News Roundup: Red Fort Capital Invests Rs 250Cr In Mumbai Project

16 November, 2011

Red Fort Capital Invests Rs 250Cr In Omkar’s Mumbai Project – Red Fort Capital Advisors Pvt. Ltd, a private equity (PE) firm that funds real estate projects, has invested Rs.250 crore in a slum redevelopment project of Mumbai-based developer Omkar Realtors and Developers Pvt. Ltd. The project in Mumbai’s Malad suburb will have four residential towers and a small office space to be developed at a later stage. This is Omkar’s second round of PE funding, having raised Rs.200 crore from Ajay Piramal-backed Indiareit Fund Advisors Pvt. Ltd in September.

FIPB Approves Unitech Wireless Rights Issue – The foreign investment promotion board, the apex government body that approves all approves all major investments from abroad, has cleared a proposal from Unitech Wireless’ for a rights issue of Rs 8,250 crore. This comes even as the two partners in the JV mobile phone company – Norway’s Telenor and realty firm Unitech – have been involved in a public spat during the last couple of months over several issues related to Unitech Wireless, including its management and funding. Norway’s Telenor has a majority stake of 67.25% in the JV. (Economic Times)

Big Indian Investor Interested In Kingfisher – Kingfisher Airlines (KFA) chairman Vijay Mallya said on Tuesday that he had been approached by a “large Indian investor” for a stake in the cash-strapped carrier. KFA has appointed SBI Capital Markets to study the financial requirements of the airline and suggest options. (Times of India)

Dragados, Vinci Eye Stake In NAPC – Global infrastructure giants Vinci of France and Dragados of Spain are the front-runners to pick up a strategic stake in the Chennai-based infrastructure company NAPC Ltd. Set up in 1949, NAPC is one of the oldest infrastructure companies, and its core area is road construction. NAPC also has presence in quarrying, asphalt making and mining. Lately, it has teamed up with Lakeby of Sweden to bid for water projects. The combined revenue of NAPC Group is around Rs 1,100 crore. (Times of India)

Varkeys Open Offer For Everonn On Hold – Chennai-based Everonn Education Ltd on Tuesday said the Dubai-based Varkey Group’s open offer, scheduled to open tomorrow, would not happen. The $2.5-billion group was planning to acquire another 20 per cent stake in Everonn (it already has 12 per cent) through the offer, for Rs 237 crore. Everonn told the Bombay Stock Exchange on Tuesday a revised schedule of activities on the offer would be announced after getting approval from the Securities and Exchange Board of India (Sebi). (Business Standard)

Merrill Lynch Puts Nariman Point Office On Block – Global financial services major Merrill Lynch, which is a unit of Bank of America, has offered for sale two of its office premises at Nariman Point, the central business district of the country’s commercial capital. One property is located in Tulsiani Chambers and the second, in Raheja Chambers. Property consultants estimate that New York-based ML will earn at least Rs 50 crore from the sale of the two properties. (Business Standard)

KSIDC, US Firm In JV – The Kerala State Industrial Development Corporation (KSIDC) has inked a memorandum of understanding with US-based Parallel Group to set up a joint venture to assemble and manufacture electric scooters and allied products in the state. The JV would set up a production centre in the state. In the first phase, completely knocked down (CKD) parts would be imported and the vehicles would be assembled and distributed in the country. (Business Standard)


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News Roundup: Red Fort Capital Invests Rs 250Cr In Mumbai Project

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