News Roundup: RCom is in talks for stake sale in undersea cable business

21 March, 2016

Reliance Communications Ltd. is in talks with potential investors to sell a stake in its submarine cable unit Reliance Globalcom. In April, RCom had informed the stock exchanges it was in advanced stages of negotiations with a consortium of private equity firms led by Samena Capital to sell a majority stake in the sub-sea cable unit. This came after Reliance Globalcom abandoned talks with Bahrain Telecommunications Co to sell a majority stake. Separately, RCom would work together with Reliance Jio, Mukesh Ambani’s 4G telecom venture, in a wide range of services. (Business Line)

Shree Renuka Sugars may sell stake in Brazil unit: India’s sugar refiner Shree Renuka Sugars has mandated Standard Chartered Bank to explore value unlocking moves in its Brazil unit worth over $1.3 billion. This could lead to selling a big stake in Renuka Brazil Holdings, which houses the two large acquisitions, Equipav SA and Vale Do Ivai SA, effected four years ago. The Brazilian operations include four sugar mills and a 300MW co-generation power plant. The Mumbai-based company is keeping all options open as it looks to pare down Rs 7,500 crore debt accumulated for the acquisitions in Brazil. There are already bids filed for the large stake buy, but valuation offered is below expectations, said a person directly involved with the matter. This could see Renuka opting for a sale of its power unit valued at more than $300 million as a near term de-leveraging move. (The Times Of India)

Aditya Birla Group set to buy JP’s cement plant in Gujarat: The Aditya Birla Group is close to concluding a deal to buy out Jaiprakash Associates’ cement plant in Gujarat, ending protracted negotiations, which have gone on a for a year. The Kumar Mangalam Birla-controlled conglomerate is likely to pay close to Rs 3,500 crore ($514.8 million) to acquire the 4.8 million tpa unit and an announcement may come as early as next week. There could be a formal announcement soon if things do not go haywire at the last minute, said an executive close to the transaction. (The Times Of India)

After buyout break, Aegis eyes 3 targets worth up to Rs 225 crore: The country’s third-largest back office provider, Aegis, is evaluating three acquisitions worth up to Rs 225 crore ($33 million). The Essar group-promoted BPO is at present undertaking due diligence for one potential buyout target, while the other two are at a more preliminary evaluation stage, a senior company executive said. The Mumbai-based company is now evaluating South East Asia, Europe and Latin America to extend its delivery footprint and also tap new markets. Negotiations with the BPO firm in South East Asia are at a fairly advanced stage. (The Times Of India)

Deccan Gold may buy GeoMysore: Deccan Gold Mines Ltd (DGML) has said that it has been approached by GeoMysore Services-India (GMSI), a Bangalore-based gold exploration company for being taken over as a wholly-owned subsidiary of DGML. The board of directors of Deccan Gold has considered the offer and have advised the company to undertake a due-diligence of GMSI. The company would update the stakeholders of further developments. (Business Line)

Roselabs talks with PEs, inks Brazilian deal: Ahmedabad-based Roselabs Biosciences Ltd, has entered into a supply agreement with a Brazilian drugmaker for supply of formulated pre-filled syringes. The company is also in talks with three private equity players for raising Rs 100 crore ($14.7 million). The company has recently entered into a $20 million contract supply deal with a Brazilian drugmaker.  However, declined to disclose the name of the company, as even though the deal has been signed as some legal formality is yet to be completed. The fund is raised for a new project where in the company would set up a backward integrated unit using its own in-house developed Active Pharmaceutical Ingredient (API) and some rare off-patent molecules. (The Economic Times)

NHB invites bids to raise up to Rs 9 bn via tax-free bonds: The National Housing Bank is planning to raise up to Rs 900 crore ($136.44 million) through private placement of tax-free bonds. The firm would sell 10-, 15-, 20-year bonds and the base size of the issue is Rs 1 billion. Book building for the bond issue will open on Wednesday and close on Thursday. The issue is scheduled to open on Friday, according to term sheet. ()

Courtesy: VCCEdge


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News Roundup: RCom is in talks for stake sale in undersea cable business

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