Oil India Ltd is in talks with Irish exploration firm Petroceltic International Plc to acquire up to 20% in an Algerian asset of the company for $170 million (Rs 1,010 crore). This comes just a week after Oil India and Oil and Natural Gas Corp agreed to buy a 10% stake in the Rovuma Area 1 block, off Mozambique's coast, from Videocon Group for $2.48 billion. The company would be paying $20 million (Rs 120 crore) upfront and the rest at a later stage. The deal would be sealed in the next few months. Oil India has sought up to 20% stake in Petroceltic’s Isarene production sharing contract in Algeria. The company is also planning to raise $250 million via external commercial borrowings to finance its ongoing domestic projects. (Business Standard)

Gulf Oil to dilute 90% in UK entity: Gulf Oil Corporation Ltd has decided to dilute 90% stake in GHCL London Ltd, UK, a special purpose vehicle formed by the company to facilitate the acquisition of the US-based Houghton International Inc. The dilution of stake would be by infusion of fresh equity by Gulf Oil International Ltd based in Cayman, UK. With the proposed equity infusion, the said Group company GHGL along with its all the step down subsidiaries, including Houghton International Inc, will cease to be subsidiaries of the company once the process is completed. (Business Line)

Zensar in acquisition talks with at least two US firms: Outsourcing services provider Zensar Technologies Ltd is in acquisition talks with at least two US-based companies to boost its offerings in its largest export market. A deal could cost Zensar between $20 million and $50 million (Rs 1.2 billion – Rs 3 billion). The Indian companies, being advised by boutique financial advisory firm The Chesapeake Group. ()

Shriram Properties readies partners to sell Gateway SEZ: Shriram Properties, the Bangalore-based realty arm of the Shriram Group, is understood to have up lined up discussions with key global players including Mapletree and Ascendas to sell its Gateway SEZ, a 1.3 million square feet information technology special economic zone in Chennai for $150 million. The company was earlier in discussions with Singapore-headquartered Ascendas, which specialises in technology parks, but had to stop the transaction to iron out some key issues. While Ascendas has a significant presence in India, Mapletree Investments has around $15 billion worth of office, logistics, industrial, residential, retail and mixed-use properties across Asia and has a real estate asset in Bangalore as part of its portfolio in India. Along with this deal, which has been in the making for the past 10 months, Shriram Properties is working on another PE transaction to raise as much as $100 million for a clutch of projects. The company had earlier raised private equity funding from marquee global investors such as Walton Street Capital, Starwood Capital Group and Sun Apollo for investments in property development. (Business Standard)

Unitech in talks with PEs to sell Gurgaon IT SEZ: Real estate developer Unitech Group, through its bankers, had approached global investors like Morgan Stanley, the Singapore government-owned GIC and Blackstone to sell its Infotech Special Economic Zone (SEZ) in Gurgaon. The 3.6-million-sq-ft project at Dundahera in Gurgaon could have an estimated value of around Rs 1,800 crore ($300 million). The sales process was expected to take a few months, as the prospective buyers were evaluating the project and were likely to put in their bids in a couple of months. Unitech Corporate Parks (UCP), promoted by the Unitech group’s Chandras and listed on London’s Alternative Investment Market (AIM), holds a 60 per cent stake in the SEZ, while real estate firm Unitech holds the rest. (Business Standard)

Courtesy: VCCEdge

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