Prince Al Waleed, Chinese Investors In Fray For Aman Resorts – Kingdom Holding Company, promoted by Saudi Arabian billionaire prince Al Waleed Bin Talal and a Chinese investor are vying with French luxury group LVMH to own luxury hotel chain Aman Resorts, which has been put on the block by real estate firm DLF. A Chinese conglomerate with interests in hospitality had also joined the race. DLF is expected to get close to $300 million for the hotel chain, which would include transfer of the debt to the buyer. (Economic Times)
Oberoi Realty In Talks To Buy ICICI Venture Property – The Oberoi Realty Group is in talks to buy the 50% stake held by ICICI Venture in a residential project in south Mumbai. Oberoi Realty, the group’s publicly held company, is expected to pay 300 crore for the stake, giving ICICI Venture a return of almost six times in seven years. Oberoi, in 2004, teamed up with ICICI Venture to float a joint venture to buy a prime four-acre plot belonging to GlaxoSmithKline to develop a residential high-rise. (Economic Times)
BP May Sell Europe, North American Assets To RIL – Global oil major BP Plc will discuss divesting some of its assets in Europe and North America to Reliance Industries as it seeks to deepen its partnership with India’s largest private sector company. Dudley, on a high-profile trip to India barely a month after completing BP’s $7.2-billion deal to buy stakes in Reliance’s 21 oil and gas blocks, also said he sees vast opportunities in India, particularly if gas prices are allowed to rise to make deep-sea projects viable. (Economic Times)
Pentamedia Exits From Mayajaal – The BSE-listed Pentamedia Graphics Ltd, an animation technology company, has decided to exit from India’s largest multiplex company Mayajaal Entertainment Ltd, which owns over 30 acre of property near Chennai. The move follows Mayajaal’s decision to join hands with realty firms to develop a Rs 300-crore villa project and also other real estate projects on the site. (Business Standard)
Pipavav, Airbus Form MRO JV – Pipavav Defence and Offshore Engineering Co. Ltd and Airbus SAS? have agreed to jointly start an aircraft maintenance, repair and overhaul (MRO) unit in India. EADS NV, the parent company of Airbus, will hold 26-49% equity in the joint venture, Pipavav said in a filing to stock exchanges on Wednesday. Pipavav will hold a 51% stake. The first-phase MRO facilities and associated infrastructure are likely to cost $100 million (Rs. 489 crore). (Mint)
Tata Metaliks To Divest Redi Facilities – Tata Metaliks, part of Tata Steel, has entered into an agreement with Fomento Resources group for divestment of Redi facilities, as part of a strategic review of its portfolio. The Redi plant, with a capacity of 300,000 tonnes of pig iron, happened to be Tata Metaliks’ largest facility. In 2010-11, Tata Metaliks’ total production stood at 477,115 tonnes. The agreement, which was signed on Wednesday, entailed selling the facilities for a consideration of Rs 180 crore, apart from working capital. (Business Standard)
Yes Bank’s Vivek Mehra Joins Aloe PE – Vivek Mehra, managing director, private equity and investment banking at YES Bank, quit early this month. Mehra has joined as managing director-India at Aloe Private Equity. Mauritius-based Aloe PE focuses on Asia, with investment plans in the areas of clean technologies and waste management. Mehra joined YES Bank in 2007 to head its PE activities. (Business Standard)
IPCA In Talks For Indonesia Buy – Mumbai based Ipca Laboratories Ltd plans to acquire a pharmaceutical company in Indonesia with a view to enter the largest South—East Asian market.
It is scouting for an Indonesian company, especially with a generic product marketing licence. The company has put together a $ 20 million war chest for the acquisition, to be made within the next few months. (Business Line)
Samvardhana Motherson Finance Files For IPO – Samvardhana Motherson Finance Ltd (SMFL) on Wednesday said it has filed preliminary papers with market regulator SEBI for an initial share sale to raise about Rs 1,750 crore. An integrated design and manufacturing company, SMFL is mainly focused on automotive industry. The entity holds over 36 per cent stake in auto component maker Motherson Sumi Systems. (Business Line)
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