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News Roundup: RPG Group Ties Up $900B Debt For Evonik Bid

15 February, 2011

Henkel To Divest Indian Assets – Germany’s  Henkel AG has kick-started a process to sell its portfolio of Indian detergent and personal care brands, along with the manufacturing facility at Karaikal in Tamil Nadu. HSBC is advising the Dusseldorf-based FMCG giant to sell Henkel India’s locally acquired brands such as Margo soap, Neem Active toothpaste and Chek detergent. Henkel is also offering long-term licensing of international brands Henko, Pril and Fa to potential suitors. Wipro and Godrej Consumer Products are the most likely suitors while Jyothy Laboratories could also join the race. (Times of India)

RPG Group Ties Up $900B Debt For Evonik Bid – Just a fortnight after the AV Birla Group snapped up US-based carbon black manufacturer Columbian Chemicals, RPG Group’s Phillips Carbon Black Ltd (PCBL) has tied up the financing to carry out the buyout of world’s second largest player, Evonik’s carbon black business. The company had already tied up debt of $900 million from ICICI Bank, said these sources. The total deal size could exceed $1.1 billion. (Business Standard)

Mahindra Eyes Strategic Partner For Aerospace Biz – The Mahindra group company Mahindra Aerospace Private Ltd (MAPL) is looking to rope in a strategic investor (it already has Kotak PE) and is pumping in Rs 284 crore in a new facility in Karnataka for components, assemblies and aerostructures both for its own and other large aircraft. The $7.1 billion Mahindra group is building a 20-acre component plant at Narsapura in Karnataka. (Times of India)

Tulip To Sell Qualcomm JV Stake – Tulip Telecom, a corporate data services provider, will sell the entire 13% stake it holds in Qualcomm’s India broadband venture when the latter decides to sell. US chipmaker Qualcomm, which sold 26% stake in its India broadband venture to Indian firms Global Holdings and Tulip Telecom for about $58 million last year, is looking to exit the business. Tulip has appointed Nomura Capital as investment banker to raise Rs 250 crore and the information memorandum will be launched in two weeks.

Hero Motors To Sell 17.6% In JV – Auto components manufacturer Hero Motors has sold a stake of 17.6% in Munjal Kiriu Industries, a joint venture with Japan’s Kiriu Corp, to the co-promoter. Hero Motors thus becomes a minority shareholder in the company. Under the new arrangement, Hero Motors will hold a stake of 49% in the joint venture, while Kiriu will hold the remaining 51%. (Business Standard)

Biyani To Hive-Off Ezone – Kishore Biyani’s Future Group will hive off its electronics business into a separate company, as continued promotions and increased competition are taking a toll on its margins. Currently, its electronic business is mainly accounted for by its consumer durable and infotech (CDIT) chain, Ezone, which has 43 stores. Operationally, Ezone is a part of the group’s flagship firm, Pantaloon Retail. (Business Standard)


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News Roundup: RPG Group Ties Up $900B Debt For Evonik Bid

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