Global waste-water management companies, including Germany’s Remondis, United Arab Emirates’ Metito, Israel’s IDE and Tata Projects, are in the race to acquire a strategic stake in Aditya Birla PE backed water and waste management company SMS Paryavaran. The deal, valuing SMS Paryavaran at Rs 500 crore ($84.34 million), could help Aditya Birla PE exit the Delhi based company, three people with direct knowledge of the development said. “The company is looking at raising Rs 150 crore ($25 million) to expand its current order book and execute some of the existing projects,” an investment banker said. “Currently, the company is looking at selling a significant minority stake where Aditya Birla PE could also partially exit.” (The Economic Times)
Idea to raise Rs 3,000-3,750 crore through QIP issue: Idea Cellular is set to raise Rs 3,750 crore ($633 million) by selling its shares to institutions for Rs 135 to Rs 140 apiece on Thursday as mobile phone operator seeks to beef up finances ahead of what could be another bruising round of spectrum auctions later this year. “A lot of Idea’s spectrum is coming up for renewal. So the company needs funds,” a person familiar with the matter told. He didn’t elaborate on who the buyers would be but as per earlier media reports, top private equity firms Kohlberg Kravis Roberts and Blackstone had evinced interest in Idea’s shares. (The Economic Times)
Bandhan to go for listing after three years of banking: Bandhan MFI, which got a banking license from the RBI in April, plans to list on the stock exchanges after three years of operation as a banking entity, Chairman and Managing Director Chandra Shekhar Ghosh said. “The RBI has given us 18 months to start banking operations. We hope to start banking activity from early next financial year,” Ghosh said at an interaction programme organised by the MCCI here today. Bandhan recently appointed consultancy firm Deloitte to advice it on converting from a micro-finance institution to a bank. (The Economic Times)
Pernod Ricard plans to raise Rs 900 crore as it gears to take on Diageo: French distilled beverages firm Pernod Ricard plans to borrow Rs 900 crore ($152 million) as it aims to intensify its competition with the world’s largest liquor company Diageo, which controls over a third of the Indian spirits market since its acquisition of United Spirits. The firm, which manufactures Absolut Vodka and Chivas Regal Scotch, said in a filing with the Registrar of Companies last week that the credit facility of Rs 900 crore would be divided equally between three banks Hongkong and Shanghai Banking Corporation, Citibank and Royal Bank of Scotland. (The Economic Times)
JSW steel sets eyes on 16 mines in Karnataka for bidding: JSW Steel has identified 16 iron ore mines to bid for in Karnataka’s impending auctions based on the deposits found, its deputy managing director Vinod Nowal told. The Karnataka government has been directed by the Supreme Court to auction all mines in category C, where most illegal mining happened, to “end-users” of the commodity by end of August this year. Apart from JSW Steel, Essar Steel is also expected to bid for mines in the state. (The Economic Times)
Havmor promoters nibble on stake sale: Has home-grown ice cream brand Havmor been put on the block. The promoters are in talks with several players for a stake sale and are even open to a strategic exit if they get the right price, say sources close to the development. While they did not divulge valuation details, sources say internal assessments peg the brand at Rs 700 crore ($118 million). A multinational firm had recently offered Rs 550 crore ($93 million) to buy the brand. (The Times of India)
Another US firm eyes India buy: US-based drug maker Amneal Pharmaceuticals LLC, headed by Chintu Patel and Chirag Patel, may be the latest among multinationals eyeing India for expanding its manufacturing footprint. The company, it is learnt, is in advanced talks to buy Hyderabad-based oncology products manufacturer Epsilon Pharmaceuticals. The deal is also likely to include sale of a manufacturing facility that received approvals of the US Food and Drug Administration (US FDA). The transaction could be valued at Rs 80-100 crore ($13 million -$17 million), he said. (Business Standard)
CIL to form consultants’ panel for overseas mines acquisition: Coal India plans to form a panel of consultants which would help the PSU in acquiring, developing and operating coal mines overseas. The coal major is eyeing assets abroad to meet the domestic demand. “The last date for submission of responses to EOI (Expression of Interest) Shall be June 23,” the PSU said. CIL had earlier invited bids from bankers and interested parties for acquiring assets abroad. (Financial Chronicle)
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