Motilal Oswal Private Equity plans Rs 300Cr impact investment fund: Motilal Oswal Private Equity, an India-focused risk capital firm, plans to raise a new impact investment fund with a corpus of Rs 250-300 crore for investments in socially relevant businesses. This signals an entry into a new asset class for the firm which currently manages two funds that provide growth capital for mid market companies and a real estate fund. (The Economic Times)
GVK to tie up funds for Queensland project by Q3 2013: GVK on Wednesday said it will tie up all funds by the third quarter of the next calendar year for its proposed $10 billion pit-to-port investment in Queensland in Australia. “We got all our approvals last week. From this week, we are starting our financing programme and construction contracts. Q3 of the next calendar year will be financial closure and construction would start,” G. V. Sanjay Reddy, Vice-Chairman of GVK Power and Infrastructure Ltd, told mediapersons. (Business Line)
RINL hires India Ratings, Crisil: Public sector Rashtriya Ishpat Nigam Ltd (RINL) has re-activated preparation for its mega long-term borrowing plan. As a beginning, it has hired two credit rating agencies — India Ratings and Crisil. The Rs 22,500-crore term loan plan, mooted first in mid-2011, was later on put on hold due to a depressed market. Early this year, the RINL Board chalked out a 10-year roll-out programme beginning with the current year. (Business Line)
Bengal govt decides to sell its 40% stake in Haldia: The West Bengal government on Wednesday formally announced that it will sell its 40% stake in Haldia Petrochemicals Ltd (HPL) through an auction. A government order to that effect will be issued soon, the state’s commerce and industries minister Partha Chatterjee said on Wednesday. (Mint)
L&T Shipbuilding aims to raise Rs 25B in debt: L&T Shipbuilding aims to raise 25 billion rupees ($472.01 million) via a two-tranche bond sale, three sources with direct knowledge of the plan said on Wednesday. The unit of Larsen & Toubro aims to sell 5-year bonds with a call option after the third and fourth years, the sources added.
Essar Ports to raise $400M, cut debt: Essar Ports, the cargo handling division of Essar Group, is planning to raise $400 million in the next few months to part-retire its debt and develop one of its ports. While $300 million will be used to refinance a part of debt, the remaining will be utilised for the expansion of Paradip port in Orissa, where the company is planning to set up a 14 million tonne per annum (mtpa) coal terminal. (DNA)
GIC, Red Fort to bid for HFCL unit land: Government of Singapore Investment Corporation (GIC) and private equity investor Red Fort Capital are among the potential bidders to acquire the real estate assets of Hindustan Teleprinters (HTL), in which Himachal Futuristic Communications (HFCL) holds a 74% stake. State Bank of India (SBI) took possession of the 10.16-acre company land in Chennai after HTL was deemed as a non-performing asset. The land may fetch more than Rs 400 crore in a bidding process, said people familiar with the matter. (The Times of India)