Reliance Industries May Buy 24% In IL&FS For $1.2B – The Reliance Industries group owned by billionaire Mukesh Ambani is negotiating with Japan’s Orix Corporation to acquire its 23.87% stake in Infrastructure Leasing and Finance Company (IL&FS), one of India’s leading infrastructure developers and financiers, for around $1.2 billion. If the deal materialises, it will make the Reliance group the second largest investor in IL&FS after Life Insurance Corporation of India (LIC) and will pave the way for its entry into the financial services business. Orix has been an investor in IL&FS since 1994 and, if this transaction is concluded, it will make a killing on its original investment of less than $25 million. (Economic Times)
Baring PE To Invest Rs 475Cr Oriental Structural Engineers – Baring Private Equity Partners (BPEP) India is set to invest Rs 475 crore ($105 million) in Delhi-based Oriental Structural Engineers, a company specialised in constructing runways and highways. Baring PE, which manages about $1 billion, is likely to acquire around 15-20% stake in Oriental. Established three decades earlier, Oriental Structural Engineers (OSE) executed 2,700 lane-km of national and state highways in India and abroad. (Business Standard)
NCC Infra To Sell 15-20% Stake To PE – Infrastructure major NCC Ltd (formerly known as Nagarjuna Construction Co Ltd) is gearing up to dilute 15-20% stake in its wholly owned subsidiary NCC Infrastructure Holdings Ltd. NCC Infrastructure owns five road and three power assets.The money will go to fund its 1,320 mw power project being set up at Krishnapatnam in Andhra Pradesh. NCC has so far invested about Rs 650 crore in the form of equity in road and power projects. (DNA)
Ansal API To Raise Rs 500Cr From PEs – Realty firm Ansal API is looking at a fund infusion of about Rs 500 crore from a host of private equity investors, including IL&FS Investment Managers and Red Fort Capital, for its ongoing construction work in north India. The company has already raised as much as Rs 200 crore from Red Fort Capital. The money raised from Red Fort Capital will be used to build a residential township in Gurgaon, while funds raised from other investors will help the realtor develop a township in Sushant Golf City in Lucknow. (Economic Times)
Beams Raises Funding From Ambit Pragma – Beams Hospitals Private Ltd, the Mumbai-based chain hospitals, will take the number of hospitals in the network to 10 from five by the end of 2011. The company specialises in minimal access surgeries (MAS), allowing patients to leave hospitals in a day or two after undergoing surgeries. The firm invests Rs 6-8 crore on each centre. Ambit Pragma Ventures, a Mumbai-based investment firm, invested an undisclosed sum in Beams Hospitals. (BusinessLine)
Fortis Global To Up Stake In Australian Company – Fortis Global Healthcare Holdings Pte Ltd has offered to increase its stake in Australia’s Dental Corporation to between 50.1% and 58.6% in a bid to take management control. In December 2010, Fortis Global had agreed to acquire 33% of the Australian dental chain. Fortis has now entered into a takeover bid implementation deed with Dental Corporation Holdings Ltd under which the former will make a proportional offer to acquire up to 30% of each Dental Corporation’s existing shareholding. (Busines Line)
Baring Asks Mphasis To Disclose Pricing Details – Baring Private Equity Partners (BPEP), the second largest shareholder in IT services firm MphasiS, said that it could be better for the company’s management and owner Hewlett Packard (HP) to disclose pricing details of the outsourced work undertaken by the former since it was a related party transaction. Other minority shareholders, especially mutual funds, are also looking at the option of putting pressure on MphasiS for a possible share buyback. MphasiS, tracking revenue of around $1 billion, was hammered after analysts attacked its corporate governance for lack of proper disclosures and transparency regarding billing rates for the work it does for HP, which owns over 60% stake in the domestic firm. (Times of India)
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