Navis Capital In Talks To Sell Nirula’s Again – Malaysia-based private equity firm Navis Capital Partners is in talks with a Mumbai-based hotelier to sell Nirula’s Corner House Pvt. Ltd, the fast-food chain it acquired in 2006. This is Navis’ third attempt at selling the chain, which it bought for nearly Rs 90 crore. It is in talks to sell Nirula’s for Rs 150 crore. (Mint)
JK Paper To Buy Stake In Myanmar Pulp Mill – JK Paper, a flagship of the JK Singhania Group, is set to pick up an equity stake in Myanmar’s largest state-owned pulp mill as part of a global public-private-participation deal. The move is significant as it would give the Indian company access to one of the world’s largest prime-grade, pulp-bearing forest acreages. Details are still being worked out on how much equity JK Paper will put in. (Economic Times)
Stanley Lifestyle To Raise $20M – Bangalore-based premium leather furniture and car seats maker Stanley Lifestyles is in talks with private equity funds to bring in $20 million in 2013. It has already started discussions with PE fund L Capital, sponsored by the LVMH Group. The money will be utilised in two stages. The first tranche of $ 10 million will be used for forward integration such as establishing new showrooms. The second tranche will go to fund backward integration. (Business Line)
Warburg Nears Future Capital Deal – US-based private equity firm Warburg Pincus is likely to pick up a majority stake in financial services firm Future Capital Holdings for an estimated Rs 600 crore. The price of Rs 165 a share is at a premium of 20 per cent over Friday’s closing of Future Capital Holdings. The scrip had closed at Rs 138 on the Bombay Stock Exchange. Currently Pantaloon Retail is the promoter group firm and holds 56.30 per cent stake in Future Capital Holdings. (Business Standard)
GSPC Lowers Bid For BG’s Stake In Gujarat Gas – BG is facing aggressive bargaining in the sale of 65% stake in its city gas venture, with the sole bidder, Gujarat State Petroleum Corp (GSPC), offering to pay less than its original bid, and the rupee’s depreciation squeezing the returns further for the global energy firm. The currency’s fall, from about 43 against the dollar last year to about 56, has also hit valuation of the stake as BG’s unit. (Economic Times)
BPCL To Give Majority Stake In Petchem JV – State-run Bharat Petroleum Corporation Limited (BPCL) has finalised a joint venture (JV) agreement with UK-based LP Chemicals for petrochemical business. BPCL is likely to hold 49 per cent in the venture, with the British company holding a majority 51 per cent. The JV would invest about Rs 5,000 crore in the project and have a 70:30 debt equity ratio. LP Chemicals may bring in Rs 1,500 crore. (Business Standard)
Bharati Shipyard Promoters To Infuse Rs 118Cr – Promoters of the country’s second largest private ship-builder Bharati Shipyard have agreed to infuse Rs 118-crore fresh capital into the debt-laden company, as a precondition for its Rs 5,800-crore debt restructuring plan. On June 1, the lenders’ consortium approved the Rs 5,800-crore CDR proposal of Bharati Shipyard. The ship-builder has fund and non-fund based debt of Rs 5,800 crore from as many as 25 banks. (Business Line)
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