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News Roundup: UB In Talks With RIL To Sell Mangalore Chemicals Stake

31 August, 2010

UB In Talks With RIL To Sell  Mangalore Chemicals Stake – United Breweries is in talks with Reliance Industries Ltd (RIL) to sell part of its stake in Mangalore Chemicals & Fertilisers. A technical team from Reliance Industries visited the plant site last week and conducted due diligence for acquiring significant stake in the fertiliser company. Breweries Holdings had 24.5% stake in Mangalore Chemicals and group company McDowell Holdings 5.9% as on June 30. Mangalore Chemicals, promoted by Mallya-owned UB Group, is a Rs 2,100-crore fertiliser manufacturer. (Financial Express)

Gitanjali Gems To Acquire Italian Co – Gitanjali Gems, the country’s largest integrated diamond and jewellery manufacturer and retailer, plans to acquire a leading Italian jewellery house by the end of next month. The jewellery house will have a presence across Europe and Arabian markets and the talks are in an advanced stage. Gitanjali Gems runs over 130 retail jewellery shops in the US and 2,500 sales points in India.(Business Standard)

Jet Airways, Godrej Close To BKC Land Deal – Jet Airways is close to sell the right to develop its 2.5 acre plot in the Bandra Kurla Complex, to Godrej Properties for Rs 550 crore in a cash-cum-debt deal. Godrej Properties is likely to pay Rs 200 crore in cash and absorb Rs 350 crore of debt Jet borrowed from HDFC Bank in 2006 to buy the land from an arm of Maharashtra government for Rs 400 crore. (Economic Times)

JK Cement In Talks With Holcim – Top officials of JK Cement, the second-largest white cements producer in India, met their counterparts in Holcim AG, the Switzerland-based cement major to discuss acquisitions and joint ventures. The promoters of the company, the Singhanias, own 65.3% stake in the company. (DNA)

NTPC May Shed 49% In Kerala Project – NTPC may offer upto 49% equity stake to Qatar Petroleum in its gas-based project at Kerala, to secure fuel supply for its power plant. The current capacity of the Kayamkulam plant is 350 MW, which the company is planning to expand to 1,050 MW in the next two years and further expand it to 1,800 MW later. (BS)

Videocon In Talks To Sell 26% Telco Arm – Videocon is negotiating with foreign companies for sale of a 26% stake in its subsidiary, Videocon Telecommunications. The firm is looking for a total valuation of Rs 15,000 crore. There were earlier reports on Videocon’s talks with South Korean company SK Telecom, after failed ones with UAE’s Etisalat and Turkey’s Turkcell. (Sify)

Galaxy Surfactants Files For IPO – Specialty chemicals maker Galaxy Surfactants Ltd has filed for regulatory approval for an initial public offering of 5.9 million shares. Proceeds from the issue will be used to part-finance expansion of its subsidiary GC Egypt, to set up new manufacturing unit in Gujarat and to expand its existing capacities. For the year-ended March 2010, it recorded a net profit of Rs 378.8 million on total income of Rs 6.5 billion. (Moneycontrol)

Everstone May Raise Second Warehouse Fund At $350M – Everstone Capital may raise as much as $350 million for a new fund to invest in warehouses in India. The PE firm has already invested 25% of the $240 million Indospace Logistics Parks fund, a JV with US-based real estate firm Realterm Global. Everstone could also look at listing its $350 million real estate fund Horizon Realty LLC in Singapore and could also raise a new realty fund by next year. (Bloomberg)


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Poddar may tweak pact with Mallya for retaining control of Mangalore Chemicals

Poddar may tweak pact with Mallya for retaining control of Mangalore Chemicals

Anuradha Verma 3 years ago
Adventz Group controlled by Saroj Poddar may tweak the agreement with UB group...
Battle to acquire management control of Mangalore Chemicals heats up; Zuari Fertilisers-led group makes counter offer

Battle to acquire management control of Mangalore Chemicals heats up; Zuari Fertilisers-led group makes counter offer

Anuradha Verma 4 years ago
Saroj Poddar-controlled Zuari Fertilisers and Chemicals has joined hands with...
Deepak Fertilisers sells 2.2% stake in Mangalore Chemicals

Deepak Fertilisers sells 2.2% stake in Mangalore Chemicals

Anuradha Verma 3 years ago
In a surprising move amid a takeover battle for UB Group firm Mangalore...
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News Roundup: UB In Talks With RIL To Sell Mangalore Chemicals Stake

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