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News Roundup: Tata Motors, Piaggio Join Race For Scooters India

25 August, 2010

Milestone Religare Picks Up 5% In CARE – Private equity firm Milestone Religare Investment Advisors has acquired about 5% stake in rating agency Credit Analysis & Research (CARE) from some existing investors for around 75 crore. This puts the valuation of CARE at around 1,500 crore, making it the second most valued financial ratings firm. Milestone Religare acquired the stake from TVS Sundaram Group. (Economic Times)

Tata Motors, Piaggio Join Race For Scooters India – Tata Motors and Piaggio have also evinced interest in the purchase of a controlling stake in sick public sector company Scooters India Ltd (SIL), along with existing suitors like Mahindra & Mahindra and Atul Auto. Piaggio and Tata Motors have also shown interest in purchasing a 74% stake in the Lucknow-based three-wheeler maker. (HinduBusinessLine)

Nagarjuna Unit Stake Sale Hits Snag – Infrastructure firm Nagarjuna Construction Co. Ltd has put on hold plans to sell a substantial stake in its power subsidiary after an appellate authority scrapped the environmental clearance awarded to its thermal power project. Its subsidiary NCC Infra Holdings Ltd was in advanced talks to sell a 49% stake in its thermal power firm NCC Power Projects Ltd to Malaysia’s Genting group for an undisclosed sum.

RCom, GTL Promoters May Convert Debt Into Equity – GTL Infrastructure and the tower subsidiary of Reliance Communications (RCOM) will convert around Rs 6,000 crore of loans from promoters into equity and issue fresh shares worth $1 bn (Rs 4,700 crore). RCom is in talks with GTL Infrastructure to merge its telecom towers into the listed, Manoj Tiridkar-controlled tower company. (ET)

Religare Promoters Up Stake, Trigger Open Offer – Religare Enterprises promoters Malvinder and Shivinder Singh are increasing their holding in the financial services company by 13% to a little over 70% that will trigger an open offer to acquire more shares from the public. The billionaire brothers plan to increase their stake by parking surplus money out of the Rs 10,000 crore they pocketed by selling shares of drugmaker Ranbaxy Laboratories two years ago. (ET)

Mahindra Eyes India Assets Of Vayugrid – Mahindra & Mahindra is eyeing a majority stake in the Indian business of Michigan, US-based Vayugrid. Vayugrid’s core area of business is contract farming and it also has a presence in alternative energy. The deal could help Mahindra lease its farm equipment to the customer base of Vayugrid. (DNA)

Diamond Projects Acquires Ekank Cables – Vadodara-based Rs 2,000-crore Diamond group company Diamond Projects has acquired 100% stake in cables and conductors maker Ekank Cables, along with two other investors. Earlier, Diamond group promoters offered equity stake in BSE and NSE-listed Diamond Power Infrastructure Limited to Kotak Private Equity Fund and other investors for Rs 132 crore. (ET)

Ogun Steel Plans IPO in 2012 – Ogun Steel Pvt Ltd, part of the MPS Group that has presence in steel and mines and minerals sectors, hopes to consolidate all its steel manufacturing operations and go for a public issue by 2012. The firm recently commissioned the first phase of its Rs 100-crore steel rolling mills at Chelakaraichal, about 30 km from Coimbatore. (HBL)

Polaris To Buy Indian Assets Of US Firm – Polaris Software Lab is planning to acquire the Indian assets of the US-based firm Catalytic Software Inc. for approximately $10.7 million. The deal involves the transfer of real estate and not business or employees of Catalytic, which is in the process of winding up its operations in Hyderabad. The deal would give Polaris access to Catalytic’s development centre and prime land at Srikakulam, close to the city’s new airport at Shamshabad. (ET)

Ansal Properties Plans $85.83 QIP – Realty major Ansal Properties & Infrastructure Ltd. is planning to raise approximately $85.83 million through qualified institutional placement (QIP) in next 15-20 days. The company would issue fresh shares in the institutional placement. Post issue, the promoters stake come down to 45% from existing 56%. (Business Standard)


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News Roundup: Tata Motors, Piaggio Join Race For Scooters India

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