Sahara Group In Talks To Buy 55% In Beverly Hilton – The Sahara Group, fresh after a string of acquisitions of marquee hotel properties in the UK and the US, is in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton hotel. The owner of Oasis, Beny Alagem, had approached Sahara to sell 55% stake in the iconic hotel for about $340 million. The Sahara group last month bought a majority stake in New York’s iconic Plaza hotel and in 2010 it acquired the Grosvenor Hotel in London. (Economic Times)
Murugappa Group Eyes Buys In Dietary Supplements – The $4.4-billion Murugappa Group’s Parry Nutraceuticals is looking for for acquisitions to strengthen its over-the-counter (OTC) nutritional supplements business. Acquisitions will be for brand, product and distribution infrastructure in both domestic and international markets. Earlier, the company had made a few acquisitions including the buyout of the US-based Valensa Interna-tional in 2008. (Business Standard)
Blackstone Set To Exit Synergy Property Development – Blackstone, the global private equity (PE) giant, is setting the stage for a blockbuster exit from Bangalore-based Synergy Property Development Services, a privately held construction management company. Blackstone is in the final stages of mandating a banker for the exit and has valued Synergy at Rs 500 crore, a doubling from the time it had invested during 2008. Blackstone had invested Rs 85 crore for a 35 per cent stake in Synergy, marking its entry into the real estate market in India. (Business Standard)
IFCI Venture Capital To Bring In Foreign Partner For Mezzanine Fund – Delhi-based IFCI Venture Capital Funds Ltd (IVCF) has planned to bring in a foreign partner for its proposed mezzanine fund, to ensure broad-based response. IFCI Venture also aims to raise a mid-market, sector-agnostic fund in this financial year targeting around $200 million (Rs 1,110 crore). (Business Standard)
Bellwether, MSDF To Exit MFI Ujjivan – Bellwether, a fund that invests in start-ups and mid-sized Indian microfinance institutions, has sold its seven per cent stake in Bangalore-based Ujjivan Microfinance to Lok Capital, an existing investor. Michael & Susan Dell Foundation (MSDF), which held about six per cent stake in the company, is also set to exit Ujjivan by the end of this month. Ujjivan is also in talks with International Finance Corporation, the private sector investment arm of the World Bank, for fresh equity of Rs 45 crore. (Business Standard)
GAIL Eyes Stake In Russian LNG Plant – State-owned GAIL India Ltd is interested in buying stake in Russia’s planned 10 million tonne LNG plant at Vladivostok on the Pacific coast and import natural gas from the $7-billion project to meet nation’s growing energy needs. Russia’s gas monopoly Gazprom plans to start output of LNG at the planned project near the Russian far eastern city of Vladivostok in 2016 or 2017. (Economic Times)
Dempo Group Buys 74% In Modest Infra – Goa-based Dempo Group has acquired 74 per cent stake in Modest Infrastructure Ltd. (MIL), a shipyard in Bhavnagar, Gujarat, through the group’s ship-building arm Dempo Shipbuilding and Engineering Pvt. Ltd. (DSEPL). The group has diversified business interests in areas of mining, ship-building, manufacture of calcinated carbon and pig iron, media, real estate and sports. (Business Line)
ICVL Set To Buy Coal Blocks Abroad – Public sector steel maker Steel Authority of India (SAIL) has said it is close to acquiring coal blocks abroad as part of the International Coal Ventures (ICVL) consortium, even as the steel major has applied for fresh blocks in India to cut its dependence on costly imports. The steel major, that has embarked on a Rs 72,000 crore capex plan to increase capacity to 24 million tonnes per annum (mtpa) from 14 mtpa, desperately needs coking coal to fuel its expansion. (Times of India)
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