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News Roundup: SBI Shortlists Banks For Indonesia Buy

08 November, 2010

SBI Shortlists Banks For Indonesia Buy – State Bank of India (SBI), the country’s largest bank, is getting ready to acquire a second bank in Indonesia and set up a subsidiary in Australia, where it already has a branch operating. SBI had acquired a bank in Indonesia in 2006 and has already shortlisted two or three banks out of which one bank will be taken over by SBI through its existing branch, PT Bank SBI Indonesia at a cost of $100 million. (Financial Express)

Bessemer Eyes Three More India Deals – US-based investment firm Bessemer Venture Partners (BVP) is planning to close three more deals in India this year as it sees increasing investment activity. During the 2010 calendar year, Bessemer made four new investments. It has $500 million in dedicated assets for India and investments range from $5-30 million. (Economic Times)

GVK Energy Close To Rs 1,200Cr PE Deal – GVK Energy, the energy arm of Hyderabad-based GVK Power and Infrastructure (GVKPIL), is close to sealing a private equity deal where 3i India Infrastructure Fund will invest around Rs 1,200 crore. The fund is likely to get around 20% stake in the company. Actis is also planning to invest in the company through its infrastructure fund. GVK Energy currently has a power generation capacity of 901 MW. (Business Standard)

Power Grid FPO Price Band At Rs 85-90 – The price band for the follow-on public offering of Power Grid Corporation Ltd has been fixed at Rs 85-Rs 90. The FPO opens on Monday. The offering comprises 84.17 crore equity shares of Rs 10 each constituting 20% of PowerGrid’s paid-up capital. At the upper end of the price band, the issue will fetch up to Rs 7,600 crore. (HBL)

Essar Wins Bid For Zimbawe Iron – Ruias-controlled $15 billion Essar Group has won the bid for the one million tonne Zimbabwe Iron and Steel Company (Zisco). Mauritius-based Essar Energy Holdings has won the bid to acquire a 60% stake in Zisco, pipping players like Jindal Steel and Power (JSPL),  Sino Zimbabwe Ltd and Sovereign Capitala. (DNA)

Alok To Sell Realty Portfolio To Trim Debt – Alok Industries, a listed textile-to-retail company, expects to bring down its debt-equity ratio of 1.81 over the next couple of years by generating higher profits and selling part of the real estate business.The total value of the real estate portfolio, held in step-down subsidiary, is Rs 2,200 crore. The company expects to receive at least Rs 1,500 crore by March 2012 end. (ET)

United Phosphorus Plans Rs 1k Cr Buys – United Phosphorus, the country’s largest agro- chemical company, could use close to Rs 1,000 crore for acquisitions by the end of current fiscal. The company is sitting on a Rs 2,100-crore cash pile as of September 2010. The global chemical industry is said to be witnessing a consolidation wave with the Chinese state-owned ChemChina bidding for MAIN. (ET)

Videocon To Restructure Business – Videocon, the $5-billion electronics-to-energy group, is undertaking a major reorganisation exercise for its various businesses. The company plans to hire an external consultant for the process and ensure greater focus on each of its businesses. The company has a presence in consumer durables and glass shells to oil & gas, power, DTH and telecom, under one umbrella. It also recently made a foray into the non-life insurance business in partnership with Liberty Mutual Group. (Times of India)


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News Roundup: SBI Shortlists Banks For Indonesia Buy

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