By 26 March, 2014

The Rane Group has put on the block a 3.5-acre plot in the prime suburb of Velachery in south Chennai. The auto components manufacturing group has appointed international property consultants Jones Lang LaSalle (JLL) India as the exclusive real advisors for transaction. Sarita Hunt, Managing Director, JLL-Chennai, said JLL will call for closed bids for the property. The Rane Group originally held 6.5 acres in this location, and sold about 2 acres in 2007 where The Westin hotel has come up. Just going by the guideline value of over Rs. 12,000 a sq.ft in Velachery, the estimated value of the property is about Rs 183 crore ($30.2 million). (Business Line) 

Tata Tech looking for buys up to $50 million: Tata Technologies said the company is open to mergers and acquisitions ranging between $30 million and $50 million (Rs 181 crore – Rs 302 crore) globally, including in India. The company is also open to acquire global original equipment manufacturers (OEMs) in automotive engineering domain, which have presence in India, but are unhappy or could not manage, said Patrick McGoldrick, Managing Director and Chief Executive Officer. Tata Technologies, in April 2013, had acquired US-based Cambric Corporation, an engineering services to help its clients in Europe and in return, Cambric’s access to the Asia Pacific region. (Business Line) 

Tata Motors plans to raise Rs 300 crore via bonds: Tata Motors is planning to raise Rs 300 crore ($49 million) through 4-year 11-month bonds at 10%, a person with direct knowledge of the deal said. The bonds are rated AA+ by Care rating agency, and Deutsche Bank is the sole arranger to the bond sale, said the source. (Live Mint)

Courtesy: VCCEdge

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