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News Roundup: Six Firms In Race For Axis PE Buy

18 May, 2010

Six Firms In Race For Axis PE Buy – Axis Bank, India’s third largest private sector lender, has received bids from six suitors for buying out its private equity arm called Axis Private Equity. IL&FS Investment Managers, Aditya Birla Private Equity, Shapoorji Pallonji group and US-based Darby Private Equity are among those that have shown interest in buying the fund. Earlier in February, the top managers of the company were looking to buy Axis Bank’s interest in Axis Private Equity, but some investors have opposed this move. Axis Private Equity had raised Rs 600 crore for its infrastructure fund in 2008. (ET)

NSR Likely To Hike Stake In INX Media – New Silk Route (NSR), a Mauritius-based private equity firm, is likely to increase its stake in INX Media Pvt Ltd to 80%, from 20% now. NSR is reportedly buying out stakes of some of the existing foreign and domestic investors to hike its stake in the company. NSR has agreed to infuse Rs 55 crore initially and will also pump in more money as per the business needs of the company. INX has been undergoing a financial restructuring since last 10-12 months, and sold its general entertainment channel 9X to Zee Tele Films last month. (FE)

SAIL Looks To Ink JVs With Posco, Others – Steel Authority of India Ltd (SAIL), the state-run steel manufacturer, is looking to form joint venture agreement with Korean giant Posco to build a 2 million tonne plant in Jharkhand. Besides Posco, SAIL is also in talks for multiple ventures with Tata Steel, Arcelor Mittal group and Japanese steel companies like Kobe for greenfield ventures. Reportedly, the Tatas could also set up a 2 million tonne steel unit with SAIL in Bokaro, while ArcelorMittal could set up a 3-4 million tonne in the eastern regions. (DNA)

Prudential May Sell AIG Stake To Tata Group – Prudential, the British insurance giant, may sell its stake in Tata AIG Life to its partner Tata Group. In March, Prudential had acquired AIG’s Asia business for $35.5 billion, which included the 26% stake in Tata AIG. Prudential has to sell the AIG stake due to regulatory problems as it already owns 26% stake in ICICI Life Insurance that barred it from acquiring stake in another life insurance venture. Both the firms are reportedly in advanced stages of talks on the price at which the shares would be sold to the Indian conglomerate. (BS)

Shriram Transport To Infuse Rs 600Cr In New Arm – Shriram Transport Finance Company Ltd (STFC), one of India’s leading commercial vehicle finance company, is planning to infuse around Rs 600 crore capital in its proposed subsidiary, for conducting equipment finance business. The funds are expected to be infused in a month. The company has also forayed into gold loan by joining hands with one of the group’s subsidiary. (BS)

DLF To Exit Aman Resorts – DLF, one of India’s leading real estate developers, has planned to sell its stake in ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business. The sale, however, exclude Aman’s New Delhi property. DLF, which owns 97% stake in Aman, is currently looking at potential investors for Aman. This portfolio includes the Aman Lodhi, a 68-room hotel that was opened in 2009. The move will also help the company to repay some of its debt. (ET)

Godrej Properties’ Promoters Open To Stake Dilution – The promoters of Godrej Properties are planning to dilute their stake in the company to fuel future growth. The company plans to dilute the stake through private equity or qualified institutional placement of shares. The fund raising would take place sometimes in the next two years. Currently, the promoters hold 84% stake in the company. (Business Line)

Ravi Jaipuria Plans Spin Off To Raise Fund Through Listing – Ravi Jaipuria, India’s biggest Pepsi bottler, is planning to spin off a new holding company for a listing next year to raise up to $200 million for expanding his QSR (quick service restaurants) chain, which runs Pizza Hut, KFC and Costa Coffee in India. The listing could also be either for Devyani International which runs the QSR chain or the new holding company. RJ Corp, the holding company, is working with bankers to find the right valuation. (Business Line)

Shree Renuka Looks To Rework Equipav Deal – Shree Renuka Sugars (SRS), one of India’s leading sugar producers, is renegotiating the price of its proposed Rs 1,530-crore acquisition of Brazilian sugar and ethanol maker Equipav amidst differences over the amount of debt on the company’s book. SRS is reportedly seeking a significant reduction in the $700-million debt on Equipav’s books. Discussions are on and are likely to end over the next four to five days. SRS had announced its intention to acquire a 51% stake in Equipav for $321 million in February this year. (ET)

Shree Nath Buys Majority In GSR Techno Consulting – Shree Nath Commercial & Finance Ltd, a Mumbai-based company engaged in finance and financial consultancy services, has acquired 51% stake in GSR Techno Consulting Pvt Ltd (GSRT), for an undisclosed sum, it said in a statement. GSRT is a travel technology consultancy provider, and is developing a corporate travel distribution platform, Outofcity.com, to offer a comprehensive solution to both corporates and travel agencies. The company was launched by Ganpat Singh Rajput, former vice president – technology, TravelGuru India, and has clients in the US, UK and the Middle East. (Team VCC)


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New Silk Route Eyes Buyout Of PE Investors In INX Media

New Silk Route Eyes Buyout Of PE Investors In INX Media

Boby Kurian 8 years ago
New Silk Route (NSR) has initiated discussions to buy out its private equity...
Pradeep Guha, New Silk Route Script INX Recast

Pradeep Guha, New Silk Route Script INX Recast

Boby Kurian 8 years ago
Entertainment industry veteran Pradeep Guha (in pic) is working on a recast plan...
Edelweiss, Elephant Capital In Race To Buy Axis PE

Edelweiss, Elephant Capital In Race To Buy Axis PE

Reghu Balakrishnan 8 years ago
The bidding process for acquiring Axis Private Equity Ltd is getting hotter....
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News Roundup: Six Firms In Race For Axis PE Buy

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