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News Roundup: Providence, StanChart PE To Buy 35% In MSM

11 August, 2011

Providence, StanChart PE To Buy 35% In MSM – Private equity arm of Standard Chartered Bank and Providence will together invest Rs 1,000 crore, or roughly $250 million, in Multi Screen Media (MSM) to pick up over 35% stake in the general entertainment broadcaster. Sony Corporation holds 61% stake in MSM that owns channels SET, SET Max and SAB. The deal is expected to value MSM at $800 to $900 million. The PE funds will be acquiring the shares of local investors – including Jackie Shroff, Sudesh Iyer and Rakesh Aggarwal – and infuse fresh capital into the company. (Times of India)

Carzonrent Plans IPO – Car rental company Carzonrent India, which operates under the Easy Cabs and Carzonrent Limo services, plans to go in for an initial public offering in the next two years. The company plans to own a fleet of 30,000 cars across its brands in the next five years which will require a capital of Rs 1,800 crore. Three PE players —SIDBI Ventures, Westbridge Capital and BTS India PE Fund — have invested over Rs 100 crore in the last five years in the company. (Financial Chronicle)

India Equity Partners Buys Controlling Stake In Sagar Ratna – New York-based private equity fund, India Equity Partners, has bought a controlling stake for Rs 180 crore in Sagar Ratna Hotels, a 25-year-old popular chain specialising in South Indian cuisine. The funds will be used to open 200 more outlets over three to four years and revamp the format of the existing 70 restaurants, most of which are in North India. Sagar Ratna Hotels Pvt Ltd, which runs the chain, posted a net profit of Rs 10 crore on sales of close to Rs 70 crore in the year ended March. (Economic Times)

Leela Sells Kovalam Property For Rs 500Cr – The Leela Group is set to sell its marquee property in Kovalam, a famous beach on the outskirts of the capital of Kerala, as part of an ongoing exercise to ease its debt burden. The property, Leela Resorts Kovalam, is being sold for Rs 500 crore to NRI Ravi Pillai. The deal, however, will not result in Leela exiting the property completely. It will enter into a management contract with Pillai to manage the property for 30 years. (Economic Times)

Uniqlo Eyes JVs With Aditya Birla, DLF – Japanese fashion giant Uniqlo has held discussions with Aditya Birla Group and DLF Retail to enter the Indian market through a joint venture. The ongoing talks with Madura Fashion & Lifestyle, a division of Aditya Birla Nuvo, was fairly advanced as Uniqlo wants to tap India’s relatively robust consumer market to offset setbacks at home. The $9 billion Tokyo-headquartered Uniqlo’s parent Fast Retailing Co Ltd – famous for its basics, t-shirts, socks and jeans – competes with global peers H&M and Gap Inc with fast forward merchandise and sharp pricing. (Times of India)

Scooters India Sale After UP Elections –  The strategic sale of Lucknow-based PSU Scooters India Ltd (SIL) may get postponed till Uttar Pradesh Assembly polls, which are scheduled in April/May next year. While the Union Cabinet had decided to divest its entire 95.38 per cent stake to a private player through a strategic route (outright sale), the government wants to get a Parliamentary nod for the same. (Business Line)

Tatas Get Nod To Hive Off VSNL Land – The Telecom Commission, the highest decision making body of the communications ministry, on Wednesday cleared the proposal to hive off the 770 acres surplus land held by Tata Communications (formerly known as VSNL) into a realty company. The Commission has also authorised the telecom department (DoT) to take all steps for the disposal of the asset, including its sale. The Tatas had earlier created a company namely Hemisphere Properties India Limited (HPIL) with an authorised capital of Rs 25 lakh to hold the surplus land. (Economic Times)

TPG Capital Defers Stake Sale In Shriram Transport – PE firm TPG has decided to put on hold its stake diversion in asset financing company Shriram Transport Finance due to the sliding valuation in the past six months. TPG, which holds 20% stake in Shriram Transport which it has valued at Rs 3,000 crore, has been talking to a clutch of private equity players for the stake sale. PE firms such as General Atlantic, Actis, Citi Venture Capital and Temasek are interested in picking up TPG’s stake. (Economic Times)

Emami Founder To Build $400M Sri Lanka Mall – Indocean Developers (Pvt) Ltd, a firm backed by an Indian property group, will build a $400 million shopping and residential complex in a prime lakefront in Sri Lanka’s capital Colombo. Indian promoters had paid $32 million for a 99-year lease of two acres of land in front of Colombo’s Beira Lake on Sri James Peiris Mawatha. The project will be more than 75% owned by South City Projects in Kolkota, promoted by Emami’s R S Agarwal.


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News Roundup: Providence, StanChart PE To Buy 35% In MSM

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