Vedanta Buys Anglo Zinc Assets For $1.3B – Vedanta Resources Plc, the India-focused mining group, has acquired Anglo American’s zinc assets for $1.34 billion. This is part of company’s plan to boost its exposure to the metal. Vedanta believes the acquisition will help the company to become the world’s largest zinc producer, with 11% of the global market share. Vedanta is acquiring assets including the Skorpion mine in Namibia, lisheen in Ireland and Black Mountain in South Africa. (Reuters)
Tusk Investment May Invest In Amar Chitra Katha – Tusk Investment, Mauritius, a unit of the private equity firm Elephant Capital PLC of the UK, is planning to acquire 30% stake in Amar Chitra Katha Pvt Ltd (ACK), a Mumbai- based entertainment and education company for young audiences. The PE fund has sought approval from the Foreign Investment Promotion Board (FIPB) to invest in the company. ACK publishes magazines that encourage reading habits among children, and provide them a glimpse into India’s rich cultural heritage. Under existing policy, foreign direct investment up to 100% is permitted only for publishing speciality and scientific magazines. Once the ministry endorses ACK’s products as being published under this segment, Tusk Investments can proceed with its plans. ()
NTT Keen On Promoter’s Stake In Patni – Patni brothers, the promoters of software exporter Patni Computer Systems, may get a premium for selling their stake to Japanese strategic investor NTT Data Corp, as compared to private equity firm General Atlantic. Japanese systems integrator NTT Data, which is close to acquiring a controlling stake in Patni Computer, is keen on the brothers’ stake as it will give management control of the company. The three brothers — Ashok, Narendra and Gajendra Kumar Patni — together hold 46.54% stake in the company while GA holds below 18%. (ET)
GVK Power Buys Out Its Unit – GVK Power & Infrastructure Ltd, a diversified company engaged in the energy and infrastructure space, has acquired the entire equity share capital of its unit GVK Transportation Pvt Ltd. Following this buy, GVK Transportation has become a wholly owned subsidiary of the company, it informed the stock exchange. GVK Power owns substantial minority stake in two of India’s international airports — Mumbai Internationl Airport Ltd (MIAL) and Bangalore International Airport Ltd (BIAL). It currently holds about 37% and 29% stake in MIAL and BIAL, respectively. (Team VCC)
Govt To Give 5% Discount To Retail Investors In EIL Offer – The government of India has planned to give a 5% discount to retail investors in the follow-on offer by Engineers India Ltd (EIL) and stick to the conventional book-building process. The decision was taken after the policy has yielded good results in the recently concluded stake sale offer in SJVNL. The disinvestment department has also decided to continue with the conventional book-building process for the EIL issue. Following the cabinet decision, the government will divest a 10% stake in EIL, which currently has 90.4% stake in the company. The issue is expected to hit the market in July. (ET)
GMR Infra To Raise Another $100M PE – GMR Infrastructure, part of diversified GMR Group, is planning to raise another $100 million private equity. The Hyderabad-based firm is reportedly in talks with private equity firms to offloading some more stake in the company. A deal is expected in the next 2-3 weeks. Last month, GMR Infrastructure has raised $200 million in GMR Energy Ltd (GEL), the wholly owned subsidiary of the company from Singapore-based PE firm Temasek. It also raised $315 million recently through a qualified institutional placement. The company is engaged in the generation of power, development of expressways, airport infrastructure facilities and special economic zones. (DNA)
Turkcell May Pick Up Stake In Zain – Turkcell Iletisim Hizmetleri AS, Turkey’s biggest mobile phone company, is considering buying a stake in Zain. Zain is Kuwait’s largest mobile operator, and is already in deal talks with India’s Bharti Airtel. In March, Zain and Bharti Airtel had struck a deal to buy the Kuwaiti telecom firm’s operations in 15 African countries for $9 billion. Bharti also said last month that it was expecting to close the deal by mid-May. The Kuwait Investment Authority and family-owned conglomerate Kharafi group are among Zain’s biggest stakeholders. (ET)
Kemrock Invests Rs 200Cr In Carbon Fibre Plant – Kemrock Industries and Exports Ltd, a manufacturer of polymer composites in Vadodara, has commissioned India’s first carbon fibre manufacturing facility at an investment of Rs 200 crore. The company had raised the fund through a mix of debt, equity and internal accruals. The plant includes polymerisation, wet spinning and carbonisation and has an initial capacity of 400 tonnes a year. CSIR National Aerospace Laboratory, Bengaluru has given technical know-how to the plant. (Business Line)
Prestige Group In JV With Singapore Firm For Mall Development– Prestige Group, the Bangalore-based real estate major with interest in mall development, is planning to invest around Rs 1,500-1,800-crore to develop six malls. Of these six, the company will construct four malls in a joint venture with Singapore-based CapitaMalls Asia. Around 50% of the funding will come from internal accruals, while the remaining amount through a mix of debt and investments from the JV partner. The malls are scheduled to be operational by 2013. (DNA)
Analjit Singh In Talks With Foreign Varsities To Set Up Medical College – Analjit Singh, the founder and chairman of Max India Ltd, is in talks with four foreign universities to set up a medical college in the country. This is in line with his strategy to convert Max Healthcare into a place where world-class research and development and education can go hand in hand. Singh is in talks with four such varsities including Boston University, of which he is an alumnus. Last month, the government allowed private firms to set up medical colleges in the country. (BS)
Tayal Not Open To Stake Sale In BoR – The Tayals, who control Bank of Rajasthan (BoR) and were reportedly in talks with private sector lender ICICI Bank to offload their stake in the company, have ruled out any possibility of selling their stake in the bank. Currently, the Tayals have a stated holding of 28% in BoR while according to the Sebi, promoters’ actual holding in the entity is around 55%. (BS)
SJVN Prices IPO At Top End; Jaypee At Bottom – Two companies priced their initial public offers on Monday at the opposite end of their indicated band. While the shares of state power utility SJVN Ltd has set the price at the top end of the Rs 23 to 26 a share range, private-sector road builder Jaypee Infratech has set the price at the bottom of its Rs 102 to 117 range. SJVN and Jaypee Infratech have raised about $240 million and $502 million, respectively, in their IPO recently. (Reuters)
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