Oil & Natural Gas Corp. (ONGC) and Oil India Ltd. (OINL), Indian state-run energy companies, made a joint bid to buy a 20% stake in a Mozambique gas field. ONGC and Oil India bid for shares being sold by Anadarko Petroleum Corp. (APC) and Videocon Industries Ltd. (VCLF). The sellers are divesting 10% each in the Rovuma-1 offshore block. Videocon, which runs businesses from television manufacturing to mobile-phone services in India, agreed to pay $75 million for a stake in the Rovuma-1 area in 2008. (Bloomberg)

TalentEdge to invest INR 40 crore in expansion; close to acquisition: Premier education company TalentEdge has finalised plans to invest INR 40 crore ($7.38 million) for expansion, which will see the company rapidly grow its chain of learning centres across in the country. The company is also close to making an acquisition in the learning space, which would involve additional investments. The company is also looking to launch an online training programme which can be accessed from any desktop with a broadband connection. (Business Line)

JSPL close to firming up technical partner for coal-to-liquid project in Odisha: Jindal Steel and Power Ltd (JSPL) is in advanced talks with three European or US firm for its ambitious $10 billion coal-to-liquid project (CTL). The partnership is likely to be announced in next three-four months. The company plans to commission the CTL project by 2019. JSPL has discussed the technology tie up with companies such as UDHE, Siemens, Conocophilips, GE and KPR, among others. The firm is looking for another technology tie-up for methanol and olifins, which would also come out as products if CTL project is implemented. (Business Line)

KPIT Cummins uses acquisitions to grow faster: KPIT Cummins Infosystems Ltd. has leveraged well the various acquisitions it had made in the past. The company would continue to look for potential acquisition targets within its three focus areas automotive and transportation, manufacturing and energy and utilities. For instance, in 2006, it acquired 100 per cent equity of Bangalore-based CG Smith Software Pvt. Ltd., which focused on embedded and real-time systems for automotive electronics. In 2009, the firm also acquired Sparta Consulting of the US for nearly $25 million. (Business Line)

HDFC plans to raise at least INR 400 crore via bond sales: Housing Development Finance Corp. Ltd. is planning to raise at least INR 400 crore ($73.62 million) through two separate bond sale transactions. The firm is raising at least INR 200 crore via the sale of five-year bonds at a 9.20% coupon, with ICICI Bank as the sole arranger. Separately, the firm is planning to raise at least INR 200 crore in a sale of two-year bonds with the same coupon of 9.20%, with Axis Bank and Trust Capital was the arrangers. 

FSS Technologies to raise $200 million to fuel global expansion plans: Financial Software and Systems (FSS), a INR 600 crore payment systems company, is close to raising $200 million through the private equity and debt route to fuel its expansion plans. The Chennai-based privately held company which offers a bouquet of services in the areas of electronic payment, financial transaction processing solutions and services, had earlier raised three rounds of private equity infusion from funds managed by Carlyle, New Enterprise Associates (NEA) and Jacob Ballas Capital India. While the debt fund-raise of INR 750 crore ($138.38 million) is understood to have been finalised, the equity infusion from a private equity fund is expected to be in by first quarter of next financial year.The company is already in talking to private equity funds for an infusion of INR 250 crore ($46.12 million) in tranches and we should be able to finalise the first infusion by June of 2013. (Business Standard)

National Insurance likely to be listed by March 2015: National Insurance Company (NIC) might be listed by March 2015, following the finalization of norms for initial public offerings (IPOs) by the Insurance Regulatory and Development Authority (Irda). The final norms have been released by the regulator and have started evaluating the intricacies of these. (Business Standard)

Omega Ag-Seeds plans for acquisition: Omega Ag-Seeds Ltd. is looking to acquire whole or substantially the whole stake in Gayatri Sea Foods and Feeds Pvt. Ltd. in order to make the company as a subsidiary of the Company as part of its growth plans and diversification programme for foraying into agriculture and agriculture business. The company is in the process of taking board’s approval in the next board meeting. (BSE)

Kotak PE eyes unlisted infra companies: Kotak Mahindra Bank, which recently raised INR 490 crore ($90 million) for its infrastructure fund, would look to invest in unlisted infrastructure companies that are not highly leveraged. The focus of the fund is to invest in unlisted companies that do not have risky projects. The fund would prefer small hydro projects as well as roads. Apart from already looking a few such deals, the fund is also talking to international investors who will put in more money into it. Currently, the fund has large investors like Sumitomo Mitsui Banking Corporation (SMBC) of Japan and an affiliate of Brookfield Asset Management, Japan Bank for International Co-operation (JBIC) , and yet another unnamed insurance group. Kotak too invested in the fund. (Business Standard)

Aptus Industries plans for acquisition: Aptus Industries Ltd. is looking to acquire a majority stake in Structures 18 Infra Tech Pvt. Ltd. an engineering services, Auto CAD, CADCAM Solutions company from Hyderabad. The company has authorize Two directors to sign and execute all the necessary documents including takeover agreement. (BSE)

Courtesy: VCCEdge


Leave Your Comment(s)