Intas Pharmaceuticals is in discussion with private equity (PE) investors for another round of funding, after drawing back for a second time from floating an initial public offering (IPO). According to sources, Temasek Holdings, the Singapore government-owned sovereign fund, is in discussion to invest $150-180 million (Rs 920-1,100 crore) for acquiring a significant minority stake. The Ahmedabad-based pharma company is expected to use the money for expansion and a partial exit for the existing PE investor, ChrysCapital, which has about 16%. ChrysCapital’s Fund-III had in 2006 acquired about 10% in Intas for Rs 53 crore. Its Fund-V had then invested Rs 300 crore for another six per cent stake in 2012. ChrysCapital is expected to retain six per cent in Intas and sell the rest, said sources. (Business Standard)
RBI Approves LIC Housing Finance Ltd’s $300m ECB: The country’s third largest housing finance company, LIC Housing Finance Ltd (LIC HFL), has got approval from the Reserve Bank Of India to raise $300 million (over Rs 1,800 crore) from overseas markets through external commercial borrowings (ECBs). The housing finance arm of the state-run insurance major Life Insurance Corporation will deploy the funds as loans to home buyers in the affordable housing segment. Under this arrangement the average loan dispersal would range between Rs 14 lakh and Rs 15 lakh. Typically, money borrowed from international markets comes at lower interest rates as compared to interest rates in India, allowing companies like LIC HFL to offer attractive interest on loans to homebuyers. (The Times of India)
ASK Group to invest Rs 500 cr in residential projects: ASK Property Investment Advisors (ASK PIA), part of the diversified financial service company ASK Group, will invest upwards of Rs 500 crore ($81 million) across multiple mid-market residential projects in India by the end of this calendar. ASK PIA has just raised $50 million (approximately Rs 360 crore) of its $200 million offshore fund in Singapore, part of which will be deployed in FDI compliant residential developments in Mumbai, Pune, Chennai, Banga-lore and Delhi-NCR. Three European and Asian institutional investors participated in ASK’s maiden India focused real estate fund. The company also plans to utilize the remaining capital of Rs 400 crore from its second domestic fund of Rs 1,000 crore, which was raised three years ago. (The Times of India)
Govt may sell 5% in Bhel to other PSUs to raise Rs 2,100 cr: The government plans to sell 5% stake in electrical equipment major BHEL next month through a block deal to state-owned financial institutions and PSUs to raise close to Rs 2,100 crore (Rs 341 million). The move follows a decision by an empowered group of ministers last week, clearing sale of 10% stake in Indian Oil Corporation through a block deal to Oil India and ONGC, with an aim of garnering close to Rs 5,000 crore ($813 million). Sources said the disinvestment department is in talks with State Bank of India, Punjab National Bank and a few cash-rich PSUs for sale of the BHEL stake to them. The government may also agree for any one of these to pick up the entire 5% stake. (a>)
ONGC is in talks to buy 26% stake in IOC’s Ennore LNG terminal: State-owned Oil and Natural Gas Corp (ONGC) is in talks to buy a 26% stake in Indian Oil Corp’s Rs 4,320 crore ($702 million) liquefied natural gas (LNG) import plant at Ennore in Tamil Nadu. IOC is building a 5 million tonnes per annum (MTPA) LNG terminal at Ennore near Chennai which is to be completed by 2017. Besides setting up a 2.5-5 MTPA LNG import terminal at Mangalore in Karnataka, ONGC is keen to get a foothold in IOC’s upcoming plant on the east coast. By taking equity, ONGC wants right to bring in at least a quarter of the LNG at Ennore and market it. (Business Standard)
ICVL close to buying Poland mine for Rs 3,500 cr in maiden deal: International Coal Ventures Ltd, a consortium of PSU firms for buying mines abroad, is close to clinching its maiden deal and is in advanced stages of an acquisition in Poland for about Rs 3,500 crore ($569 million). Considering the size of the mine, which has an estimated reserve of over 500 million tonnes (MT), ICVL will tie up with an Indian steel maker for acquiring the coking coal asset, a source told PTI. ICVL is very serious on clinching the deal and has already appointed technical consultant and investment banker after carrying out proper due diligence. (Business Standard)
Nafed is in talks with NBCC to sell assets for repaying debts: Agri-cooperative Nafed has put on the block its properties, including the head office, for part repayment of massive Rs 2,000 crore ($325 million) debt and is in talks with state-owned NBCC for the sale. Nafed has started the process of getting the properties valued. Sanjeev Chopra, added however that the sale would be subject to the approval from banks, which have already moved a recovery suit against the cooperative for unpaid dues. (Business Standard)
French retailer Carrefour Invests Rs 160 cr to spruce up wholesale business, in talks for possible retail JV: Carrefour SA, the world’s second largest retailer, infused Rs 160 crore into its wholly-owned cash-and-carry business in India last month, just a day before British rival Tesco Plc filed its proposal to invest $110 million, or about Rs 677 crore, in a supermarket joint venture with the Tata Group. Some people familiar with Carrefour’s India plans said the French retailer has also initiated talks with an Indian retail group for a possible entry into the multi-brand retail sector where it can sell directly to customers. Carrefour WC&C India Pvt Ltd, which runs five wholesale stores in the country, has already invested Rs 300 crore in opening stores and creating allied back-end infrastructure for the business, according to its latest filing to the Registrar of Companies (RoC). (The Economic Times)
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