RIL May Buyout Bharti From AXA JV – Mukesh Ambani-controlled Reliance group is planning to foray into the insurance sector, and is in negotiations with Sunil Mittal-led Bharti to buy its stake in its joint venture with Axa, a French financial services group. The firm, a joint venture in which Bharti owns 74% equity and the Paris-headquartered Axa group holds 26%, started operations in 2006. A month ago, Reliance Industries, the country’s largest private sector company, announced a financial services JV with New York-based DE Shaw. (Economic Times)
SBS Holdings Buys Atlas Logistics For Rs 150Cr – Japan based logistics company SBS Holdings is buying out 80% stake in Atlas Logistics of Bangalore, the deal size is close to Rs 150 crore. This marks yet another global player’s entry into the Indian logistics business which is attracting attention worldwide. SBS Holdings was keen on entering the Indian market to take advantage of buoyant trade between India and Japan. With Atlas buyout SBS Holdings has got into the freight forwarding business in India. (Economic Times)
BJN’s Stake Sale Plans Falter Due To Valuation Issues – Differences over valuations threaten to jeopardise renewed attempts by Mumbai-based BJN Group, which operates a country-wide chain of fine-dining restaurants under multiple brands, to induct a strategic investor. The company, promoted by Pradeep Nichani and in which billionaire investor Rakesh Jhunjhunwala controls about 20%, was in talks with Bangalore-based Opus Hotels for a strategic stake sale of 55%, with the deal size estimated at about 200 crore. But differences over valuation proved to be a spoiler in the discussions. (Economic Times)
Fortis Raising $500M Through REIT Listing – Fortis Healthcare (India) Ltd plans to raise as much as $500 million (Rs.2,215 crore) by hiving off some of its properties into a real estate investment trust (REIT) and listing it in Singapore. The Indian hospital chain operator has hired Citigroup Inc., Nomura Holdings Inc., Royal Bank of Scotland Group Plc, Standard Chartered Plc, and Religare Enterprises Ltd to manage the issue. The real estate trust could be in place as early as the July-September quarte.
Deneb & Pollux To Raise PE Funding For Hotels Foray – Delhi-based travel services provider Deneb & Pollux today said it is in talks with private equity firms for raising money to part—fund its entry into the hotels segment with a planned investment of Rs 200 crore. The firm is likely to finalise deals with two PE firms by the end of this year and would dilute 25 per cent of the promoters’ equity. (Business Line)
Windlass Acquires Spanish Firm – Windlass Steelcrafts, a division of the Windlass Group of companies, on Thursday announced the acquisition of Marto of Spain, a leading European manufacturer of decorative historical swords, for an undisclosed sum. The acquisition will also include Marto’s two sister companies — Bermejo, which manufactures military dress swords for many international governments and Midas, a high-quality jewellery manufacturer catering to the world’s gift market. Marto was founded in 1961 in Toledo, Spain. (Business Standard)
Piramal Shelves Plans To Sell Indiareit – Billionaire Ajay Piramal has shelved plans to sell his property fund management company, Indiareit Fund Advisors, to Religare Enterprises. Religare, promoted by billionaire brothers Malvinder and Shivinder Mohan Singh, was in talks with Piramal for six to eight months to buy nearly 80% in Indiareit for around Rs 300 crore. Indiareit manages funds worth Rs 3,000 crore in domestic and offshore markets. (Business Standard)
Monnet Ispat To Raise Rs 1300Cr From Stake Sale In Power Unit – Monnet Ispat & Energy Ltd. plans to raise Rs 1300 crore ($293 million) by selling 15% to 20% of its power unit. The company wants to increase its capacity to 3,000 mega watts by 2014-15, and wants to raise funds to partly finance the equity portion of the expansion plan. The company would take a call on whether to go for an initial public offering or sell the stake to strategic investors by June 2012. (Wall Street Journal)