Videocon in Talks With Korean Telco For Stake Sale – Videocon Telecommunications has started talks with Korea’s Sun Kyung (SK) Telecom to sell a 26% stake. The founding Dhoot family wants Rs 3,600 crore from the sale, valuing Videocon Telecommunications at a little over Rs 13,000 crore ($3 billion). Videocon Telecommunications has also been linked to a buyout by Mukesh Ambani’s Reliance Industries, whose board is believed to have recently authorised its re-entry into the telecoms space. Videocon is also Rs 160 crore by way of preferential allotment from IDBI Bank, ING Vysya Bank, OBC, SBP and LIC. (Economic Times)
IL&FS PE To Buy Stake in Orbit Corp Project – Orbit Corporation, which is into redevelopment projects in Mumbai, is close to signing a Rs300-crore deal with IL&FS Private Equity Fund for one of its Nepean Sea Road projects. Orbit had received Rs165 crore from IL&FS by selling 21.6% in its Mandhwa project in January. The Orbit board is to meet on June 18 to approve raising Rs1,000 crore through a QIP issue, of which Rs500 crore will be raised in the first tranche. (DNA)
RIL In Talks For Pioneer’s Shale Gas Assets – Mukesh Ambani’s Reliance Industries (RIL) is in talks to buy a stake in shale gas assets owned by Pioneer Natural Resources in the United States. RIL may join Royal Dutch Shell and Exxon Mobil in buying the assets. Pioneer has about 310,000 acres of shale gas acreage in the Eagle Ford region in US’s South Texas. The transaction is said to be in line with RIL’s recent acquisition of 40 per cent interest in Atlas Energy’s Marcellus Shale acreage. (Business Standard)
Firstsource In Talks For Barclays Unit – Firstsource Solutions is in discussions with Barclaycard, part of Barclays Global and Retail Banking division, to take over its customer service centre in Teesside, UK. If the deal goes through, Firstsource will take over the assets of the centre, including people and buildings, and deliver customer care for the UK bank’s credit card and payments business. The bank said the intention is for the majority of the services currently provided by the Teesside centre and a related payment servicing team located in Wavertree, Merseyside, to be delivered by Firstsource. (ET)
Parabolic To Raise Rs 200 Cr From Issue – Chandigarh-based Parabolic Drugs, a manufacturer of APIs and API intermediates, will enter the primary market on June 14, 2010 to raise Rs 200 crore through its initial public offer. The price band of the issue is fixed at Rs 75-85 per share and it closes June 16, 2010. The issue comprises an offer for sale of 20,25,702 equity shares by BTS India Private Equity Fund and Alden Global (Mauritius). (ET)
Eli Lilly May Look At Buys In India – Eli Lilly and Company, a US pharma major, might be eying India in a big way, and is reportedly looking at clinical-trial opportunities. The company is eyeing R&D platforms and contract research and manufacturing facilities in the country. The move is believed to be part of company’s plan to target the emerging markets that has recently identified India among the lot, alongside China and Brazil. Eli Lilly currently gets about $2 billion or 10% of its sales from the emerging markets and plans to double the sales in the next five years. (DNA)
Gensol Consultants Raising Rs 350Cr Renewable Energy Fund – Gensol Consultants Pvt Ltd (GCPL), a Chandigarh-based consulting firm offering carbon solutions, has launched Rs 350-crore fund called Gensol Renewable Energy Fund to finance its renewable sector projects. The fund is being raised through internal accruals as well as funding from institutional investors. It plans to utilise the money raised in the first tranche in developing projects worth 100 MW in the wind, solar and hydropower sectors. Gensol claims over 350 plus clients across India with portfolio of 18 million carbon credits. It has expertise in generation, registration and trading of carbon credits. (BS)
HCC May Sell 20-30% In Infrastructure Unit – A day after raising about Rs 575 crore selling 74% stake in one of its Mumbai projects, Hindustan Construction Company Ltd (HCC), the infrastructure developer and engineering, procurement and construction (EPC) company, is looking to divest between 20% and 30% in its infrastructure subsidiary HCC Infrastructure Ltd (HIL). The move is reportedly part of its plan to infuse liquidity into the parent company, which requires over Rs 1,000 crore to meet capital outflows this fiscal. It is currently in discussions with domestic and foreign infrastructure funds for the dilution, and a deal is expected in the next three months. (DNA)
HCL, CIL Sell Off Decision Likely In Next Week – The government of India, which has deferred the stake sale proposals in Hindustan Copper Ltd (HCL) and Coal India Ltd (CIL), is likely to take decision on proposed stake sale in HCL next week. The government plans to divest around 20% stake in HCL in the process. It plans to utilise the proceeds in its Rs 4,200 crore expansion programme over the next five years. HCL targets a total production of 12 million tonne per annum (mtpa), from 3.15 mtpa now. (ET)
Infosys BPO Unit Eyes Buys In Europe, Africa – The business process outsourcing (BPO) unit of IT major Infosys is looking for acquisitions in Europe and Africa this year. The company is targeting revenue growth of around 15-20%, though the firm is worried about profit margin, which is likely to be impacted by rising wages and competitive pricing. The company is also planning to hire about 2,000 people every quarter. (Business Line)
ICICI Venture-backed Tebma Shipyard Admits To CDR – The lenders of Tebma Shipyard Ltd, a Chennai-based private shipyard company, have admitted the firm’s Rs 700 crore debt in the corporate debt restructuring process. ICICI Venture, the private equity investment arm of ICICI Bank, is a majority stake holder in the firm. ICICI Venture, which has invested in 2007, holds 53% equity stake in the company through its India Advantage Fund-VI. The debt is spread across 11 banks. SBI is the lead bank with Rs 150 crore exposure. ICICI Bank, Andhra Bank, and Syndicate Bank are the other lenders. (Moneycontrol)
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