News Roundup: Promoters, General Atlantic Looking To Exit Hexaware

01 November, 2011

Hexaware Promoters, General Atlantic Looking To Exit Firm – Promoters of Hexaware Technologies Ltd are looking to sell their stake in the information technology services provider along with private equity (PE) investor General Atlantic Llc. In 2006, General Atlantic had invested Rs.300 crore in Hexaware that had a revenue of Rs.370 crore, valuing the company at Rs 1,700 crore at that time. (Mint)

Nilgiri Dairy Plans IPO For Actis Exit – Nilgiri Dairy Farm Pvt. Ltd. is considering an initial public offering to raise more than $60 million and also pave the way for its majority shareholder, private-equity firm Actis Capital LLP, to exit the retail venture. The company plans to use the IPO funds mainly to expand its retail network to about 250 stores by the end of March 2013. The company plans to file a share sale prospectus in March 2012. (Wall Street Journal)

UK’s Booker Forms JV With Kohinoor Promoter – Booker Group, Britain’s largest cash-and-carry player, which started India operations three years ago, has formed an equal-stake joint venture with Kohinoor Foods’ promoter Satnam Arora to open wholesale stores in India. (DNA)

GMR To Set Up MRO Without Jet Airways – Infrastructure major GMR is all set to go ahead with its aircraft maintenance, repair and overhaul (MRO) facility in the vicinity of the Hyderabad international airport, but without one of its earlier key stakeholders – Jet Airways. GMR has been working on setting up the MRO jointly with Malaysian Aerospace Engineering, a subsidiary of Malaysia Airlines System (MAS) and Jet Airways. (DNA)

Avesthagen Forms JV With Sava Medical – Biotech major Avesthagen has partnered with Sava Medica Ltd of Pune to float 50:50 joint venture subsidiary — Dhanvantari Botanicals — to market a range of nutraceuticals products in the US and BRIS (Brazil, Russia, India, and South Africa) countries. (Business Line)

Rahejas Form JV With Burj Khalifa Builder – Dubai’s Arabtec Construction has inked a $204-million contract with Indian joint venture partner Raheja Developers for construction of three mixed use projects in New Delhi and Gurgaon. The UAE’s largest construction firm said this is the first contract under the joint venture between Arabtec and Raheja Developers. The Dubai-based builder holds a 63% stake in the venture. (Financial Express)

Sterlite Industries Loan To Arm May Become Equity – Copper maker Sterlite Industries plans to convert all its loans in a loss-making group firm into equity. Sterlite, which owns 29.5% in Vedanta Aluminum, plans to increase stake by converting Rs 8,900 crore of its loans into equity. The conversion is expected to revive the beleaguered aluminum company by lowering its debt-equity ratio, helping raise outside money. (Economic Times)

 


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News Roundup: Promoters, General Atlantic Looking To Exit Hexaware

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