News Roundup: UK’s Greenko may buy Lanco Infra’s hydro project

16 March, 2016

Clean energy producer Greenko Group Plc, listed on the Alternative Investment Market of the London Stock Exchange, is in talks to acquire Lanco Infratech Ltd’s Budhil hydropower project in Himachal Pradesh for nearly Rs 650 crore ($104 million), three people aware of the development said. The due diligence is on,” said an executive of Lanco Infratech. In May, Singapore’s sovereign wealth fund Government of Singapore Investment Corp. Pte Ltd had invested $150 million (around Rs 940 crore today) in Greenko to help it build capacity of about 2,000 megawatts (MW) by 2018. (Live Mint) 

PE fund Peepul looks to exit Medall Health: Private equity fund Peepul Capital will sell off its significant majority stake in the unlisted Chennai-based diagnostic retail chain Medall Healthcare and has appointed Spark Capital to scout for buyers, two people with direct knowledge of the development said. Medall Healthcare owner Raju Venkataraman will also sell a part of his stake to raise roughly Rs 150 crore ($24 million) to expand its chains in South India, the same people said. Peepul Capital invested $20 million in 2009 to purchase a significant majority stake in the company.  () 

Larsen & Toubro, Marg Group among many look to exit port business due to slowdown: Traditional infrastructure and construction companies such as Larsen & Toubro and Marg Group, which ventured into the unknown waters of building and running ports in the past decade, are now looking for an opportunity to exit. These engineering, procurement and construction (EPC) companies bid aggressively for port projects hoping to benefit from a booming economy and fast-growing world trade. () 

Bestseller arm applies for FDI in Jack & Jones brand: On the verge of a split with its local partner, the Indian arm of Denmark-based fashion house Bestseller has applied to Department of Industrial Policy and Promotion (DIPP) to bring foreign direct investment (FDI) into its casual wear brand Jack & Jones. The proposal has been made under the single-brand retail segment, in which up to 100% FDI is permitted. The entity, United India Comforts, had applied to DIPP earlier this week.  (Business Standard) 

EGoM clears 10% stake sale in Engineers India via FPO: A ministerial panel on disinvestment on Thursday approved the sale of a 10% stake in Engineers India through a follow-on public offer (FPO) by the government, which may fetch the exchequer Rs 500 crore ($80 million). The Department of Disinvestment has already held overseas roadshows to attract foreign investors to the EIL stake sale. The government plans to disinvest 3.36 crore EIL shares, with up to 5% of the offer reserved for employees. ICICI Securities, IDFC and Kotak Mahindra Capital, Edelweiss Financial Services and IDBI Capital are managing the disinvestment. (Business Standard) 

Partner Bakshi offers to buy out McDonald’s stake: Vikram Bakshi, the estranged partner of McDonald’s in India, has offered to buy the US food major’s 50 per cent equity stake in their joint venture Connaught Plaza Restaurants (which runs the fast food chain in north and east India) at its net asset value. Bakshi’s lawyers proposed the deal before the Company Law Board on Thursday. Sources close to Bakshi say he plans not to continue with the McDonald’s brand, for which the company pays royalty, and, instead, run the chain on his own, under a different brand name. He could also tie up with other fast-service restaurants, many of which are already looking at entering the country. Under the joint venture agreement, both parties have the right to offer to sell or buy each other’s entire stake, though the other side has to accept the offer. (Business Standard) 

American Express eyes stake in Chennai startup Yeldi: Global interest in Indian tech products space is rising. After Facebook’s acquisition of Little Eye Labs and Google’s acquisition of Impermium, transnational financial services giant American Express is looking to pick up a stake in a Chennai-based technology startup Yeldi, which deals with products in the near-field communications (NFC) space. American Express eyes to acquire a minority stake to lock Yeldi’s products for its portfolio to offer next-generation financial technology solutions to its customers, both in India and abroad. It is learnt that investment banker Mape is advising Yeldi on the transaction. () 

Creamline Dairy plans to close fund raising deal in a few months: Creamline Dairy Products Ltd., makers of milk and related products under the brand name Jersey, which has been looking to dilute some stake to raise funds for its expansion, is hopeful of closing a deal in four to five months, said a top official. The company is looking to raise about Rs 250 crore ($40 million). The funds would be used for deepening its presence, particularly in South India, adding procurement centres, strengthening facilities for value-added products. (Financial Chronicle) 

Courtesy: VCCEdge


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News Roundup: UK’s Greenko may buy Lanco Infra’s hydro project

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