Tata Autocomp Files For Rs 750Cr IPO – Auto parts maker Tata Autocomp Systems has filed for an initial public offering of shares including a fresh issue to raise up to Rs 750 crore. Shareholders including Tata Motors, Tata Sons, Tata Industries and Tata Capital Ltd will together sell up to 35.63 million shares in the company. JM Financial Consultants Pvt Ltd, Tata Capital Markets Ltd and JP Morgan India Pvt Ltd are managers to the sale. (Moneycontrol)
ICVL Eyes International Buys – International Coal Ventures Ltd (ICVL), which is mulling a late bid for Riversdale Mining, is looking at three other mine acquisitions, including one in Australia. ICVL is also looking at picking up stakes in mining firms listed on the Australian, Canadian and the US bourses as well as being a private equity investor for assets in South Africa, Mozambique, Zimbabwe and Indonesia. (Telegraph)
JSW Top Bidder For Bellary Steels – Just after acquiring Ispat Industries, Sajjan Jindal-controlled JSW Steel has emerged the highest bidder for debt-laden Bellary Steel & Alloys. Sesa Goa, India’s largest producer and exporter of iron ore in the private sector, was told that it had emerged the only qualified bidder when the tender was opened. While Sesa Goa’s bid was marginally higher than the Rs 205.63-crore reserve price at Rs 206 crore, JSW’s bid came in at Rs 210 crore. (Business Standard)
Reliance General, Royal Sundaram Merger Hits Roadblock – The proposed merger of Reliance General Insurance and Royal Sundaram Alliance has hit a roadblock, with differences over valuation. Both firms have failed to reach an agreement on the valuation of Reliance General, which values itself over Rs 2,000 crore. The original proposal had envisaged the foreign promoter of Royal Sun Alliance of UK would continue to hold 26% in the merged entity. (Economic Times)
Carlyle’s Rajeev Gupta Quits – Private equity major Carlyle’s buyout head and managing director Rajeev Gupta has quit the US-based PE fund last week. Prior to joining Carlyle in 2005, Gupta was the joint managing director and head of investment banking of DSP Merrill Lynch, the Indian arm of the US bank. Gupta founded Merrill’s M&A practice in India and led several large domestic M&A transactions. He was involved in one of the largest financial services deal in which Carlyle had invested $650 million in housing finance firm HDFC in 2007. (Economic Times)
Tata Steel, Nippon JV By End of Jan – Tata Steel plans to ink an agreement with Japan-based Nippon Steel Corporation by the end of this month to set up a Rs 2,400-crore plant for producing auto-grade steel. The proposed joint venture (JV) facility is expected to commence operations in the next two years at Tata Steel’s existing unit in Jamshedpur. The facility’s initial capacity would be 0.6 million tonne a year. (Business Standard)
MOIL In Talks With Gabon – Manganese Ore India (MOIL) is in talks with Gabon’s government over acquiring possible mining concessions in the central African state. Gabon is the world’s second-largest producer of manganese — used in the production of stainless steels. (Moneycontrol)
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