Trivitron Healthcare To Raise $100M PE Funding – Medical technology player Trivitron Healthcare is looking at raising around $100 million from private equity players within the next three months to support its future plans, including acquisitions. The fund would be used for expansion of its Medical Technology Park in the city and other projects apart from its plans for acquisition in Europe. The company had recently announced three acquisitions in the medical imaging segment and therefore it would focus on acquisition in cardiology or diagnostics field. (Business Standard)
Ocean Sparkle Chucks TAG Takeover On Valuations – Hyderabad-based Ocean Sparkle Ltd has shelved its $100 million proposal to buy Mumbai-based TAG Offshore Ltd owing to valuation issues. Since October, Ocean Sparkle was in discussion with TAG Offshore, and had the deal materialized, it would have emerged as the largest offshore company in India. In December, Ocean Sparkle was raising Rs 400 crore from investment banking firm SBI Macquarie Infrastructure Management Pvt. Ltd and talking to a few private equity firms for raising another Rs.800 crore. (Mint)
Gujarat Gas Bidders Not Keen On Paying Premium – Starting today, BG Group plc, along with its advisor Citibank, is initiating one-on-one negotiations with potential suitors shortlisted for its 65.12 per cent stake in Gujarat Gas Company (GGCL), the country’s largest natural gas distributor by sales. Around eight bidding groups have been selected after they submitted non-binding bids earlier this month including Adani Group, Torrent Power, Germany’s E.On, a PSU consortium of BPCL, Gujarat State Petroleum Corporation (GSPC) and ONGC besides two large global private-equity players. (Business Standard)
Canali Buys 51% In Genesis JV – Italian luxury brand Canali has picked up 51% stake to form a joint venture with its Indian franchise, Genesis Luxury Fashion. Though Canali had the option to set up a wholly-owned subsidiary, following the government’s decision last month to allow 100% foreign direct investment in single-brand retail, it has opted to stick to the previous ceiling. A higher shareholding would have required it to mandatorily source 30% of its products from Indian small and medium enterprises. (Economic Times)
Tata Power In Talks For 15% In MEC Coal – Tata Power is in talks to pick about 15% stake in MEC Coal, the Dubai-registered company that owns more than two billion tonnes of coal reserves in Indonesia. The Tata Group subsidiary, which the source said is negotiating with MEC co-promoter Ras-al-Khaimah Investment Authority, is keen on augmenting its foreign coal assets to reduce power generation costs at its plants in India, where fuel shortage often leads to outages. (Economic Times)
Sephora Set For India Foray – French luxury goods conglomerate Moet Hennessy Louis Vuitton SA (LVMH) is likely to clinch a multi-brand retail deal with New Delhi-based Genesis Luxury Fashion, in which the former’s private equity arm L Capital holds a significant minority stake. Genesis Luxury is expected to open doors for LVMH’s subsidiary Sephora, a multi-brand beauty and personal care retailer, with a licensing deal as talks failed with other contenders like Reliance Retail and Parcos. (Times of India)
Golden Gate Properties Raises Rs 200 Cr – Golden Gate Properties Ltd has raised Rs.200 crore from JM Financial Ltd’s non-banking financial company (NBFC) through a non-convertible debenture (NCD) issue, breathing life into the real estate firm that had nearly stalled operations in the past two years due to a severe liquidity crunch. Golden Gate Properties was funded by RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank, in 2007, when the latter invested about $70 million. (Mint)
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