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News Roundup: Tata, Essar, JSW shortlisted to bid for Stemcor’s India assets

29 October, 2013

Tata Steel, Essar Steel, JSPL, JSW Steel and Swiss firm Glencore were some shortlisted for the final bidding of British firm Stemcor’s Indian assets, which have an enterprise value of $800 million (Rs 4,891 crore).  Aditya Birla Group firm Essel Mining and Bhushan Steel, also in the fray, would have to give their final and “binding” bids by the third week of November, the source said. Stemcor was looking for a buyer to hive off its assets in India, mainly to pay its $1.2-billion debt. (Business Standard) 

Coal India stake sale likely in Nov or Dec: The government on Monday said the 5% stake sale in state-owned Coal India Ltd (CIL) is likely to take place either in November or December. To woo foreign investors for Coal India stake sale, the disinvestment department (DoD) has embarked on a roadshow spanning across five nations, including Germany and the UK. The roadshow began last week amid threats by workers of the state-owned firm to go on strike in December against the government move to divest its stake further. The government currently hold 90% stake in CIL. It has already selected seven merchant bankers, including Goldman Sachs, Credit Suisse and SBI Caps, to manage the CIL stake sale which is to take place through the offer for sale route. (Live Mint)  

Manipal Hospitals aims to raise $50 mn: Manipal Hospitals, among the largest privately-held healthcare chains in the country with a formidable presence in South India, is understood to be close to finalising a deal to raise $50 million (Rs 306 crore) under the asset light model. This move by Manipal Hospitals comes barely a few months after it got a commitment to raise close to Rs 1,000 crore from private equity fund – India Value Fund Advisors. As part of that transaction, Manipal Hospitals is said to have drawn down Rs 200 crore in the recent past for expansion and its recent acquisition of a hospital in Malaysia as well. According to two investment bankers aware of the fresh transaction, Manipal Hospitals is close to signing up with a investor who will own the land as well the structure, while Manipal Hospitals will run the operations. (Business Standard) 

LIC Nomura MF keen on acquisitions to fuel growth: LIC Nomura Mutual Fund, the MF arm of the nation’s largest financial entity, may look at inorganic growth route to emerge as a major player in the cluttered industry that has been bleeding for years due to falling margins and flight of investors. He, however, the fund house doesn’t have any enterprise value in mind, but added its promoters insurance behemoth LIC and Japanese partner Nomura would be supportive of such moves. (Business Standard)

Courtesy: VCCEdge


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News Roundup: Tata, Essar, JSW shortlisted to bid for Stemcor’s India assets

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