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News Roundup: Sycamore likely to exit Global Offshore

25 June, 2014

India Star (Mauritius), an arm of Atlanta-based private equity (PE) fund Sycamore Ventures, with major focus on Asia, is likely to exit Global Offshore Services, one of its key investments in India. The PE has 29.36% stake in Garware group-promoted Global Offshore, which is engaged in offshore oil drilling. A source close to the development said India Star has already sounded some global shipping giants, including Bourbon of France, which have major presence in offshore oil drilling services. The foreign companies have shown keen interest because of low operating costs of Global Offshore. The source added that along with India Star some minority shareholders, including Manoj Mittal (2.54%) and Kemper Properties (2.63%), too, are willing to exit Global Offshore. (The Times of India) 

Online marketplace Onemi plans to raise Rs 100 crore: Onemi, an online marketplace that sells only on equal monthly instalments, is looking to raise up to Rs 100 crore ($16.61 million) in the next 4-5 months. The Chennai-based company, founded by Abhijit Bhandari in 2011, plans to use the funds to open more warehouses, expand its product and category range, hire more professionals and enhance its payment solutions. The company has tied up with all leading banks that offer EMI to those consumers who have the aspiration to buy branded products but cannot afford the same at a time. The company has so far raised about $5 million (Rs 30 crore) from venture capital firm Venture East in the first year of operations. (Business Line) 

Parsvnath Developers to raise more than $167.5 million by divesting land assets: Realty firm Parsvnath DevelopersBSE 4.86 % today said it plans to either sell the Rs 1,000-crore ($166 million) worth land parcels in South-West India or form joint ventures with local builders for development. “We are planning to monetise our land parcels in southern and western part of the country in cities like Chennai, Hyderabad, Kochi, Goa, Mysore and Palghat said Chairman Pradeep Jain.  He said the company is in discussion with the potential buyers for some of the assets. Parsvnath is targeting to reduce the debt to Rs 500 crore ($83 million) by March 2016 from existing Rs 1,300 crore ($216 million). The funds raised from divestment would be primarily used for debt reduction. (The Economic Times)  

JSW Energy keen to acquire Lanco’s Udupi thermal power plant: Sajjan Jindal’s JSW Energy may be keen to acquire Lanco Infratech’s 1,200 mw thermal power plant in Udupi, a person with knowledge of the matter said, even though the plant in western Karnataka was shut down last week amid a payment dispute between the operator and the state government. A deal for the plant would help cash-strapped power and road developer Lanco retire debt. Its two 600 mw units are fired on Indonesian coal, and they generate 25-26 million units a day at 85% plant load factor. (The Economic Times 

DLF puts Pune IT park on the block, eyes Rs 300 cr from deal: Property giant DLF, which missed its debt reduction target in 2013-14, wishes to sell more properties and land parcels it considers “non-core”, said sources in the know. As part of the plan, the company is selling its upcoming information technology park in Hinjewadi, Pune, aiming at Rs 300 crore ($50 million) from the sale, they said. DLF wants to use the proceeds to reduce its debt, of Rs 18,500 crore ($3 billion) as of March-end. The two million sq ft IT park is under construction and DLF wants to sell as it is a “non-core asset”, said sources. This is the second commercial property DLF is selling in Pune; it sold an IT park in the city to Blackstone earlier for Rs 810 crore ($135 million). (Business Standard) 

GMR Infrastructure initiates the process to raise Rs 1,800 crore through QIP by July: GMR Infrastructure has initiated the process of raising $200-300 million (Rs 1,200-1,800 crore) through qualified institutional placement (QIP) by July, two people familiar with the development told. The Bangalore-based infrastructure company that builds roads, airports and urban infrastructure plans to use proceeds of the QIP to partly replace its debt that had run up to a staggering Rs 39,187.45 crore ($6.5 billion) by the end of March. (The Economic Times 

Lupin plans acquisitions in India, Japan: Pharma major Lupin is looking to enter new geographies, and is scouting for companies in Japan, where it has a presence. It is also open to acquire companies in India which are a strategic fit. Nilesh Gupta, managing director, Lupin, told dna, “We have identified a few growth areas. One of them is to have presence in markets such as Russia, China, Korea, Turkey and Brazil.” The company has been trying to build a presence in Brazil for 5-7 years, and has managed to enter Mexico through an acquisition. While it is scouting for a firm in the complex injectable space in Japan, in India Lupin may be interested in acquiring a company that will help it enter newer regions and therapeutic areas. (DNA) 

Courtesy: VCCEdge

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News Roundup: Sycamore likely to exit Global Offshore

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