| Log in

News Roundup: ONGC to shed 35% stake in coal bed methane operations

14 May, 2013

After a series of abortive attempts, ONGC has firmed up plans to rope in strategic private sector investors in three coal-bed-methane assets in West Bengal and Jharkhand. According to sources, in April this year, the ONGC board decided to rope in two strategic partners, with 25% and 10% stake each, as joint operators in the North Karanpura (Jharkhand), Bokaro (Jharkhand) and Ranigunj (West Bengal) assets. The PSU major holds 90% operating interest in Ranigunj and 80% each in Bokaro and North Karanpura. Sources said Dart Energy (formerly Arrow) was offered 25% stake each in the Bokaro and North Karanpura blocks. The company also offered it 10% stake in the Ranigunj block. The AIM-listed Great Eastern Energy Corporation Ltd (GEECL) was offered 25% stake for the Ranigunj block. Ahmedabad-based Deep Industries and a consortium led by Jindal Petroleum (a JSPL group company) were offered 10% stake each, in North Karanpura and Bokaro blocks, respectively. (Business Line)

Transstroy (India) to list arm on Singapore Exchange: Construction company Transstroy (India) Ltd is gearing up to list its step-up subsidiary on the Singapore Stock Exchange by September. The Hyderabad-based infrastructure company with 13 road assets under various stages of development, has enlisted the services of HSBC Investment Banking to facilitate the process. The firm has charted out a multi-pronged strategy for divestment of stake in matured road projects, making use of take-out finance facility offered by IIFCL and listing matured projects transferred to the step-up subsidiary in Singapore. (Business Line)

Uno Minda in talks for acquisition in Europe: Soon after purchasing the entire shareholding of Spain-based Clarton Horn, auto component maker Uno Minda is in discussions to acquire “some European” firms in future. Although the company has  not finalised a deal yet, the firm is ready to invest Rs 250-300 crore ($45.7 million-$54.88 million) for acquiring the target. Last month, the company acquired 100% shareholding of Clarton Horn SAU from PMAn Domestic AG, an entity affiliated to Quantum Kapital. The estimated cost of the acquisition was about 7.5 million euro. (The Economic Times)

Aditya Birla Group puts on block 25% Tanfac stake: The Aditya Birla group has put its 25% stake in fluorine chemicals joint venture (JV) Tanfac Industries on the block as the Chennai-based company’s operations plunged into heavy losses, following stiff competition from Chinese players. The metals-to-retail group has held talks with Arvind Mafatlal-owned Navin Flourine International and Inox group-promoted Gujarat Fluorochemicals to sell its stake in the JV with Tamil Nadu Industrial Development Corporation (Tidco). Navin Flourine seems to be keen on acquiring the stake. (The Economic Times)

BoI plans QIP offer after October to raise capital: Bank of India has planned a qualified institutional placement offer in the second half (October-March) of this financial year, to raise equity capital for its growth. The company has estimated a capital requirement of about Rs 6,000 crore ($1.09 billion). About Rs 3,000 crore ($548.8 million) is expected to come from ploughing back profits. The balance will come through external sources, including expected investment by the government and the market offer. (Business Standard)

Jagatjit Industries promoter plans to sell stake: Karamjit Singh Jaiswal, the promoter of Jagatjit Industries Ltd, is looking to sell up to 1.73 million equity shares of the company on May 15, 2013. Anand Rathi Share and Stock Brokers Ltd is the manager to the issue. (BSE)

Maxheights Infrastructure plans for acquisition: Maxheights Infrastructure Ltd is looking to acquire stake in Icon Realcon Pvt Ltd, thereby making the company its subsidiary. Icon Realcon Pvt Ltd is developing the group housing project on the land located in Faridabad. (BSE)

Courtesy: VCCEdge


Leave Your Comment
News Roundup: Torrent is in talks to buy India business of Elder Pharma

News Roundup: Torrent is in talks to buy India business of Elder Pharma

TEAM VCC 4 years ago
Torrent Pharmaceuticals is in advanced stages of talks to acquire the domestic...
News Roundup: Qatar Air keen to buy stake in Indian carrier

News Roundup: Qatar Air keen to buy stake in Indian carrier

TEAM VCC 5 years ago
Qatar Airways is interested in purchasing a stake in an Indian airline. Gulf...
News Roundup: Vodafone in talks to buy controlling stake in Tata Teleservices; may purchase NTT DoCoMo’s holding

News Roundup: Vodafone in talks to buy controlling stake in Tata Teleservices; may purchase NTT DoCoMo’s holding

TEAM VCC 4 years ago
Vodafone is in early talks with the Tata Group to buy its controlling stake in...
No Comments

News Roundup: ONGC to shed 35% stake in coal bed methane operations

Powered by WordPress.com VIP