicle segment through a 50-50 joint venture (JV) with US-based Polaris Industries. The JV will entail investments of Rs 250 crore over the next three years. It will set up a manufacturing facility in the country. (DNA)
Godrej Industries Completes Rs 400Cr IPP – Godrej Industries today successfully completed its Rs 400-crore rights issue through the institutional placement programme (IPP) of 15.67 million shares, which got over-subscribed 1.67 times. The shares were placed with around 17 investors participating in the issue with two-thirds of them being FIIs. (Economic Times)
Kavveri Telecom May Buy Nasdaq-listed Co – Kavveri Telecom, a Bangalore-based wireless subsystem manufacturer, is close to acquiring the wireless division of a Nasdaq-listed company. While the financial details of the deal could not be ascertained, the acquisition will pave way for its entry into US markets. In May this year, it had set up a subsidiary in the US for the purpose of acquisition. (Economic Times)
Omaxe, Israeli JV Partner Settle Legal Dispute – Real estate firm Omaxe and its Israeli joint venture partner Azorim today settled their disputes before the Company Law Board (CLB). The CLB disposed off the cross petitions filed by Omaxe and Israeli real estate firm Azorim after the counsel informed about the settlement. (Business Line)
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