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News Roundup: Promoters put dairy firm Sterling Agro on the block

11 July, 2012

Promoters Put Dairy Firm Sterling Agro On Block – The promoters of Delhi-based dairy products maker Sterling Agro — Laxmi Narain Kesarwani and Kuldeep Saluja — have put the company on the block. The company, which posted revenues of Rs 1.91 crore in 1991, had grown to Rs 1,300 crore, with a Rs 45 crore profit. It has no debt and has a cash balance of Rs 300 crore. The company has appointed investment banker Rothschild to scout for buyers. (Financial Express)

Blackstone To Invest $230M In Embassy’s Office Portfolio – Blackstone Group is set to acquire 36% ownership in the tenanted office space portfolio of southern developer Embassy Property Developments for about $230 million (Rs 1,300 crore). This will be Blackstone’s biggest real estate deal in India, giving it part ownership of more than 12 million sqft office towers. Embassy is demerging the FDI complaint office buildings in which Blackstone will acquire a significant minority interest. Embassy had shelved a $500-million initial public offering (IPO) last year. (Times of India)

Karbonn Revives Plans To Raise PE Funding – Karbonn Mobiles has revived attempts to sell 15-20 per cent stake to the private equity investors for the second time after it failed to secure investments over the last couple of years. The homegrown handset maker wants to raise Rs 1,000 crore to fund its plans for setting up a manufacturing plant and acquiring a Korean research and development firm and in turn divest 20 per cent of its equity. (Economic Times)

GVK Eyes 70% Of Hancock Debt From External Agencies – Infrastructure major GVK is likely to depend on external credit agencies (ECAs) to fund at least 70% of the debt for its recently acquired Hancock project in Australia. The entire outlay for development of the five Hancock projects — three coal mines, a rail and a port — is estimated at about $10 billion. GVK is likely to fund the project with about $7.5-8 billion in debt while the balance would be equity. (DNA)

Adcock To Buy India Drug Portfolio Of $86M – South African drugmaker Adcock Ingram is to buy a portfolio of about 60 medicines and a distribution network from India’s Cosme Farma for $86 million to bulk up its pres-ence in the country’s $16-billion pharmaceutical market. The all-cash deal will give South Africa’s second-largest drugmaker distribution facilities in 27 Indian states and a range of drugs covering dermatology, gynaecology, gastro-intestinal and orthopaedic medicine. (Business Standard)

VHBC Charts Rs 300Cr Capex Plan – Value & Budget Housing Corporation (VBHC), co-founded by former MphasiS chairman Jaithirth (Jerry) Rao and former Citibank Consumer Banking Head P S Jayakumar, has announced a Rs 300 crore expansion plan. The company plans to launch nine budget home projects across Bangalore, Mumbai, Chennai, NCR and Baroda and will offer 2,500 units in all. (Business Standard)

Cholamandalam To Infuse Cash In Factoring Unit – Cholamandalam Finance has infused Rs 60 crore as part of turning around its subsidiary, Cholamandalam Factoring Limited (CFACT). The company has also provided impairment provision since the capital is almost fully-eroded on account of the losses incurred in CFACT. The company recorded a gross income of Rs 0.02 crore during the year ended March 31, 2012 and reported a loss before tax of Rs 61.29 crore. (Business Standard)


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News Roundup: Promoters put dairy firm Sterling Agro on the block

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