By

Rel Cap, Daiwa To Set Up I-Banking In India - Anil Ambani-led Reliance Capital, through its subsidiary Reliance Securities, is entering into a strategic alliance with Japan’s second-largest investment bank Daiwa Securities to set up investment banking business in India. The deal will enable the two firms to share clients in their domestic markets. Reliance Money, a wholly-owned subsidiary of Reliance Capital, received a merchant banking license from Sebi last September. With Daiwa, Reliance Capital will be able to tap Japan’s pool of high net worth individuals who want a slice of the India story. (Economic Times)

Surana Telecom To Offload 20% In Solar Power Arm - Surana Telecom and Power Ltd, a Chennai-based manufacturer of optical fibre, ethernet converters, power cables and aluminium rods, plans to dilute 20% of the equity in its solar power subsidiary – Surana Ventures Ltd (SVL) to foreign institutional investors. It plans to utilise the proceeds for expansion purposes. Currently, Surana Telecom and its listed group company Bhagyanagar India Ltd hold 49% each in Surana Ventures, while the rest is with the promoters. (Business Standard)

Dainik Bhaskar, Travel Channel Get FIPB Nod - The Foreign Investment Promotion Board (FIPB) has approved media group Dainik Bhaskar to raise money from foreign investors. As a result, DB Corp Ltd (DBCL), the holding company of the Dainik Bhaskar Group, would be able to increase foreign shareholding in itself from 7.14% to 26%, while Synergy Media, the radio arm of the group, would be able to increase foreign shareholding from the existing 7.1% to 17.9%. FIPB also approved UK-based Travel Channel International for setting up an Indian subsidiary. (BS)

Tata-Quippo Eyes PE Funds For Aircel Arm - Tata-Quippo, the telecom tower venture between the Tatas and Kolkata-based Kanorias of Srei group, is in advanced stages of negotiations with New York-based private equity fund Apollo Management to finance acquisition of cellular operator Aircel’s tower assets. Tata-Quippo will acquire around 12,000 Aircel towers worth $1.2-1.5 billion. The company had submitted its bid last week. Other bidders include Reliance Infratel, Global Telesystems and Indus. (ET)

Mumbai IT SEZ Developers To Raise Rs 1K Cr - Megnasolace City Pvt Ltd, a special purpose vehicle set up for the Mumbai IT/ITeS SEZ project coming up at Thane, is looking at raising up to $216 million for funding its proposed expansion.  The company plans to raise the fund through the private equity route. The funds will be employed in integrated development of IT, ITeS, R&D, commercial, residential and other aspects of the SEZ complex spread over 250 acres. Inox Infrastructure Pvt Ltd (IIPL), a wholly-owned subsidiary of Gujarat Fluorochemicals Ltd, holds 50% stake in Megnasolace. (BS)

Manipal Plans To Expand Antigua Campus For $20M – Premier education group Manipal Education is firming up plans to make a second phase of investment into its Antigua campus. It plans to invest $20 million in the second phase in developing student hostels, which will take place next year. Manipal plans to fund the investment with a combination of debt and equity. Earlier, the company has invested $30 million into the Antigua campus which will be inaugurated towards the end of October 2009. (BS)

 

Leave Your Comment(s)