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News Roundup: Religare Close To Buying 85% In IndiaReit

07 December, 2010

Religare Close To Buying 85% In IndiaReit – Religare Enterprises is close to buying 85% of the Ajay Piramal Group promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around Rs 250 crore. Indiareit managing director and chief executive officer Ramesh Jogani and his team of 20 employees will hold the rest. The Ajay Piramal Group is exiting from the fund because of a likely conflict of interest as the group is now focused more on land acquisition and development. (Economic Times)

Headland May Raise India Venture Fund – Headland Capital Partners may launch a dedicated India-focused venture capital (VC) fund which could be in the range of $70-100 million. Apart from setting up an India-dedicated fund, Headland will allocate 30% of its $230-million Headland Asian Ventures Fund 3 to India. Headland manages $2.4 billion globally. (Business Standard)

Rio Tinto Bids For Tata Steel-backed Riversdale – The world’s third-largest mining company, Rio Tinto’s $3.2-billion potential bid for Australia’s Riversdale Mining, Tata Steel Europe’s only source of coking coal security, has sent the Indian group looking at all options. Tata Steel is the single-largest shareholder in Riversdale with 24%. (BS)

USL May Merge Biz With Balaji – The efforts of United Spirits to merge business other than the brewery division undertaking of Balaji Distillaries Ltd (BDL) would gain momentum with the Appellate Authority for Industrial and Financial Reconstruction has sanctioned the Rehabilitation Scheme for the process. Board meeting of Chennai-based Balaji Distillaries would be held on December 8, 2010 to decide the future course. (BS)

Numeric Power To Buy Amex Alloys – The power systems major Numeric Power Systems Ltd (NPSL) has signed a MoU with the majority stakeholders of Coimbatore-based Amex Alloys Pvt Ltd to take over the management control for an undisclosed sum. The annual turnover for 2008-09 of Amex stood at Rs 22 crore including duty and taxes, nearly 25% of them from exports. (HinduBusinessLine)

Bhave May Get Extended Term At SEBI – In a surprise turn of events, incumbent Sebi chief C B Bhave is also being considered as a probable candidate by a high-level search panel that was set up to find his successor at the market regulator. Bhave took charge as Sebi chairman on February 18, 2008 on a three-year term. However, the terms of chairman and whole-time directors at Sebi have been increased to five years since then. (Times of India)

ONGC To Get Minimum 10% Return On Cairn Fields – The government has agreed in principle to ensure a minimum 10% return on investment (RoI) to ONGC in Cairn India’s Rajasthan blocks, boosting the firm’s valuation ahead of its follow-on public offering and removing a big obstacle for the $9.6-billion Cairn-Vedanta deal. The state-run explorer has been losing money from these blocks, as it has to bear the entire royalty burden. (Economic Times)


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News Roundup: Religare Close To Buying 85% In IndiaReit

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