Healthcare and consumer products maker Ozone group, maker of Nomarks cream which pioneered the anti-marks cream category, has revived talks to induct a partner or a private equity fund. Ozone group's FMCG arm Ozone Ayruvedics does sales of Rs 55-60 crore and is asking for valuation of INR 150 crore. The company is in talks with potential suitors for alliances for its Nomarks brand. Consulting firm Ernst & Young is advising Ozone group on how to monetise its consumer goods business. (The Economic Times)

iGATE expects to complete Patni merger by this year: Nearly two years after iGATE acquired Patni Computer Systems, the amalgamation process is inching towards completion. Now, with court approvals in India pending, the merger of Indian entities iGATE India and Patni India is expected to be completed this year. In May 2011, the Nasdaq-listed iGate acquired a stake in Patni, a company listed on the Indian bourses, for about $1.22 billion (INR 5,560 crore). iGATE, which has about $600 million in cash and is adding about $200 million a year would look at retiring some debt in 2014. (Business Line)

IL&FS Milestone Fund plans INR 150cr investment next month: Real estate-focused private equity firm IL&FS Milestone Fund is likely to invest INR 100-150 crore next month. Currently, the company is evaluating proposals. IL&FS Milestone Fund, a joint venture of IL&FS and Milestone Capital, has two funds IL&FS Milestone Fund I (Rs 525 crore) and IL&FS Milestone Fund II (Rs 525 crore) with a mandate to invest in commercial office spaces and IT parks. The fund house is planning to exit some investments in the next few months. The promoters of the fund includes, Milestone Capital along with Religare recently agreed to sell 100% stake in Milestone Religare Investment Advisors, which has mandate to invest in education and health-related ventures, to Quadria Capital. (The Economic Times)

Polaris Financial Technology approaches Wipro, L&T for services unit sale: Chennai-based Polaris Financial Technology has approached engineering and construction group L&T and technology services exporter Wipro to gauge their interest in acquiring its services business. Polaris, through investment bankers, has also sent feelers to at least one multinational information technology services firm. The sale is believed to be prompted by one of its largest clients, Citi - contributing around 35% services revenues, which wants to consolidate its service provider base, which also includes Infosys, Wipro and TCS. Citi, through Orbitech Ltd, holds about 20% equity stake in Polaris. (The Economic Times)

Generali to help L&T buy out Future’s stake in joint venture: Italian insurer Generali would fund a big part of Larsent & Toubro's buyout of Future group's stake in Future Generali India Insurance by paying a premium for retaining its stake in the merged entity. L&T, Generali Group and the Future Group this week signed a non-binding term sheet for the merger of L&T General Insurance Company (LTGI) and Future Generali India Insurance (FGI). On completion of the merger, L&T would hold 51% stake, Generali would have a 26% shareholding and the balance could be held by Future Group in the merged entity. L&T owns all the shares of its general insurance arm while the Future Group holds 74% in its joint venture with Generali. Post merger, both Indian firms will have a lower stake in the merged entity while Generali will retain its 26% stake. (The Times Of India)

Novartis to reduce stake in local arm: The promoters of Novartis India Ltd. intend to reduce its stake in the Indian entity to enable it to meet Sebi guidelines on minimum public shareholding in listed companies. Currently, Novartis AG holds 76.42% stake in the target company. (The Times Of India)

Snapdeal arrives at deal to raise $20 mn: Jasper Infotech, the company which runs the e-commerce portal, is understood to have broadly arrived at a deal to raise $20 million (INR 108.7 crore) through the private equity route, after some tough negotiations. The transaction can happen at a valuation of as much as $300 million. it is understood that the deal has been finalised at a lesser amount of $150 million. The $20 million may be raised first and then within a 60-day period they have an option in which an additional $10 million can be added to the round. Snapdeal had earlier in August 2011 raised $40 million from Bessemer Capital, Nexus Partners and IndoUS Partners. (Business Standard)

OVL-OIL offers $5 bn for 20% in Africa gas field: After buying ConocoPhillips’ 8.4 per cent stake in a Kazakhstan oil field for $5 billion last year, ONGC Videsh Ltd (OVL) and its partner Oil India Ltd (OIL) have closed in on another energy asset in Africa. The consortium has offered up to $5 billion (INR 27,177 crore) to buy the combined 20% stake of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field. The bidding for the stake offered by Anadarko and Videocon (10 per cent each) closed on Sunday. An announcement was expected to be made in the first week of April. If OVL and OIL buy the 20% stake, with their 30% stake, they would become the single largest stakeholder in the Mozambique company. (Business Standard)

Courtesy: VCCEdge

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