Sembcorp To Pick Up 49% In Gayatri's Project SPV - Sembcorp, the Singapore-based water and energy major, has entered into an agreement to pick up a 49% stake in Hyderabad-based infrastructure company Gayatri Projects’s special purpose vehicle (SPV) for Rs 1,042 crore. The SPV, Thermal Powertech Corporation India Ltd (TPCIL), is setting up a 1,320 MW power project at Krishnapatnam on the east coast of Andhra Pradesh at an outlay of Rs 6,869 crore. The company plans to raise about 75% of the project cost through debt, while the remaining 25% through equity. (DNA)
ICICI Venture Plans To Float Public Issue - ICICI Venture, the private equity arm of India’s largest private sector lender ICICI Bank, is considering a public issue. The plan will be materialized after it launches a greater variety of funds to create an “alternative asset platformâ€. The venture currently manages three funds with the latest of $350 million size, which was raised from domestic investors. It plans to raise another $150 million from international investors, who will take the total corpus of the fund to $500 million. In India, only IL&FS Investment Managers Ltd is listed on the local exchanges. (Mint)
M&M Likely To Buy VC-backed Reva Electric Car - Mahindra & Mahindra Ltd (M&M), a manufacturer of tractors and part of the diversified Mahindra Group, is reportedly close to acquiring Reva Electric Car Company. M&M would take 100% of Reva, gain management control, but will retain Reva’s Chetan Maini at the helm of affairs. Reva is a joint venture between the Maini Group and US-based AEV LLC. It is also funded by Global Environment Fund and Draper Fisher Jurvetson, which are likely to exit in the process. (DNA)
StanChart Receives Cold Response On IDR Issue - Standard Chartered Plc, which is in the midst of fund raising through Indian Depository Receipts (IDRs), received a rather good response from investors on the first day of the issue. The issue was subscribed 0.05 times on Tuesday, the first day of bidding, and received bids for 11.17 million IDRs, as against a total 240 million IDRs on offer. The institutional portion of the issue was subscribed 0.12 times with bids pouring in for 10.41 million IDRs. (BS)
Hotel Leelaventure Defers QIP Plan - Hotel Leelaventure Ltd, a leading player in the Indian hospitality space, has deferred its plans to raise Rs 750 crore through qualified institutional placement (QIP) by couple of months, as it is awaiting the opening of its forthcoming Delhi property, which is slated for July. In FY11, Leela will open its 260-room property in Chanakyapuri in New Delhi and 380-room property in Chennai. The company also owns plots of land in Agra, Hyderabad and Pune, and has plans to commence projects in these locations in due course. (Business Line)
CDC Software Plans Organic/Inorganic Expansion - CDC Software, a global provider of hybrid enterprise software applications and services, plans to tap both the organic and inorganic routes for growth of its hybrid cloud model, and has made investments in a few companies in the past few months. The company has bought three software-as-a-service (SaaS) companies since November 2009. It also plans to make minority investments in companies and form reselling partnerships with companies offering cloud-based or point solutions that complement its enterprise solutions portfolio. (Business Line)
Bharti Expects To Close Zain Deal Soon – India’s privately held telecom operator Bharti Airtel, which is in a $9-billion deal to buy Kuwaiti telecom Zain's African assets, says the company is progressing well in getting regulatory approvals, and is expecting the deal to close soon. Bharti is the largest private telecom operator in India, and has also expanded its operation in Bangladesh few months back. (Reuters)
