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News Roundup: Paras Pharmaceuticals Shortlists Three Bidders

26 November, 2010

Paras Pharmaceuticals Shortlists Three Bidders – Paras Pharmaceuticals Ltd has shortlisted the bids of Piramal Healthcare Ltd, Taisho Pharmaceutical Co. Ltd and Emami Ltd to sell a controlling stake. The Ahmedabad-based firm, which owns brands such as Moov, Krack, Set Wet, D’Cold and RingGuard, is looking to sell a 70% stake. Paras, in which Actis and Sequoia own 70% stake, was anticipating a price of $700 million.

Ennore Eyes More Mine Buyouts – Ennore Coke (ECL) is looking at acquiring a mine in the US, where it already has two mines, and plans to invest Rs 125 crore to double the capacity of its manufacturing units in Haldia (West Bengal) and Cuttack (Orissa). ECL is promoted by Haldia Coke and Chemicals and manufactures high quality low ash metallurgical coke. (Business Standard)

Adani Wilmar Plans Acquisitions in UP – Ahmedabad-based Adani Wilmar, an edible oil maker, is eyeing acquisitions in Uttar Pradesh to expand production capacity. In the past two years, Adani has done 11 acquisitions of crushing and refining units in various oil-producing states such as Madhya Pradesh, Maharashtra, Rajasthan and Andhra Pradesh. (BS)

TCI Sanmar To Raise Equity Funding – TCI Sanmar Chemicals Llc, part of the Sanmar group, plans to issue equity to raise funds for its $1.2-billion (Rs 5,520 crore) vinyl chloride monomer (VCM) / polyvinyl chloride (PVC) project in Egypt. The firm has started discussions with investors. (BS)

Kingfisher Airlines Board Approves Debt Recast Plan – Private carrier Kingfisher Airlines’ board of directors has approved a debt recast package (DRP) . The DRP includes conversion of debt of up to Rs 1,355 crore from lenders into share capital, and conversion of debt of upto Rs 648 crore from promoters into share capital. (Indian Express)

Kochi To Exit IPL By Sunday – The IPL governing council may finally signal the end of the Kochi franchise on Sunday. The board had given the Kochi IPL a deadline ending on November 27 and any decision will only be taken after that.  (Times of India)

Bhushan Power & Steel Plans $700M IPO – Bhushan Power & Steel is exploring options of an international listing to raise up to $700 million to part finance its future projects that includes building a high-value specialised steelmaking facility in Gujarat or Maharashtra. Bhushan has plans to build a 300,000 tonne cold rolling mill for Rs 800-1,000 crore. (ET)

RINL In Talks To Buy Neelachal – Rashtriya Ispat Nigam Limited , which operates the Vizag Steel Plant , is in advanced stages of talks with MMTC for acquiring the other state owned, unlisted steel maker, Neelachal Ispat Nigam. The Vizag-based integrated steelmaker hopes to complete its talks with MMTC, co-promoter of Neelachal Ispat, by December 10. (ET)


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News Roundup: Paras Pharmaceuticals Shortlists Three Bidders

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