Tech Mahindra, Serco Eye Hutch’s BPO Business – Hong Kong billionaire Li Ka-shing plans to sell telecom business process outsourcing (BPO) unit Hutchison Global Services, attracting interests from Tech Mahindra and UK’s Serco. London-listed Serco, which acquired Intelenet last year, and Tech Mahindra are among the suitors in the fray, said one of the sources mentioned earlier. Hutchison Global Services has revenue of more than $160 million with operating profit estimated at about $30million. (Times of India)
Nissan Motor In Talks To Buy Stake In Hover Automotive – Japanese carmaker Nissan Motor is in talk with its Indian distribution partner Hover Automotive-which manages its entire marketing, sales and dealer development-to buy a significant minority stake for an undisclosed sum. Hover could be valued in excess of $100 million. (Economic Times)
Kundra, Shetty Offer To Buy Out Investors In Rajasthan Royals – NRI businessman Raj Kundra and his Bollywood actor wife Shilpa Shetty, part owners and the glamour quotient of the Rajasthan team, have offered to buy out the other co-owners of the team, Suresh Chellaram, Manoj Badale and Lachlan Murdoch. Kundra, who currently owns 11.7% shareholding in the team, said he plans to buy out the team along with another investor. (Economic Times)
Accel, Tiger To Invest Another $25M In Myntra – Facebook investor Accel Partners and Tiger Global Management are making a fresh investment of $25 million in fashion e-tailer Myntra as they ramp up stakes in Indian e-commerce startups chasing the young internet savvy consumer. The two American funds are infusing growth capital after buying initial stake with early stage financing. Myntra has so far raised $38 million, excluding the latest round of funding. (Times of India)
Kepco In Talks With India’s GVK – Korea Electric Power Corp. (Kepco) is in talks with India’s GVK group for acquiring stakes in the power generation business of GVK Power and Infrastructure Ltd. Kepco wants to develop projects with GVK and has a few meetings have been lined up.
Reliance PE To Buy AIG’s Stake In Maini Precision – After investing a little over $6 million in Bangalore-based Maini Precision Products during mid-2005, a private equity fund managed by US-based financial powerhouse AIG is close to exiting the company with healthy returns. Anil Ambani-led Reliance Private Equity is expected to come in with a primary investment as well as in addition to give a part exit to AIG with a roadmap to fully acquire AIG stake. (Business Standard)
Actis Looks To Exit Nilgri’s Dairy – Almost six years after purchasing a controlling stake in Nilgiris Dairy Farm, UK-based private equity firm Actis Capital LLP plans to exit the southern retailer. Actis’s local arm Actis Advisors has mandated HSBC’s investment banking arm to look for a buyer for Nilgiris. It expects to get an enterprise valuation of $170 million, almost three times the $65 million it paid for 65% stake in the Indian retailer in September 2006. (Economic Times)
GTL Infra To Restructure Dollar Bonds – GTL Infrastructure said on Tuesday it has set up a committee to restructure its outstanding dollar convertible bonds due in November this year, sending it shares up as much as nearly 20 percent. The company, which sets up transmission towers for telecom operators, has about $228 million worth of foreign currency convertible bonds maturing on November 29. (Business Standard)