Temasek To Lead Rs 1,600 Cr Infusion In GMR Energy – GMR Energy will raise over Rs 1,600 crore from a group of private equity players led by Singapore-based Temasek Holdings and banks to fund its expansion. A subsidiary of the GM Rao-led GMR Infrastructure, GMR Energy is setting up thermal and hydro power projects of close to 4,500 megawatt (Mw) capacity. At present, it generates over 780 Mw of power. GMR group has interests in highways, airports, agri-business and urban infrastructure. (Business Standard)
Videocon Eyes Kings XI Stake Buy – The Videocon Group is now looking at joining the IPL bandwagon by buying into Kings XI Punjab franchise. Dhoot’s VC Digital was in the running for the Pune franchise with a bid of $319.9 million in last Sunday’s auction, but lost out to Sahara’s hefty $370 million bid for Pune and Rendezvous Sports’ bid of $333.33 million for Kochi. (Times of India)
WNS Eyes Healthcare, Emerging Market Buys – Keshav Murugesh, CEO of WNS said the company is eyeing acquisition in healthcare and emerging markets. WNS plans to enter China through the joint venture route and also plans to enter newer markets like Morocco and Mauritius. WNS has a debt of $130 million while cash reserves stands at $50-60 million. Murugesh also said that Warburg Pincus possible exit is not a concern for the company. (Moneycontrol)
Nitin Fire Close To UAE Acquisition – BSE-listed Nitin Fire Protection Industries (NFPI) is close to acquiring a fire protection company in UAE and has tied up the requisite Rs 80 crore through term loan from a consortium of banks for the acquisition. The deal would help it achieve its plan to tap the European market. (HinduBusinessLine)
Essar Acquires Indonesia Coal Mines – Essar Group has acquired a coal mine in Indonesia to fuel its upcoming thermal power projects.The acquisition from an undisclosed local company was for about Rs 900 crore. The Aries coal mines in the Kutai region of East Kalimantan has an estimated resource base of 100 million tonnes of thermal coal and mineable reserves of 64 mt. (BS)
3i To Buy Stake in Soma Road Projects – Private equity firm 3i is said to be in talks with Soma Enterprises to pick up equity stakes in its build-operate-transfer (BOT) road projects. Soma is constructing eight road projects on a public private partnership basis under the BOT model. 3i had invested $101 million to pick up a minority stake in the Hyderabad-based infrastructure company. (BS)
ArcelorMittal Completes Uttam Galva Buyout – ArcelorMittal has completed the buyout of an additional 4.9% stake in specialty steel maker Uttam Galva from its promoters for an estimated Rs 75-80 crore. This has taken the world’s largest steel makers total holding in the company to 33.8% for an estimated Rs 500 crore. (BS)
Gitanjali To Offload Stakes in Brands – Gitanjali Gems has planned to divest 25% of its holding in each of its brands from September this year, to ‘unlock consumers’ acceptability level’. Beginning with its leading brand, ‘Gili’, the exercise would move gradually into other brands, including ‘Nakshatra’, ‘Asmi’ and ‘D’Damas’, each of whom form a separate entity. (BS)
3M Plans India Buyouts – 3M India Ltd is looking at acquisitions globally and in India for its safety, security and protection services business. 3M is better known for its consumer products such as Scotch-Brite and Post-it pads. The company was also in talks with the Indian Government for a possible participation in the Unique Identity project. (HBL)
Gujarat Pipavav Port IPO Soon – Private port developer and operator Gujarat Pipavav Port Ltd (GPPL) said its proposed Rs 500-crore initial public offer (IPO) is likely to hit the capital market soon. A part of the proceeds will also go towards infrastructure development after the company completes its first phase of expansion worth Rs 1,600 crore.
DIC India To Sell Its Subsidiary – DIC India Ltd, a Kolkata-based manufacturer of inks, plans to sell the entire stake in its subsidiary, DIC Coatings India Ltd. The company has already signed a share purchase agreement with Valspar Singapore Corporation Pte Ltd on the same, it said the Bombay Stock Exchange. (Team VCC)
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