Patni Promoters Start Fresh Talks For Stake Sale - The promoters and financial investors of software firm Patni Computer Systems Ltd are in discussion with other firms for stake sale in the company. They are reportedly in talks with domestic as well as foreign companies to sell their stake in the company. Global telecom company NTT Group, Fujitsu and Hitachi, and L&T Infotech are some prominent companies in the fray. The Patni brothers own 46.5% of the IT exporter, while private equity firm General Atlantic holds around 17%. (ET)
Bhartiya Samruddhi Finance To Raise Rs 102 Cr - Bhartiya Samruddhi Finance Ltd (BSFL), a microfinance institution, is raising Rs 102 crore by selling around 15% stake in the company. Three firms including Matrix Private Equity Partners Llc of UK, Triodos Bank NV of Netherlands and the Delhi-based Lok Capital are participating in this transaction. While Lok Capital and Triodos Bank are the existing investors, Matrix will join as new investor in the firm. (Mint)
Manipal Health Systems To Raise Rs 150 Cr In PE - Bangalore-based healthcare chain Manipal Health Systems is raising around Rs 150 crore from Kotak Private Equity Fund in a structured transaction. The investment, if happens, would reportedly give an exit to IDFC Private Equity Fund, which had invested Rs 90 crore in late 2006. The company offers tertiary, secondary and primary healthcare services from 17 hospitals, nine primary care clinics and 55 community health programmes. (BS)
DLF To Sell Hotel Chain Aman Resorts - Real estate major DLF Group is eying an exit from its non-core businesses and is planning to sell its hotel chain Aman Resorts. The company, which has acquired the hotel chain in November 2007, has appointed Goldman Sachs as an advisor to find prospective buyers of the property. DLF owns 97% stake in Aman Resorts, while its founder Adrian Zecha holds the rest. The company is looking at an enterprise value of $600 million. (ET)
Global Steel Eyes Stake In N Korean Firm - Pramod Mittal, the younger brother of steel tycoon LN Mittal, is in talks with with the North Korean government for a stake in the country’s Musan Iron Ore mines, which is estimated to hold reserves of over seven billion tones. Pramod Mittal is the chairman of Global Steel Holdings, a closely-held company of the Mohan Lal Mittal family, and had recently visited Pyongyang to talk to senior government officials to work out the modalities of a share of Musan’s reserves. (ET)
IL&FS Invests Rs 70 Cr In Park Project - Private equity fund IL&FS Investments Ltd has acquired an 82% stake in GK Industrial Park Pvt, a Tiruchirappalli-based company for around Rs 70 crore. The company is developing a park on the outskirts of the city, and is funding the project through debt and equity. For debt, it has already tied up with the Punjab National Bank. (BS)
IFC To Pick Up 10% Stake In Chola DBS - The International Finance Corporation (IFC), the private financing arm of the World Bank, is picking up about 10% stake in Cholamandalam DBS Finance for Rs 100 crore. The development came almost a week after Murugappa group companies, Tube Investments and Ambadi Private Estate, had bought out the entire 37.5% stake of its joint venture partner, DBS Bank, in the non-banking finance company for a consideration of Rs 376 crore. Chola DBS is expected to convert Rs 300 crore preferential shares by September. With the conversion of preferential shares, the promoter's stake in Chola DBS will go up to 85%. (Hindu Business Line)
Sula Vineyards To Sell French Wine - Sula Vineyards, a Nashik-based wine producer and a leading wine importer, has added another international wine brand in its portfolio. The company has recently tied up with French company Rémy Cointreau to sell the brand in India. Sula will distribute the core brands of Remy in 5-star hotels, premium on-trade, and off-trade outlets. Remy’s brands include Louis XIII, Rémy Martin, Cointreau and Piper-Heidsieck Champagne. (BS)
Tricom India Close To Overseas Buys - Tricom India, a listed IT firm, is close to acquiring 2-3 overseas companies and is targeting a couple of deals in the next six months. The target companies are in the healthcare and legal verticals. The company is also eyeing private equity funding for its subsidiary, Tricom Infosolutions, and is ready to divest up to 15% stake in the arm. (ET)
Reliance Capital In JV Talks With Swiss Firm - Reliance Capital, a group firm of Reliance ADA group, is in talks with Zurich-based reinsurer Swiss Re for a proposed foray into health insurance. Reportedly, discussions are on for a joint venture health insurance company alongside talks for Swiss Re's equity participation in Reliance Life, a unit of Reliance Capital. Mint has earlier reported that Reliance Life may sell a 26% stake to Swiss Re for around Rs 700 crore.(Reuters)
HeidelbergCement To Buy More Cos In India - HeidelbergCement, a multinational firm, is planning to acquire mid-size cement companies in India as it plans to double its annual capacity to 6 mt in the next two years. The company has earlier acquired Mysore Cements in 2006. The firm is reportedly looking at options in Rajasthan and Gujarat for the buys. (ET)
Welspun Gujarat To Buy majority Stake In Saudi Co - Welspun Gujarat Stahl Rohren (WGSRL), the flagship company of line pipe and home textile major Welspun, is close to buying a majority stake in a Saudi Arabia-based company called Aziz Pipe Company. Aziz Pipe has an annual manufacturing capacity of 3 lakh tonne of pipes, primarily for the oil & gas industry. The company would hive off the assets into a separate entity, to be named Welspun Middle East. Welspun would pick up more than 50% stake in this company. (ToI)
