Tower Vision Looks For Buyers At $750M – The founders of Tower Vision India are looking to sell their entire stake in the telecom tower operator at a price that would value the firm at more than $750 million. Tower Vision has as many as 5,500 completed cellphone towers and is building another 2,500. U.S.-based private-equity firm Quadrangle Group LLC and Israel’s Fore Group, own about 90% of the Indian company. The founders want a valuation of more than $125,000 per completed tower. (Dow Jones)
Saint Gobain In Talks To Buy Electrotherm’s Pipes Unit For Rs 350Cr – France’s Saint Gobain, a global leader in construction, building materials and glass, is in talks to acquire the pipes division of Electrotherm (India). The estimated valuation of Electrotherm’s pipe division, which has an annual capacity of about 200,000 tonnes, is likely to be nearly Rs 300-350 crore. (Economic Times)
GVK’s Hancock Deal Hits Financing Hurdle – GVK Power and Infrastructure’s multi-billion dollar acquisition of Hancock Coal is facing last-minute jitters, as lenders financing the deal are scaling down their exposure. GVK’s lead underwriter, ICICI Bank, plans to reduce its exposure in the highly leveraged transaction which has resulted in a $250-million shortfall to be bridged. GVK needs to pay $1.25 billion upfront to Hancock and subsequently another billion dollars. (Business Standard)
Infosys Stock Up On US Buyout Buzz – Stock prices of Infosys, India’s second-largest information technology (IT) services firm, went up an intra-day high of almost three per cent amidst the buzz that the company was in the final stages to buy a US-based IT firm. The size of acquisition was expected to be in the range of $500 million to $600 million The target company had a presence in the healthcare and public services segment. (Business Standard)
KPMG Investigating Viom Fund Diversion Allegations – Viom Networks, a venture between Tata Teleservices and Srei Group enterprise Quippo, has run into a cloud of controversy over charges of financial irregularities. The company has appointed KPMG to assess the extent of the graft, if any, after a former company secretary alleged that the Kanorias of the Srei Group diverted funds to the tune of Rs 300 crore to some private institutions. (Business Standard)
GMR May Cut Stake In Singapore Unit – GMR Infrastructure may divest some of its stake in its Singapore power arm, which is building an 800 mw plant, and is talking to potential investors. GMR had acquired 100% ownership of Island Power in 2009 from InterGen, a global power generation company in which it had bought 50% stake in 2008. (Financial Express)
Seven BofA India I-bankers May Be Let Go – Seven investment bankers in India are among the 30,000 employees that Bank of America Corp. (BofA), the largest bank in the US, has announced laying off. With five branches, BofA employs 550 people in India. The investment banking team had 45 bankers, including 10 managing directors.
Opto Unit To Raise Rs 1,000Cr In IPO – Medical equipment maker Opto Circuits (India) today said its wholly-owned subsidiary Opto Eurocor Healthcare would raise about Rs 1,000 crore through initial public offering (IPO). The proceeds of the IPO would be mainly utilised by the company to set up manufacturing facilities, two in India and one in Malaysia. Opto Eurocor Healthcare makes medical stents used in various cardiovascular surgeries. (Business Standard)
Leave Your Comment
6 years ago
Axiata Eyes Idea Tower Biz For Transnational Tower Co – Malaysian telecom...
8 months ago
Falling tenancy count and lower rentals have forced most players in the capital...
7 years ago
Ahmedabad-based Electrotherm India is selling its ductile iron pipes (DIP)...