RIL, ONGC, GAIL Bid For US LNG Hubs - Reliance Industries (RIL), Oil and Natural Gas Corporation (ONGC) and GAIL want to buy shares in liquefied natural gas (LNG) terminals on the east coast of the United States for shipping gas to India at about $9.5 per million metric British thermal unit (mmBtu), which will be over 50% cheaper than current imports. Massive shale gas discoveries have made US gas-surplus, with work on converting LNG complexes from regasification to liquefaction (import to export) terminals underway. (Times of India)
CX Partners Invest Rs 500Cr In SIS - CX Partners, a home-grown private equity firm has signed a definitive agreement to acquire up to 26% stake in Security and Intelligent Services (SIS), a Delhi-based private security firm for Rs 500 crore, by acquiring the minority stake of US hedge fund DE Shaw as well as buying new shares of the security company. DE Shaw divested its holding of little over 10 %, which was acquired for Rs 45-50 crore in 2008 for about Rs 300 crore. (Economic Times)
FSS To Raise Rs 220Cr From PE Funds - Chennai-based payment services firm Financial Systems and Software (P) Ltd (FSS) is in talks with private equity (PE) firms to raise up to Rs 220 crore by selling a minority stake. It has short-listed four PE firms, and the deal may close by September. In 2009, Carlyle exited the company and sold its stake to Jacob Ballas Capital and New Enterprise Associates. Both the PE firms invested $60 million through primary and secondary routes.
BG To Sell Mahanagar Gas Stake Too - BG India is keen to sell its 49.75% stake in Mahanagar Gas Ltd (MGL), undeterred by the nagging problems of valuation and political issues it is facing in the sale of its controlling stake in Gujarat Gas. Gujarat Gas is the largest privately-held city gas distribution (CGD) company in the country while MGL is a key player in the Mumbai market. (Economic Times)
Golkonda Hospitality To Raise Rs 100Cr - Hyderabad-based Golkonda Hospitality Services and Resorts Limited is planning to raise Rs 100 crore during the fourth quarter of this financial year. The company, which operates hotels and resorts under the ‘Golkonda’ brand, has plans to set up a hotel in Mysore in Karnataka and a three-star 100-room hotel in Kakinada in Andhra Pradesh. These will involve a total investment of Rs 150 crore. (Business Standard)
L&T To Unlock Value In Infra Firm, Dhamra Port - L&T is in the process of bringing in investors to its infrastructure development company (Infrastructure Development Projects Ltd) and also the Dhamra port in two months. The Dhamra port is a 50:50 joint venture between L&T and Tata Steel. On selling of non-core businesses, L&T said it was a continuing and constant process. (Business Line)
Welspun Corp To Raise Rs 200Cr Through NCDs - Leading pipe manufacturer Welspun Corp on Saturday said it has raised Rs 200 crore by issuing non-convertible debentures. The money was raised by the flagship firm of Welspun Group through placement of secured Redeemable Non—Convertible Debentures (NCDs) to investors including banks and financial institutions. (Business Line)