Reckitt To Sell Paras' Personal Care Arm - Reckitt Benckiser, which bought Paras Pharmaceuticals last year in one of the largest deals in the Indian FMCG space, is set to sell the latter’s personal care business. Reckitt, which makes Lizol and Dettol, has asked JP Morgan to find a buyer for the business. Companies that are interested include Emami and Dabur. Reckitt is keen to focus on Paras’ healthcare business, which is the larger of the two with annual sales of Rs 300-350 crore. The personal care business, with brands such as Recova, Setwet, Zatak, Borosoft and Livon, has sales of Rs 100 crore. (Business Standard)
IL&FS PE To Exit Two Gurgaon Projects - IL&FS Investment Managers is selling its stake in a special economic zone (SEZ) in Gurgaon, promoted by listed realtor Ansal Properties, with a 20% return in four years. IL&FS will also exit from the first phase of Ansal's Esencia township project in Gurgaon-where it had made an investment of Rs 80 crore-after the mandatory lock-in of three years ends, in August 2011. The private equity fund manager had invested Rs 70 crore in the 47-acre SEZ for the information technology sector in 2007. (Economic Times)
Avigo Eyes Exit From BBFIL - Packaging and contract consumer goods manufacturer BBF Industries Ltd (BBFIL) is looking at ways to provide an exit to private equity (PE) investor Avigo Capital Partners. The Ludhiana-based promoters are considering a buy-back as one possible exit route for the fund. The PE fund used compulsorily convertible preference shares to invest Rs.30 crore in BBFIL in 2008 for a minority stake.
SAIL Consortia Eyes Afghanistan Mine - State-owned steel maker Steel Authority of India Ltd (SAIL) hopes to buy iron ore mines in Afghanistan and is also eyeing a 24% stake in Singapore’s MEC Coal via separate consortia, as the race for overseas mining assets hots up. Afghanistan has invited global bids for its Hajigak iron ore mineral fields and short-listed 21 companies. Afghanistan currently imports 4-5 million tonnes (mt) of steel a year. (Mint)
India Venture To Raise Rs 500Cr Fund - India Venture Advisors, founded by industrialist Ajay Piramal and former State Bank of India (SBI) chairman AK Purwar to focus on healthcare and life sciences segment, is set to launch yet another healthcare-focused fund by September. It plans to raise Rs 500 crore via new fund. Launched in 2007 the firm has a corpus of R900 crore ($200 million). India Venture Advisors has invested $11 million in C&C Construction last year and $18.4 million in Sri Kavery Medical Care (Trichy) in 2009. (Financial Express)
Lohia Auto To Bid For Scooters India - Electric two-wheeler maker Lohia Auto today said it would be in the race to acquire beleaguered public sector firm Scooters India, in which the government has decided to offload its entire 95.38% stake. The National Capital-based firm will be slugging it out with the likes of Atul Auto and Mahindra & Mahindra (M&M). The company has already started discussions with various private equity players to raise funds. (Business Standard)
Camlin Stake Sale May Be Announced Today - In a move that will pave the way for Japan’s Kokuyo Co Ltd to become a strategic investor, Mumbai-based Camlin Ltd will announce a stake sale with it tomorrow. Kokuyo is a 100-year-old stationery, furniture and design group with a $3-billion annual turnover. It will get a 51% stake in Camlin through a series of staggered transactions. The deal, persons in the know say, is being done at Rs 110-115 per share. (Business Standard)
Aban Offshore To Raise $400M - Chennai-based oil rig company Aban Offshore Ltd has informed the BSE that the company is planning to raise around $400 million and issue of related securities to qualified institutional buyers (QIBs). Company’s Board of Directors in a meeting held on May 26 had approved raising of additional long term resources through issue of FCCBs, GDRs, ADRs and such others. (Business Standard)
RBI Says No To Ratnakar Bank, BASIX Merger - The Reserve Bank of India (RBI) has shot down a proposal for merger of Kohlapur-based Ratnakar Bank and BASIX, promoted by social entrepreneur Vijay Mahajan. The merger would have been the first of its kind, as it would have resulted in a bank buying a microfinance institution. Bhartiya Samruddhi Finance, a Hyderabad-based microfinance institution, is a group company of BASIX. (Business Standard)
