News Roundup: PE Firms In Talks To Invest Rs 400Cr In IOC JV

16 May, 2011

PE Firms In Talks To Invest Rs 400Cr In IOC JV – Private equity giant TA Associates, New Silk Route Partners and IDFC have evinced interest to invest Rs 400 crore for 14% stake in IOT Infrastructure & Energy Services Ltd, a joint venture of Indian Oil which provides storage and terminalling services to the oil and gas industry. IOT, an equal joint venture between Indian Oil Corporation and Germany’s Oiltanking GmBH, has also attracted interest from private equity arm of StanChart and Olympus Capital. IOT had proposed to raise Rs 800 crore through IPO, but would now explore interests from the PE firms. EPC and terminalling services account for a significant part of IOT’s revenue estimated at Rs 1,600 crore annually. (Times of India)

Azim Premji Invests $15M In Vinod Khosla’s Fund – Wipro’s billionaire chairman Azim Premji has invested around $15 million in Vinod Khosla’s clean-tech fund in the US, the biggest such fund focused on returns from Silicon Valley’s hottest start-ups. The transaction took place some four months ago. In 2009, Khosla Ventures raised nearly $1.1 billion for two funds focussed on green technology and information technology start ups. Microsoft founder Bill Gates and several other big names from the technology world are backing Khosla’s green fund. (Economic Times)

Amar Ujala Terms DE Shaw Deal Illegal – Global private equity major DE Shaw has been accused of “fraudulently” entering into a deal to acquire stake in Amar Ujala Publications, which has now approached the Delhi High Court against the US-based firm. DE Shaw had acquired 18% stake in Amar Ujala Publications in 2007 for Rs 117 crore and the deal was approved by FIPB. DE Shaw has already filed a suit against Amar Ujala in this regard. (Business Standard)

Banks Oppose StanChart Loan To Share Microfin – Standard Chartered Bank’s plan to offer a short-term loan to Share Microfin to allow the company redeem non-convertible debentures has hit a roadblock. Other banks that had agreed to restructure their loans to the Hyderabad-based microfinance institution have opposed the move. These lenders argue that Standard Chartered Bank has worked out a better repayment structure with Share Microfin than the arrangement proposed in the micro-lender’s debt restructuring programme. Standard Chartered Bank had subscribed to non-convertible debentures worth Rs 25 crore issued by Share Microfin. (Business Standard)

EWDPL’s Rs 500Cr IPO Next Fiscal – Indore-based Entertainment World Developers Ltd (EWDL), a mall developer in the tier II and III cities, plans to raise up to Rs 500 crore through an initial public offering (IPO) in the first quarter of the next fiscal. The company has already filed a red herring draft prospectus (DHRP) with the markets regulator and will use the proceeds to develop more malls in the smaller cities and towns. The merchant bankers to the issue are ICICI Securities, Kotak Bank and Edelweiss. (Business Line)

Air India To Sell Properties – Public sector airline Air India (AI) is looking to monetise its commercial assets which it owns within the country and globally to earn as much as Rs 5,000 crore annually. The airline, riddled with Rs 40,000 crore debt, has properties in Europe, the UK, Tokyo, Hong Kong and the US. It has assets in Delhi, Mumbai, Coimbatore, Kochi and Thiruvananthapuram. The airline has recently taken a decision to sell its commercial property in Paris for Rs 10 crore. (Financial Express)

Dr Lal Pathlabs Earmarks Rs 100Cr For Acquisitions – Dr Lal Path Labs, which operates diagnostic centres, is looking to allocate Rs 100 crore for acquisitions and Rs 30 crore for organic growth in the current fiscal. The company is looking to add up to 15 centres though organic route and another 10-15 through acquisitions to take the total tally to 100 centres. It recently acquired two centres at Cochin and Udaipur for Rs 12 crore, is eying cities like Mumbai, Hyderabad and Chennai to acquire new centres. The firm, backed by Sequoia Capital and TA Associates, expects its revenues to grow by nearly 50% to touch Rs 350 crore in the current fiscal. (Business Standard)


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News Roundup: PE Firms In Talks To Invest Rs 400Cr In IOC JV

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