Triveni, Bharat Forge Shortlisted For Shanthi Gears Acquisition – Four companies, including the Delhi-based Triveni Engineering, Elecon Engineering, Bharat Forge and a Belgian gear-box producer, have been shortlisted to buy controlling stake in the Coimbatore-based Shanthi Gears, India’s second-largest industrial gear-box manufacturer. The promoters of Shanthi Gears would get about Rs 183 crore at current market prices for their 44% stake. (Economic Times)
Shriram Properties To Raise Rs 700-800Cr From PE Firms – Bangalore based realty company Shriram Properties is in talks with PE firms to expand its land bank and is looking to raise around Rs 700-800 crore. It is in talks with several PE firms including JP Morgan, Morgan Stanley as well as two mid-sized PE firms for this. Shriram currently has around 3.5 million square feet space under construction and is looking to launch new projects of over 11 million square feet in FY13. (Moneycontrol)
State Street Eyes Stake In ICICI Bank Custody Arm – The Boston-based State Street Corporation is in talks with India’s largest private lender, ICICI Bank, for a partnership in the securities custody business. The US custodian is likely to pick an equity stake in a proposed joint venture. State Street, one of the largest in the business globally, with $21.8 trillion in assets under custody and administration, has been looking for a foothold in the Indian market for nearly a year. (Business Standard)
Berger Paints Eyes Acqusitions In India, Abroad – Berger Paints India Ltd is looking for suitable acquisitions and has asked merchant bankers to look for potential targets — both in the country and abroad. In the overseas market, it is looking for acquisition of technology but in the domestic market to increase market share. It is also looking to increase domestic production from 24,000 tonnes in 2011-12 to 44,000 tonnes in 2012-13. (Business Line)
IFFCO’s Power Arm Defers Rs 600Cr IPO – Indian Farmers Fertiliser Cooperative Ltd (IFFCO) said on Wednesday that it has postponed the launch of Rs 600 crore initial public offering of its Chhattisgarh power project. The proposed IPO was to be launched in 2011—12 fiscal. It has been delayed as its power subsidiary IFFCO Chhattisgarh Power Ltd (ICPL) has got the environment clearance only in May. (Business Line)
Godrej Industries To Sell 4.1% Stake Through IPP Route – Adi Godrej-controlled Godrej Industries Ltd (GIL) is planning to raise money from institutional investors and increase its public shareholding to 25%. The company will seek shareholder approval for the same on 7 July.
Archean Bids For Polish Sulphur Mine – Little-known Chennai-based business house Archean has fired a bid for sulphur mining company Siarkopol SA being privatized in Poland, a country with one of the largest sulphur deposits in the world. Archean is in the reckoning to buy a 85% stake in the mining company as Indian companies hunt for privatization and distress deals in Eurozone. (Times of India)
Auchan Nears Formal Deal With Landmark Group – French retail giant Groupe Auchan SA plans to open 85 stores in India over the next six years as it nears a formal deal with NRI tycoon Micky Jagtiani’s Landmark Group. Auchan will have the option to pick a 50% stake in the joint venture depending on Indian government’s decision to allow foreign investment in multi-brand retailing. (Times of India)
LSE Buys Stake In Delhi Stock Exchange – Tough regulations governing stock exchanges (SEs) in India are no deterrent for the London Stock Exchange (LSE). The 200-year old British bourse has picked up a five per cent stake in Delhi Stock Exchange (DSE) and aims to change the trading model by providing the fastest trading technology to the latter to take on the Indian market. (Business Standard)
Green Infra To Raise $200M – Renewable energy producer Green Infra Ltd is in talks with investors to raise $200 million (around Rs.1100 crore) to fund ongoing projects as well as expansion. This funding is separate from the $50 million debt facility that IDFC Private Equity-backed Green Infra may receive from the International Finance Corporation (IFC). It is in talks with various investors besides private equity firms.