Philips Leads Race To Buy Halonix From Actis - Philips India is leading the race to acquire a controlling stake in lightings maker Halonix (formerly Phoenix Lamps) from private equity fund Actis for around Rs 300 crore. Actis is currently demerging the general lighting business of Halonix into a subsidiary and acquiring it. Listed firm Halonix makes lights for the auto industry while its subsidiary Halonix Technologies makes lights for homes and offices (general lighting). (Economic Times)

NTT Data Back In Fray For Patni Computers - Japanese IT services major NTT Data Corporation is back in the race to acquire the promoter stake in Mumbai-based IT services firm Patni Computer Systems months after the first round of negotiations broke down. NTT had earlier sought the combined 63% stake of the promoters and private equity firm General Atlantic Partners. Others in the race include private equity firms Advent, Carlyle and Apax Partners. A deal is expected at over Rs 485 a share, or close to $900 million. (Business Standard)

Metro Tyres Seeks PE Funding - Metro Tyres Ltd, one of India’s largest manufacturers of auto and cycle-rickshaw tyres, plans to raise money from private equity firms to boost production and add to its range of products. The Rs 600 crore company aims to increase capacity from 50,000 tyres per month to 150,000 and revenue to Rs.1,000 crore in the next four years.

Bidders Get One More Week For Paras Deal - Shortlisted bidders of the 70% stake in Ahmedabad-based Paras Pharmaceuticals have got another week to place their final offers. The bidders include Reckitt Benckiser, Taisho Pharmaceuticals, Merck, Bayer, Colgate-Palmolive, Johnson & Johnson, and home-grown Emami Ltd. The bids placed so far are in the region of $700 million or Rs 3,000 crore, way below the $1 billion or Rs 4,500 crore expected earlier. (Business Standard)

Bhushan-Sumitomo Deal Stuck On Valuations - The deal between Bhushan Steel and Japan's Sumitomo Metal Industries to jointly develop a six-million tonne steel unit in West Bengal is stuck with no agreement in sight on valuations even a year after both began negotiations. Bhushan had intended that Sumitomo might take a 40% stake in the West Bengal plant, which would mean injection of crucial money for the project. (BS)

Jasper Gets $12M From Nexus - Marketing solutions firm Jasper Infotech, which owns group buying arm, is raising nearly $12 million from venture capital firms to fund an aggressive marketing campaign and overseas expansion. Matrix Partners was also in the fray for the investment. Jasper, is also the holding company for Moneysaver, an outfit which offers co-branded discount cards and coupons on mobile phones. (ET)

GVK, Lanco Bid For Australia's Griffith Coal - Hyderabad-based GVK and Lanco Infratech are the highest bidders for the acquisition of Australia’s Griffin Coal, which owns coal mines valued at $1 billion. The mine is known to have reserves of 280-300 million tonnes with also an operating power plant of 500 Mw. (BS)

Kimaya Studios Eyes Rs 100Cr PE Funding - Owners of Kimaya Studios, a Mumbai-based fashion house, are in preliminary talks with a host of private equity (PE) firms to divest around 20% stake in the company for close to Rs 100 crore. Pradeep Hirani and his wife Neha Hirani set up Kimaya in 2002 and own 100% equity in the company. The funds raised will be used to facilitate expansion plans and ramp up the number of stores in the country. (ET)

Kochi IPL Gets Till December 5 - The Kochi IPL team seems to hgave got another breather from BCCI as the IPL governing council gave it another lifeline by postponing a decision on the troubled side. This came after the franchise submitted fresh papers on Saturday detailing a last-minute shareholding deal by the stakeholders. The third, and final, lifeline will end on December 5 as documents submitted by the owners suggest that their dispute over shareholding had been resolved. (Times of India)

ITC Hotels To Buy 60% In Nitesh's Kochi Project - ITC Hotels may pick up a 60% stake in a joint venture (JV) with Bangalore-based real estate developer Nitesh Estates for building a luxury hotel and residences project in Kochi. Nitesh plans to develop a hospitality project on a four-acre land parcel at Kochi’s Bolgatty Island and will keep the remaining stake with itself. ITC and Nitesh Estates have signed an MoU. (ToI)

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