Vodafone To Defer Tower Sale – The ongoing spat between JV partners Vodafone and Essar has resulted in the mobile operator deferring plans to sell its 7,000 towers across seven circles. Vodafone Essar, majority owned by the UK’s Vodafone Group,and Essar will defer the transaction till a solution to the ongoing corporate dispute is reached. GTL Infra and Tata Quippo (rechristened Viom) are in the race to buy Vodafone Essar’s towers in seven circles in a deal that could be valued at Rs 3,500-4,000 crore. (Economic Times)
UK Investor Takes 26% In Destimoney – Serial entrepreneur Raghuvinder Kataria has acquired a 26% stake in broking firm Destimoney Securities for close to Rs 21 crore. The deal comes close on the heels of Dhanlaxmi Bank which bought into the Mumbai-based financial services firm last October. The firm is also talking to a few Indian investors to sell another 5%. Destimoney Securities is a 100% subsidiary of Destimoney Enterprises, a financial services provider and advisory company owned by private equity firm New Silk Route. (Economic Times)
Tanglin To Buy Hypo’s Stake – Tanglin Developments, the real estate development arm of Bangalore-based Coffee Day Group, is at an advanced stage to buyback the Rs 380 crore investment made by Hypo Real Estate, the German real estate funding behemoth. Hypo Real Estate, under severe stress after getting getting a bloodied nose during the recent slowdown, is now under the control of the German government. (Business Standard)
Worbus, Alcor Set Up $1.2B India Fund – Worbus International, the US-based advisory firm, along with its associate firm Alcor Fund has created a $1.2 billion India-specific fund. Of the $1.2 billion, Alcor has set aside $500 million for real estate, $500 million for buy-outs and $200 million for SMEs in the country. (Financial Chronicle)
Madhucon Projects Unit To Raise Rs 500Cr Through Equity Dilution – Infrastructure firm Madhucon Projects is contemplating to dilute 15-20% stake in its power subsidiary Simhapuri Energy in favour of private equity firms or strategic investors to raise funds of over Rs 500 crore. The Hyderabad-based firm, which has interests in power, coal and roads, is currently setting up a 1,920mw coal-fired power project near Krishnapatnam in Nellore district of Andhra Pradesh involving an investment of over Rs 9,600 crore. (Financial Chronicle)
GVK Emerges Top Bidder For Dheeru Powergen – IDFC Projects, the infrastructure development subsidiary of IDFC, is looking to exit from Dheeru Powergen, a power project it took over less than a year ago with GVK the frontrunner. The project for a 1,050 Mw generation unit in Korba, Chhattisgarh. IDFC Projects bought 74% stake in the company for Rs 147 crore in 2010. Malaysian construction company Ranhill Berhad owns the rest of the stake. Others in the race were GMR Infra, Lanco Infratech, CESC and US-based AES.
RIL Cries Foul Over US Partners Sale – Three months after Chevron Corporation acquired US natural gas producer Atlas Energy in a $4.3-billion deal, Reliance Holdings USA, a subsidiary of Reliance Industries (RIL), has sent a strongly-worded letter to Atlas Energy asking why it was not informed of the deal. Industry experts consider this letter a veiled threat of a potential pullout from the Marcellus Shale joint venture that RIL had formed with Atlas Energy in April 2010 for $1.7 billion. (Business Standard)
Morgan Stanley-backed Alpha G:Corp For Rs 400Cr Township – Realty firm Alpha G:Corp today said it would develop a group housing project in Gurgaon at an investment of Rs 400 crore. The company would build 670 housing units on a 12.5 acre land, which is owned by Magnum International. Alpha G:Corp is 60% owned by foreign investors including Morgan Stanley. (HinduBusinessLine)
DLF To Spend Rs 400Cr For Land Acquisition Every Quarter – DLF, the country’s largest realtor according to market capitalisation, has spent Rs 500 crore in the last quarter to buy land parcels in New Gurgaon and Greater Chandigarh area and for capex. The company intends to spend around Rs300-400 crore per quarter for the next few quarters for acquisition of land parcels. It has raised Rs400 crore through monetisation of assets. (DNA)
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