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News Roundup: Sanjay Lalbhai, Aditya Birla Realty Fund to buy stake in Shriram projects

14 January, 2014

Textile major Arvind Ltd CMD Sanjay Lalbhai and a real estate fund of Aditya Birla are buying stakes in separate development projects of Shriram Properties, the unlisted real estate arm of the $10 billion Shriram Group. Shriram will raise a cumulative $27 million or Rs 167 crore from Lalbhai co-founded Amplus Realty Fund and Aditya Birla’s investment unit, in two residential projects in Bangalore. Shriram will hold 51% stake in the two joint ventures, leaving the rest with Birla and Amplus. Aditya Birla fund will invest $17 million (Rs 104 crore) into a premium residential project, while Amplus will pump in just under $10 million (Rs 61 crore) into another smaller project, said sources cited earlier. (The Times of India) 

Air India likely to sell four flats to a national bank: National carrier Air India is in the final stages of striking a deal with a leading public sector bank for selling four flats at the posh Sterling Apartments on the Peddar Road in south Mumbai. The deal, if gets through, is expected to fetch Rs 100 crore ($16.3 million) to the carrier’s coffers, sources close to the development said. As per the financial restructuring and turnaround plan approved by the Cabinet in early 2012 when it had bailed out the carrier with Rs 30,000 crore in doles, Air India is required to raise Rs 5,000 crore over the next 10 years through asset monetization. (The Times of India) 

ONGC and Mubadala of UAE to jointly invest in oil exploration: State-run oil company ONGC and United Arab Emirates’ investment firm Mubadala may jointly invest in upstream projects in third countries. “The visiting minister showed keen interest in the proposal and asked that both the companies should soon meet to arrive at specific focus countries,” the statement said. Indian Oil Corp, the country’s biggest refiner by volume, has recently purchased a cargo of Canadian crude oil and is looking for sourcing more from Alberta in particular, it said. (The Economic Times) 

GSK gets FIPB nod to buy 24.33% more in indian arm: The Foreign Investment Promotion Board (FIPB) cleared GlaxoSmithKline’s (GSK) Rs 6,400 crore ($1.04 billion) proposal to acquire additional 24.33% stake in its Indian arm. The Singapore subsidiary of the UK-based GlaxoSmithKline plans to buy 24.33%stake, or 2.06 crore, equity shares in GlaxoSmithKline Pharmaceuticals through an open offer. GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by the GSK Group. After the purchase, holding of the promoter group firms in the Indian subsidiary will go up to 75% from the current level of 50.67%. The open offer will be open from February 7 to 21. (The Economic Times) 

Jewellery chain plans to raise Rs 100 crore via PE route: Jewellery retail chain Senco Gold plans to raise Rs 100 crore ($16.3 million) through private equity route to expand further. The company plans to expand all over India starting with Mumbai and other tier 1 and tier 2 cities, with an investment of Rs 200 crore,  Senco Gold chairman Sankar Sen said. Currently, Senco Gold has 51 retail outlets in West Bengal, Orissa, Jharkhand, Delhi and Madhya Pradesh and has a turnover of Rs 1,200 crore in retail and exports. (The Economic Times) 

HDFC plans to raise $300 mn through external commercial borrowing: Housing Finance firm HDFC Ltd today said it plans to raise $300 million (Rs 1,834 crore) through external commercial borrowing (ECB) to fund its expansion. HDFC is raising the money under the $1 billion ECB window for housing finance companies that the Reserve Bank allowed for funding affordable housing projects. (The Economic Times) 

Courtesy: VCCEdge


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News Roundup: Sanjay Lalbhai, Aditya Birla Realty Fund to buy stake in Shriram projects

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