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News Roundup: TPG, Shriram May Snap Vishal Retail Partnership

21 September, 2011

TPG, Shriram May Snap Vishal Retail Partnership – Differences over infusing fresh capital into Vishal Retail have soured relations between joint owners TPG Capital and the Shriram Group to such an extent that the two have started discussing a split and division of assets. The deterioration comes barely six months after the two jointly acquired the debt-laden discount store chain. Shriram has expressed its inability to bring in more money, which has led to both companies exploring an amicable split. (Financial Express)

Biyani’s Future Group In Talks With Japan’s Lawson – India’s top retailer, Future Group, is in talks to rope in Japanese convenience store chain Lawson Inc as a 49% partner in its foods sourcing and manufacturing operations. The Kishore Biyani-controlled group has signed a memorandum of understanding for a joint venture with Lawson that could see Japan’s No. 2 convenience store chain and part of conglomerate Mitsubishi buy into a holding company controlling many of Future’s disparate foods businesses. (Economic Times)

KS Oils Sale May Hit A Roadblock – The promoters of KS Oils may face obstacles in their plans to sell the company as accounting issues and a possible loss of around Rs 400 crore deters buyers. The annual audited accounts of KS Oils have not been finalised for the year ended March 2011 though the deadline stipulated by the Securities and Exchange Board of India is close to expiring. The auditors are yet to receive the accounts and the company has now said it is extending the financial year to June 2011. (Economic Times)

KMC Constructions To Sell 10% In IPO – KMC Constructions Ltd, a diversified construction company, has finalised plans for a public float to part fund its expansion-cum-diversification plans of entering into solar power generation and BOT projects in railways. The firm has raised funding of Rs 825 crore from 3i, SNC Lavalin including Rs 175 crore from IDFC, Blue River Capital and Sequoia Capital in the past. The IPO will part divest the company’s stake and offer exit route to some of the investors. (Business Line)

PTC India To Buy Into Asian Genco – PTC India Financial Services (PFS) will swap its holding in East Coast Energy, a part of Asian Genco for a stake the in Singapore-based energy firm. PFS has about 13.87% equity stake in East Coast Energy and invested about Rs 133 crore in the company, sources said. The valuation and related factors of the deal is expected to be finalised in the next 2-3 months. (Business Standard)

UK’s Lebara Group Buys Hotel Near Chennai – The promoters of UK-based Lebara Group have acquired a property in Chennai, which will be managed as a four-star hotel by the Indian Hotels Company. The 190-room under-construction hotel would be managed by the Taj Group of hotels under the Gateway brand. The deal size is pegged at Rs 100-110 crore. (Economic Times)

Voltas To Buy Wipro’s Water Treatment Biz – Tata group firm Voltas Ltd is in advanced discussions to acquire soaps-to-software major Wipro’s water purification and treatment business. The sale of the water business could be Wipro’s first divestment even though it has attempted selling other smaller businesses like baby diapers and vanaspati oil in recent past. (Times of India)


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News Roundup: TPG, Shriram May Snap Vishal Retail Partnership

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