NEC, NTT, Dell In Fray For PE-backed Hexaware – The race to acquire a majority stake in Hexaware Technologies — one of India’s leading mid-sized IT services company — is gathering momentum. Japan’s NEC Global, NTT Group and the US PC manufacturer and services player, Dell, have initiated their negotiations with Hexaware’s founder and chairman Atul Nishar and the two private equity investors in the company, General Atlantic and Chrys Capital. Hexaware’s steep valuation expectation of close to $700-$800 million (Rs 3,500 crore-Rs 4,000 crore) is expected to act as a spoiler. (Business Standard)
Kingfisher To $500-600M From PEs, Banks – Kingfisher Airlines, which has teetered on the brink for months, will be fully recapitalised within six to eight weeks. The airline is confident of an equity infusion of between $500 million and $600 million through a mix of fresh funds as well as capital from the banks. (Economic Times)
Amit Burman Buy JV Partners Stake In Wrapster Foods – Multi-restaurant chain Lite Bite Foods has bought out joint venture partner Jiggs and Zorawar Kalra’s stake in Wrapster Foods for an undisclosed amount and merged it with itself. Wrapster Foods, set up in 2008, runs fine-dining restaurant Punjab Grill and quickservice chain Street Foods. (Economic Times)
Taro Shareholder Asks To Reject Sun Pharma Offer – Raging Capital, the investor which holds five per cent in Taro Pharma, has again asked the company board to reject Sun Pharma’s offer for remaining stake in Taro. Sun Pharma, which holds 66 per cent stake in Taro, had offered a price of $24.50 per share for the remaining Taro Pharma stake last year. (Business Standard)
Cheminnova Forms JV With Australian Firm – Hyderabad-based pharmaceutical contract manufacturer Cheminnova Remedies on Tuesday entered into an equity-based joint venture (JV) with Brisbane-based nutraceutical company Rapid Nutrition Limited (RNL). Cheminnova managing director Vasudeva Rao said the JV would result in acquisition of 74 per cent stake in Cheminnova by Rapid Nutrition in the next 18 to 24 months. (Business Standard)
ONGC Offering On March 1 – The Union government will raise at least Rs 12,400 crore through the sale of five per cent stake in Oil and Natural Gas Corporation (ONGC), giving it a much-needed cushion in the run-up to the Budget. The government would sell 427.77 million shares at a floor price of Rs 290 through the recently introduced auction mechanism. The auction will be held during trading hours on March 1. (Business Standard)
PE-backed Firm In Fray For DLF’s Wind Assets – At least four suitors have emerged for the wind power business of DLF Ltd, India’s largest real estate developer, which is seeking to raise money by divesting assets that aren’t integral to its main business. IDFC Private Equity’s Green Infra Ltd; Sumant Sinha’s ReNew Power Ventures Pvt. Ltd, Swraj Paul’s Caparo Group; and Orient Green Power Co. Ltd have evinced interest. (Mint)
Sistema Threatens International Arbitration – Russian conglomerate Sistema has threatened India with international arbitration proceedings if the government fails to resolve the fallout due to a recent court decision cancelling the company’s permits to offer mobile services in the country, within six months. Sistema, among the worst-hit by the Supreme Court’s order earlier this month to cancel 122 licences issued in 2008, also plans to file a petition this week in the country’s top court urging it to review the earlier verdict. (Economic Times)
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