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News Roundup: USL To Buy Sovereign Distilleries For Rs 230Cr

14 January, 2011

United Spirits To Buy Sovereign Distilleries For Rs 230Cr – Vijay Mallya-led United Spirits (USL) is in advanced talks to acquire Sovereign Distilleries, a large bulk spirits manufacturer, in a deal valuing the latter at around Rs 230 crore. India’s largest spirits marketer is conducting due diligence that may lead to acquisition of the debt laden distillery. Sovereign Distilleries with distillation capacity of 240 kilolitre per day (KLPD) is located in Raichur district of north Karnataka. (Times of India)

Retail Chain Varkeys Eyes Rs 40Cr PE Funding – Kerala-based grocery retail chain Varkeys is looking for an emergency fund infusion to stay afloat. The grocer has mandated IndigoEdge Management Consultancy to find investors for Rs 40 crore. The promoters are open to selling 65% stake in the company. Varkeys started as a single store in 1926 and currently has 59 across Kerala. The rollout of stores across the state through debt funds has struck its finances.In 2009-10, Varkeys had a turnover of Rs 163 crore. (Times of India)

CG Foods Eyes Acquisitions – CG Foods, the maker of Wai Wai instant noodles and a part of Nepal’s diversified company Chaudhary Group, is scouting acquisitions of a few regional fast moving consumer goods (FMCG) brands in South East Asia and the Indian market. The company has also chalked out a Rs100 crore investment plan for expanding manufacturing capabilities in India over three years. (DNA)

Essar May Buy 5% In Repsol – Repsol YPF SA rose to the highest in more than two years in Madrid trading after newspaper Expansion reported that India’s Essar Group wants to buy a 5% stake in Spain’s biggest oil company. The stock gained 5.7% to 22.59 euros, the highest since July 2008. Repsol has risen 8.4% this year, giving the company a market value of 27.6 billion euros ($37 billion). Repsol is investing in exploration in Brazil’s offshore Santos Basin and elsewhere to increase output. (Bloomberg)

IL&FS New Strategic Investor In Maytas Properties – Infrastructure, Leasing & Financial Services (IL&FS) will be the new promoter of Maytas Properties, the cash-strapped company owned by family members of disgraced Satyam founder Ramalinga Raju. The Company Law Board (CLB) today approved a Maytas proposal to allow IL&FS to infuse Rs 20 lakh as equity into the company and become an 80% shareholder. The Raju family will hold the remaining 20%. (Business Standard)

JPMorgan MF’s Two Independent Directors Quit – Jagadish Salunkhe, chairman of the board of trustees of JP Morgan Mutual Fund and an independent director, and PGR Prasad, another independent director, have put in their papers. Salunkhe and Prasad exited following issues of corporate governance relating to unit holder funds.  (DNA)

Sequoia, SONG Investment-backed Gowtham Schools Plans Expansion – After recently raising $15 million through Sequoia Capital India and Song Investment Advisors, Hyderabad-based Gowtham Educational Institutions, which owns a chain of 52 schools and 10 junior colleges in Andhra Pradesh, is set to expand its network of institutions and foray into neighbouring States. Next fiscal, Gowtham plans to invest Rs 20 crore to open between 30 and 40 schools, including some in States such as Maharashtra, Karnataka, Chhattisgarh, Jharkhand, UP and Bihar. (HinduBusinessLine)

Rhiti Sports, Endemol Form Joint Venture – Rhiti Sports, the firm that manages M S Dhoni’s business account, has entered into a five-year JV with the maker of Bigg Boss, Endemol, through its separate media entity—Inspired Entertainment. The alliance will produce television shows not just in the genre of sports, but also in general entertainment. It will also organise events, brand activation programmes and produce feature films. (HinduBusinessLine)


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News Roundup: USL To Buy Sovereign Distilleries For Rs 230Cr

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