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News Roundup: Sivasankaran sells Chennai IT park for Rs 110Cr

21 June, 2012

Adani Power CEO May Join US-based PE Fund – Ravi Sharma, outgoing chief executive officer (CEO) of Adani Power, is learnt to be joining a New York-based private equity fund focused on the energy sector.The fund has assets of over $10 billion and plans to invest over $1 billion in acquiring renewable energy projects in South Asia and Latin America. (DNA Money)

Sivasankaran Sells IT Park For Rs 110Cr – In a blockbuster real estate transaction, NRI businessman C Sivasankaran has sold off his Sterling Technopolis IT park in Perungudi on the Old Mahabalipuram road to Chennai-based hardware distribution chain Redington for 110 crore. Located next to Krishnan Tennis Centre, Sterling Technopolis has a built-up area of 2.40 lakh sq feet. HCL Technologies is its only tenant.  (Times of India)

Future Group Mulls Stake Sale In Supply Chain, Stationery JVs – After announcing stake sale in Pantaloon and Future Capital, Kishore Biyani led Future Group is readying itself for more sell-off, including Future Supply Chain and Staples Future Office Products. The group, laden with an estimated consolidated debt of Rs 6,000 crore, is also mulling stake sale in Future Generali Insurance, a joint venture with Italian insurer Generali Group. (Business Standard)

Yes Bank Hires Nine Senior Bankers – YES Bank has strengthened its top management team with nine high-profile bankers in the past couple of months. The recruitment drive has seen YES Bank roping in senior bankers from ICICI Bank, HDFC Bank, Axis Bank and Standard Chartered Bank. Pralay Mondal, who was the country head for retail assets and credit cards at HDFC Bank, joined YES Bank Prerana Langa, who was vice-president at ICICI Foundation, joined as head of The YES Foundation recently. (Business Standard)

Kansai Nerolac Buys 68% In Nepal Paint Maker – Kansai Nerolac Paints today said it is in final stages of buying a majority stake in a Nepal-based paint company at an investment of Rs 7.55 crore. The company is in the process of finalising a 68% stake in Nepal Shalimar Pvt Ltd (NSPL). Further, Kansai Nerolac Paints would be giving a loan of around Rs 6 crore to fund the working capital requirement of NSPL. (Business Standard)

Analjit Singh Delhi Hotel Project – Analjit Singh, chairman of the hospitals-to-insurance group Max India, has shelved plans to build a five-star hotel in Noida’s premium Delhi One project over concerns that upcoming hotels in the city would lead to a glut of upmarket rooms. Singh had originally planned a hotel on the 500,000 sq ft tower he bought in the mixed-land use project being developed by The 3C Company off the Noida end of the DND flyway. (Economic Times)


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News Roundup: Sivasankaran sells Chennai IT park for Rs 110Cr

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