NSR-backed Augere To Sell India 4G Spectrum - Augere Wireless, a company backed by France Telecom and private equity firm New Silk Route, is set to sell its 4G spectrum in two states and quit India, as regulatory uncertainty has forced its investors to hang up on the country. Two company executives said Augere was shutting down its India operations and had asked its employees in the country to resign. Other investors include former Orange CEO Sanjiv Ahuja, Harbinger Capital and Vedanta Opportunity Fund. (Economic Times)
Woodland In Talks For Overseas Acquisitions - Aero Group, makers of Woodland brand of footwear and apparel, is in talks for its first overseas acquisition and may induct a strategic partner for its international operations. The company is in talks with three different makers of mainly specialised functional footwear, apparel and accessories in South East Asia and Australia. The company is also considering raising funds from private equity funds or opt for strategic partners in the near future to fund its overseas expansion plans. (Economic Times)
Ion Exchange Scouts For M&A Targets - Bangalore-based Ion Exchange Services Limited (IESL), a player providing services of water and waste water treatment plants in India, is scouting for acquisition targets. IESL is an associate company of the listed company Ion Exchange which is one of the biggest players in the country in water purification technology. (Business Standard)
Bank of America-ML Puts Wealth Management Biz On Block - Bank of America Merrill Lynch (BofA-ML) has put its Indian wealth management unit on sale, along with its other non-US wealth management businesses. Reuters reported last month that BofA-ML had put its non-US wealth division up for sale, a deal that includes units in Asia excluding Japan, Europe, West Asia and Latin America. Merrill Lynch Private Wealth Managers, BofA-ML’s Indian wealth management unit, is among the top 10 players in the country. (Business Standard)
NSDC To Buy Stake In Apollo Med Skills - National Skill Development Corporation is said to be acquiring 27 per cent stake in Apollo Med Skills, the medical training arm of Apollo Hospitals Group. The project cost is estimated at Rs 38.66 crore. Apollo will pump in around Rs 9.88 crore. NSDC will extend an equity contribution of Rs 3.65 crore and a loan of Rs 25 crore.
Moser Baer To Restructure Debt - Solar cell maker Moser Baer plans to restructure Rs 1,800 crore of its term debt as the company looks to strengthen its ability to leverage opportunities in the growing sector. It is looking at a corporate debt restructuring programme for almost half of the total Rs 3,500 crore debt. Moser Baer is also in discussions with banks for refinancing its foreign currency convertible bonds (about $88.5 million as nominal value). (Business Standard)
GSPC Still In Talks With BG - Discussions between British Gas (BG) and a consortium led by Gujarat State Petroleum Corp (GSPC) over acquiring the former’s stake in its subsidiary, Gujarat Gas Corp Ltd, are still on, with BG getting an offer 13-15 per cent lower than its expectations. GSPC, with its consortium partners Oil and Natural Gas Corp Ltd and Bharat Petroleum Corp Ltd, had offered between Rs 3,800 crore and 3,900 crore for the 65.12 per cent stake in Gujarat Gas. BG, on the other hand, wants around Rs 4,500 crore for its stake. (Business Standard)