Torrent Pharmaceuticals is in advanced stages of talks to acquire the domestic business of Elder Pharma, sources close to the development said. The Ahmedabad-based company has offered about Rs 2,000-crore($318.4 million) for the acquisition as it provides a strategic fit. Elder Pharma, which has a debt of Rs 1,300 crore ($207 million), is in the process of selling it’s India business. If Torrent wins the bid, it would help the company build a strong portfolio of multi vitamin and nutrition products. (Times of India)
ONGC reworks stake dilution in coal-bed methane fields: Oil and gas explorer ONGC has revised plans to dilute its stake in three coal-bed-methane assets. The state-owned company will now divest 25% each in its Ranigunj and North Karanpura blocks and 35% in Bokaro. In May this year, following a bidding process, ONGC had offered Dart Energy 25% in Bokaro, a similar stake in North Karanpura in Jharkhand and 10% in Ranigunj, West Bengal. However, the company decided to accept only the offer for the Bokaro asset. LSE-listed Great Eastern Energy Corporation Ltd (GEECL) was offered 25% in Ranigunj. Ahmedabad-based Deep Industries (also a listed entity) and Jindal Petroleum were offered 10% each in the North Karanpura and Bokaro blocks, respectively. (Business Line)
Vietnam offers hydrocarbon blocks to OVL: ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corp, and Petrovietnam have signed a memorandum of understanding on joint exploration and production of petroleum resources in Vietnam, India and other countries. Petrovietnam has offered three blocks in the country 17, 41 and 43 to OVL for participation. Also, Petrovietnam Exploration Production Corp, a subsidiary of the group, has offered the Indian company participation in two blocks at home 10&11-1 and 102-106/10 and another block, Kossor, in Uzbekistan. This MoU is in furtherance to the agreement signed between ONGC Videsh and Petrovietnam on October 12, 2011. ONGC Videsh would assess these blocks and if these are of interest, it would make a proposal to PetroVietnam. (Business Line)
Strategic investors in talks to buy majority stake in Vasan Healthcare: Strategic investors, including a large local hospital chain, a global eye care brand and a couple of domestic corporations, are in talks to buy a majority stake in Vasan Healthcare Pvt. Ltd, which operates eye care hospitals, according to two people close to the development. Though the talks are at a preliminary stage, the company has been valued at around Rs 4,000 crore ($637 million). When the deal closes, it will be one the largest mergers and acquisitions (M&A) transactions in the niche healthcare segment. Vasan’s chairman A.M. Arun will continue to hold a minority stake in the company. (Live Mint)
National Housing Bank to raise Rs 2,100 crore in retail tax free bonds in December: The National Housing Bank said it will raise Rs 2,100 crore ($334 million) in retail tax free bonds in December as investors look to save tax ahead of the end of the fiscal. The government allowed the housing finance regulator to raise Rs 3,000 crore ($478 million) in tax free bond this fiscal, out of which 70% was allocated for retail investors. NHB has already mobilised Rs 900 crore ($143 million) through private placement in August. (Economic Times)
Ajay Piramal Group, Canada Pension plans to build realty finance company: Canada Pension Plan (CPP), one of the top 10 retirement funds in the world, is joining hands with Ajay Piramal Group to form one of the largest real estate finance companies in India. The partners would invest a total $500 million (more than Rs 3,100 crore) in the equal joint venture that would specialize in debt and structured finance, said two sources familiar with the plan. The entity will begin operations next year. (Economic Times)
Tata Power scouts for local partner for Vietnam project: Private power firm Tata Power is looking for a local partner in Vietnam for the proposed 1,320 MW project in the Southeast Asian country. The company would like to keep 80% of the equity in the project. The company has signed an agreement with the Vietnamese government for setting up the thermal power plant in that country. The pact was signed during the meeting of Prime Minister Manmohan Singh and General Secretary of the Communist Party of Vietnam Nguyen Phu Trong on Wednesday. The project, consisting of two units of 660 MW each, is likely to come up at an investment of over Rs 10,000 crore ($1.6 billion). (Business Line)
Shriram City Union Finance plans NCD to raise Rs 200 crore: The Rs 60,000 crore Shriram Group’s retail-financing NBFC Shriram City Union Finance Ltd is planning to come out with a public issue of Non-convertible Debentures (NCDs) on November 25. The company said that it is proposed to raise Rs 100 crore ($16 million), with an option to retain oversubscription to the extent of another Rs 100 crore ($16 million). Options of investment tenors are three, four and five years, with coupons of 11% per annum, 11.25% per annum. And 11.50% per annum respectively for individual investors. The NCDs are proposed to be listed on BSE and NSE, and hence may be traded. (Business Standard)
Centum Learning is still open to acquisitions: Learning and skill development firm Centum Learning is open to acquisitions and is looking at getting the right investors to aid the future growth of the company. The Bharti Group education company, which was to be acquired by Chennai-based Everonn Education, is now stepping into the new phase of growth by entering newer segments like agriculture. In August 2012, Everonn, which is a part of Dubai-based billionaire Sunny Varkey Group, had said it plans to acquire Centum Learning in an undisclosed cash-and-stock deal, to expand its reach in the Indian training space. However, in February 2013, Everonn Education said that it has terminated the plan to buy Centum Learning. (Business Standard)
To exit 2 road projs; no plans to sell land parcel: IVRCL: IVRCL is also planning to raise Rs 1,000 crore – Rs 1,100 crore ($159 million – $175 million) through debt. The company is already in talks with bankers and lenders for corporate loan. The company is also looking to exit from two road projects. (Money Control)
Looking to sell stake, Diageo entry boosts hope: Tilaknagar: Tilaknagar Industries Ltd. is looking to sell stake in the company and has appointed merchant banker for the purpose. Recently, Diageo took a controlling stake in Vijay Mallya-promoted United Spirits. (Money Control)
3 DTH operators in talks to form JV for content and carriage: Three leading direct-to-home (DTH) operators are in talks to form a joint venture that would seek to reduce their content costs and demand higher carriage from the broadcasters. Dish TV, Videocon d2h and Airtel Digital TV are in discussions to set up a JV where they will have equal stakes, according to a source familiar with the development. The proposed JV would also help drive carriage revenues, something which DTH companies have been trying to cultivate and grow. The formation of a JV company, though, is a complex exercise and will not be easy. For the talks to be conclusive, a lot will depend on what kind of regulation TRAI brings for the content aggregators. (Television Point)
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