Tulip Telecom Eyes Rs 300Cr PE Funding - Tulip Telecom plans to sell 20-30% in its subsidiary Tulip Data Center for Rs 300 crore to a private equity investor with investment bank Nomura is the consultant for the deal. The stake sale will part-fund Tulip's investment plan for SADA IT Parks that it acquired on Tuesday for Rs 230 crore. Tulip plans to invest Rs 900 crore on the subsidiary over the next three years to build data centre facilities that can be leased out to customers. (Economic Times)
TVS Logistics Acquires US Firm - TVS Logistics Services has acquired the US-based logistics $30-million MESCO, which specialises in providing logistics services to the automotive and industrial tool and dye sector. TVS Logistics has also bought out its American partner, Global Rush, in the joint venture TVS America. The company will spend Rs 50 crore on the two acquisitions. (HinduBusinessLine)
Devyani International Plans Rs 750Cr IPO - Devyani International, a subsidiary of diversified RJ Corp, plans to raise Rs 750 crore through a public issue early next year. The company plans to launch 150 franchisee outlets of KFC, Pizza Hut and Costa Coffee, among others, this year. The company expects its African business to touch $ 1 billion within the next three months on the back of soft drinks, dairy and food business. The company expects a turnover of $ 1.2 billion during the current fiscal. (HinduBusinessLine)
3i Group Eyes $1.5B Second India Infra Fund - 3i Group Plc, Europe's largest publicly traded private equity firm, plans to start a $1.5 billion fund in about six months to invest in Indian infrastructure including railways, ports and roads. The fund, to be based in London, would probably target a return of between 13% and 18%. (Business Standard)
Vodafone Opposes Essar's Valuation Plans - London-based Vodafone Group Plc said it objected to its Indian partner Essar Group’s plan to value the stake held in India’s third largest mobile phone firm by subscribers, Vodafone Essar Ltd.ssar Group has sought legal approval from the Madras high court to merge unlisted Essar Telecommunications Holdings Pvt. Ltd (ETHL), which owns an 11% stake in Vodafone Essar Pvt. Ltd, with listed India Securities Ltd (ISL). Essar’s remaining 22% is held through Essar Telecom Ltd, another unlisted firm.
Gokaldas Exports Exec Chairman Resigns - Blackstone-owned Gokaldas Exports informed the National Stock Exchange on Monday that its Executive Chairman, Mr Mandanlal J. Hinduja, has retired from the Board effective January 15, 2011. (HinduBusinessLine)