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News Roundup: Mukesh Ambani, DE Shaw Close To A JV

30 June, 2010

Mukesh Ambani, DE Shaw Close To A Deal – Mukesh Dhirubhai Ambani Group is close to signing an equal joint venture agreement with global private equity and hedge fund company DE Shaw to enter the financial services sector. The JV will help the MDA Group offer services like energy and carbon trading as well as derivatives linked to these. It will also enter more conventional sectors such as private equity, mutual funds, and other security-linked offerings. (Economic Times)

GTL Infra, IDFC Project Equity Call Off Venture – GTL Infrastructure has snapped ties with IDFC Project Equity and plans to rope in a strategic investor or a telecom-sector specific private equity fund to help pay for the Rs 50,000 crore deal with Reliance Infratel. GTL Infrastructure has called off its memorandum of understanding with IDFC Project Equity (IDFC PEC) to form a special purpose vehicle to scout for opportunities in telecom tower infrastructure acquisition. Top IDFC PEC officials said they ‘could not agree on the terms of the proposed JV and the roles of the partners’ among other things. (Financial Chronicle)

Mobile VAS Firm Planet41 Plans IPO – Planet41 Mobi-Venture Ltd, a provider of mobile value-added services (VAS), has filed initial papers with the market regulator for an initial public offer to raise up to Rs 50 crore. the company expects to come out with an IPO by September. Planet41 intends to use the proceeds to set up a research and development centre in Mumbai for third generation (3G) telecom services and acquire VAS companies. Keynote Financial Services is the advisor for the offering. (ET)

RCom To Merge DTH, IPTV Biz With Digicable – Reliance Communications Ltd is in talks for merging its direct-to-home (DTH) and Internet protocol television (IPTV) businesses with Digicable Network (India) Pvt. Ltd, a leading cable TV distribution company. Following the merger of RCom’s digital television businesses with Digicable, RCom would own a majority stake in the restructured entity. The deal would be an all-stock one and involve no cash transfer. Ashmore Investment Management Ltd holds 49% in Digicable. (Mint)

Emtelle Acquires Parixit Industries – Netherlands-based Emtelle Holdings BV has picked up majority stake in Parixit Industries, which has its production unit at Sanand near Ahmedabad. The Dutch company acquired stake in the local company to manufacture and market a range of micro-irrigation systems, PE pressure pipes, and ducted network solutions for telecom, power and infrastructure in the Indian as well as overseas markets. (Business Standard)

GSPC Plans Private Placement – The state-owned Gujarat State Petroleum Corporation is likely to launch a second round of private placement of shares, while its Rs3,500-crore IPO is still on hold. The allotment of shares in this round will be restricted to the shareholders of the first round, and the price of the shares will be less than Rs81 per share. These include the SBI, IDBI Bank, the IFCI and other state PSUs. (DNA)

Joy Alukkas Plans IPO – The Joy Alukkas Group, with interests in jewellery retailing, manufacturing and exports, is mulling an initial public offering (IPO) to fund its retail expansion plans. The company is also in talks with private equity players like Emaar and Edelweiss. While the group’s turnover is Rs 5,000 crore, retail business accounts for around Rs 2,000 crore. (HinduBusinessLine)

Philips Eyes Acquisitions – Philips Electronics India Limited is targeting acquisitions in its core business areas of lighting, medical equipment and consumer lifestyle. He said that the company had obtained the approval as an enabling resolution for hiking the borrowing limit to Rs 1000 crore. The company was specially focussed on the lighting business for which it had increased capacities at its Mohali and Vadodara factories.

JSW Steel, JFE Deal May Take Six Months – JSW Steel, the country’s third-largest steel maker, may take another six months before Japan’s second-largest steel company, JFE Holdings, buys a stake in it. JFE might pick a 5-15% stake in the company. Shares of the company today fell 1.3% to Rs 1,048.90 on the Bombay Stock Exchange. The stock has lost 22% from a high of 1,350 on 26 March. (BS)

Spice Mobile To Merge Group Firms – Handset maker Spice Mobiles today said that it will merge with parent company Spice Televentures as part of a plan to consolidate the group’s telecom businesses. The merger would create a new entity, Spice Mobility. The merger will create 4.2 crore treasury shares, out of which one crore would be kept for employees, while the rest of the 3.2-crore equity would be put in the market to raise about Rs 300 crore. (ET)


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News Roundup: Mukesh Ambani, DE Shaw Close To A JV

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