Viom Networks Open To Buy Reliance Infratel – Telecom tower company Viom Networks said Thursday it is open to buying a stake in the telecom tower unit of Reliance Communications and may consider working with a private-equity firm if a deal goes through. But the valuations need to be attractive to consider such a deal. Private-equity firms such as TPG Capital, Carlyle Group LP, Blackstone Group LP and Apax Partners LLP are either in talks or are keen on buying into Reliance Infratel, which owns about 54,000 telecom towers. Its previous attempt at a $4 billion merger between Reliance Infratel and rival GTL Infrastructure Ltd. fell through last September. (Wall Street Journal)
Retail Chain The Loot Scouts For Strategic Partner – Jay Gupta, the founder and managing director of discount retail chain The Loot, is looking to rope in a strategic partner in the company he founded seven years ago. He is even open to divesting a majority control in the company or may even exit entirely. Bankers have sent initial feelers to retailers like Kishore Biyani’s Future Group and Bharti Retail. Private equity players, too, have been sounded out and players like Bain Capital have sent positive feedback. (Business Standard)
PE Players In Fray For Jyothy Labs Moot Delisting Proposal – Some of the PE investors in the race to acquire stake in Mumbai-based Jyothy Laboratories have mooted a proposal before the company’s management to delist the company from the stock exchange in a few years from now. Jyothy has been talking to a clutch of PE players like Actis, Apax Partners, Bain Capital, Carlyle, Temasek and GIC to raise funds to retire the Rs 600-crore debt it had taken while buying a 50.97% stake in Henkel India last month. The rationale being that if privately held, Jyothy has a better chance of being acquired by a multinational. (Business Standard)
PEs, MNCs In Fray For Updater Services – Several private equity funds and multinational companies have evinced interest in buying Updater Services, India’s largest facilities management service provider. The Rs 250-crore Updater was founded by Chennai-based T Raghu Nandana in 1995 and ICICI Ventures holds 42% stake in the housekeeping company. Denmark-headquartered ISS Facility Services, Compass Group of Australia and hedge fund giant D E Shaw had held talks with the shareholders of Updater to buy a considerable stake in the company but the deal hit a roadblock because of valuation differences. (Times of India)
Oil India Eyes Acquisition Of Technology Company – State-run Oil India Ltd (OIL), which is planning to acquire a technology firm in the hydrocarbon space, plans to run it as a strategic business unit on the lines of oilfield service firms such as Schlumberger Ltd and Halliburton Co. The company is expected to have expertise in niche areas such as deep-sea well completion, well integrity, tight gas and well development of ageing and mature fields. OIL has set aside up to Rs.4,500 crore for overseas acquisitions in the hydrocarbon sector.
TCI Scouts For Acquisitions – Transport Corporation of India (TCI) is scouting for acquisitions in the domestic market in order to strengthen its presence in the supply chain management (SCM) business further. The supply chain segment contributed Rs 482 crore to TCI’s revenues of Rs 1,851 crore in financial year 2010-11. With a growth of 60% in sales on a year-on-year basis, supply chain is the fastest growing segment for the company, whose other divisions include freight, express, seaways, wind power and real estate and warehousing. (Financial Express)
Keventer Agro Eyes Acquisitions – Kolkata-based Rs 1,800 crore diversified Keventer Group is preparing for fresh acquisitions in the dairy sector. Keventer Agro Ltd, a group outfit, has targeted three dairy product manufacturers for takeover for strengthening its presence in the sector, particularly in the northern region. The dairy unit under Keventer Agro Ltd currently churns out about half a million litre of milk a day. Keventer has earmarked Rs 1,200 crore for expansion in the food arena. (Business Line)
Jindal Steel Makes Fresh Attempt To Buy Rocklands – Jindal Steel has made a renewed attempt at acquiring Australian coal-miner Rocklands Richfields, though it is unclear if this would be any more successful than earlier. Jindal has extended the deadline 10 days before it was to expire, of its open offer to shareholders. Jindal Steel, on May 26, increased its offer price for the shares to $0.3 per share from $0.25. Jindal, before the start of the offer, held 14.5% of Rocklands. (Business Standard)
mjunction Eyes European Acquisition – mjunction, the equal joint venture (JV) company held by Tata Steel and Steel Authority of India Ltd (SAIL), is scouting for acquisitions in lieu of expansion and has shortlisted two companies in Europe for the purpose. The company in question would be a leader on the procurement side, and the deal is expected to be finalised by the end of the current fiscal. mjunction is the largest e-commerce portal in the country, currently valued at Rs 800 crore, with a total transaction value of Rs 24,854 crore, which it aims to double within the next two years to reach Rs 50,000 crore. (Business Standard)
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