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News Roundup: Reliance In Talks To Acquire Radio City

25 November, 2010

Reliance In Talks To Acquire Radio City – Reliance Broadcast Network, which operates the radio station BIG 92.7 FM, is in talks to acquire Radio City from private equity (PE) fund India Value Fund Advisors. The private equity major owns the radio channel through its stake in Music Broadcast Pvt. Ltd (MBPL).IVFA has put about Rs.150-200 crore in the company.

IL&FS Milestone, Morgan Stanley In Fray For Kotak Asset – IL&FS Milestone Realty Advisors Pvt. Ltd and Morgan Stanley are among those looking to buy a Rs 550 crore commercial asset of Kotak Realty Funds Group (KRFG) in suburban Mumbai. The PE firm bought the multi-tenanted, Goregaon office building in 2006 for Rs 200 crore from K Raheja Constructions.

Vasan Eye Care Plans IPO – Eye care service provider Vasan Eye Care plans to come out with an initial public offer (IPO) next year. The Sequoia Capital backed firm aims to raise Rs 800-1,000 crore through the IPO. Vasan plans to invest Rs 450 crore for various expansion plans over a period of next 18 months, which includes increasing the number of eye care centres from the present 75 to 125. (Business Standard)

Molson Coors Eyes Cobra India – Beer giant Molson Coors Brewing Company is eyeing a majority stake buy in Cobra Beer India. Cobra founder Lord Karan Bilimoria is the largest shareholder with a 49% stake in the firm is planning to buyout dissatisfied majority shareholders. The remaining 51% is owned by New York-based Brahma Management and the Katyal family. (Times of India)

NTPC Sets Up Renewable Energy JV With ADB, Japan’s Kyuden –  State-run power company NTPC has set up a joint venture with the Asian Development Bank and Japan’s Kyuden International Corporation to develop renewable energy projects with a capacity of 500 Mw over the next three years. NTPC will have 50% stake in the JV, while ADB and Kyuden International will contribute 25% each. (BS)

MOIL Eyes Acquisitions – MOIL is looking for overseas acquisitions in South Africa, Turkey, Gabon and Congo to meet the growing demand of manganese ore by the country’s steel industry. MOIL is proposing an intial public offerring (IPO) at a price band of Rs 340-375 per share for raising up to Rs 1,238 crore. (BS)

Yes Bank, Shinsei Form JV – Yes Bank and Shinsei Bank of Japan signed an agreement to advise companies on cross-border deals between the two nations. The tie-up would enable both banks to leverage their combined expertise, strong local knowledge and excellent corporate relationships to jointly pursue mergers & acquisitions (M&As), joint ventures (JVs) and merchant banking opportunities. (BS)

Realty Fund Pragnya, Paharpur Form JV – Kolkata-based Paharpur Cooling Towers Limited has formed a special purpose vehicle (SPV) with a Mauritius-based private equity fund Pragnya Fund-I to execute real estate projects. The SPV Paharpur Pragnya Realty Private Limited is executing two real estate projects in West Bengal’s Barrackpore and Asansol, besides a project in the Sri Lankan capital Colombo.Pragnya has infused Rs.100-150 crore in the SPV for a 49% stake.  (Sify)

Usher Agro Plans Rs 100Cr QIP – Usher Agro, one of the leading rice millers in the country, has said that it aims to raise up to Rs 100-crore through Qualified Institutional Placement (QIP) issue. The floor price for QIP issue is Rs 92.62 as per Sebi (ICDR) Regulations. (BS)

DLF To Sell 50 Acre Land For Rs 1,200Cr – DLF is planning to sell 50 acre of prime land in Gurgaon which could rake in at least Rs 1,200 crore at the current prices. The land is in Gurgaon’s Sector 73. (Financial Express)


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News Roundup: Reliance In Talks To Acquire Radio City

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