Realty FDI May Change in Favour of Developers – A change in the interpretation of foreign investment in property is being lobbied for which could go against the favour of overseas investors in Indian real estate market. As per FDI norms, an overseas investor has to bring in a minimum $5 million to participate in a joint venture (JV), with rest coming later. The investor cannot pull out that minimum $5 million investment, but he pull out the rest of it. The change involves a clarification on this rule in favour of developers, which does not need a cabinet approval or a new press note issue. (Economic Times)
Gharda Chemicals On the Block – Gharda Chemicals is in discussions with private equity funds and some of the largest Indian agro chemical players to sell the promoter stake of 63%. The company has a turnover of Rs 950-crore and is the second-largest domestic agro-chemical company. Private equity funds like Carlyle, Kotak and Blackstone and others like United Phosphorous and Tata Chemicals are in the race for the stake. (Business Standard)
Maytas Sells Stake in Projects – Maytas Infrastructure is selling a part of its stake in two projects – Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Terra Projects Ltd, owned by the Kolkata-based Neco group. Maytas holds a 50% stake in the projects, while the rest is held by Gayatri Projects Ltd, a Hyderabad-based firm. The combined value of the two projects would be less than Rs 200 crore. Maytas is promoted by Satyam Computers’ B Ramalinga Raju. (BS)
TCS Eyes Buyouts in Healthcare BPOs – Tata Consultancy Services (TCS) is aiming to generate $3 billion (roughly Rs 15,000 crore) annual earnings from the BPO business within the next five years. The company is looking at acquiring BPO capabilities in healthcare, BFSI and human resources space. TCS has an active BPO customer base of 933 in the April-June quarter of the current fiscal. (DNA Money)
StanChart Back in fray For RBS Assets – Standard Chartered Plc is back in the race for some non-core assets of Royal Bank of Scotland Plc (RBS), after it pulled out earlier saying that the quality of RBS’ non-core assets in Asia was poor. The bank is looking for assets in India, China and Malaysia. The bids are open until the first week of August. Australia and New Zealand Banking Group, or ANZ Bank, has been the front-runner for assets of the firm. (Mint)
Two Firms in Race to Buy DLF’s Wind Energy Biz – Two European companies are in discussion to buy the wind energy business of property developer DLF. The players in talks are Gaz de France (GDF) Suez, which has a market capitalisation of $80 billion, and renewable energy group Akuo Energy. The companies have completed due diligence and the decision on pricing has to be taken. DLF, which is being advised by Ernst & Young on the deal, hopes to raise at least Rs 900 crore from the divestment. (ET)
Godrej Looks To Buyout Sara Lee in JV – The Godrej group is looking to buyout the majority 51% holding of the US-based Sara Lee Corporation in their India joint venture, Godrej Sara Lee. Godrej is looking to buy the stake for Rs 880 crore and is waiting to see who eventually takes over the US company’s household and personal care business, which is up for sale. (Financial Chronicle)
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