Infrastructure firm NCC has signed a detailed term sheet to sell its thermal power assets to Singapore global utilities services firm Sembcorp, moving a step closer to a definitive agreement, said two people aware of the development. The development comes days after France’s power GDF Suez agreed to buy a 74% stake in Meenakshi Energy. The sources said NCC and Sembcorp agreed on a broad framework to determine premiums to be paid on attainment of milestones. They expect a definitive agreement and a final deal over the next six to eight weeks. Sembcorp proposes to pay around Rs 500 crore ($80 million) to buy the stake from NCC and invest more in phases. (The Economic Times)
Suzuki likely to press the pedal on Maruti stake: In a move aimed at streamlining control and integrating operations with its Indian subsidiary, Japanese auto major Suzuki Motor Corporation (SMC) is considering increasing its stake in Maruti Suzuki India Ltd (MSIL). A key Japanese merchant banker that represents Suzuki is understood to have made presentations to some of the institutional investors that own equity in the joint venture to gauge their response. SMC, which currently owns a 56.2% stake in MSIL, is considering a range of options to increase its holding in the Indian company. Institutional investors currently hold 13.31% in the company, Life Insurance Corporation leads with an 8.21% stake; HSBC Global has 1.32%, ICICI Prudential 1.67% and Credit Suisse 2.11%. (Business Standard)
Muthoot Group arm plans to list infra assets in REIT: MPG Hotels and Infrastructure, a Muthoot Pappachan Group company, proposes to list assets in a Real Estate Investment Trust (REIT) subject to SEBI go-ahead. REITs invest primarily in completed, revenue-generating real estate assets and distribute a major part of the earnings among investors. Typically, the income of these trusts comes from rentals received from such properties. MPG Hotels and Infrastructure has lined up major investments in the hospitality sector, Muthoot said. (Business Line)
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4 years ago
Singapore-based infrastructure firm Sembcorp Industries has struck a deal to...
4 years ago
Singapore-based infrastructure group Sembcorp Industries has increased its...
2 years ago
NCC Ltd has agreed to sell a 16 per cent stake in Sembcorp Gayatri Power Ltd ...