Vodafone-Essar To Sell Tower Business - Vodafone-Essar, India’s second-largest GSM operator, has decided to unlock value by demerging its tower business and selling it off to an independent tower company. Vodafone, which has around 7,000 telecom towers has valued them at around $1.2 billion and has appointed Barclays Capital as its advisor. Likely bidders for the towers include independent tower companies like GTL Infrastructure, Srei Infra and American Tower Corp. (Financial Express)
LPs Stall Axis PE Sellout - The sale of Axis Private Equity Ltd, the private equity (PE) arm of Axis Bank Ltd, has stalled even though bids were received from PE firms in June this year. The limited partners (LPs), are unhappy with the sale and any decision cannot be executed without their consent. Meanwhile, Axis Private Equity has stopped raising funds from international LPs.
Ansal API In Talks For Rs 400Cr Funding - Realty firm Ansal Properties & Infrastructure plans to raise up to Rs 400 crore from private equity players this fiscal to partly repay its high cost debt and fund construction activities of various projects. Ansal API is in talks with private equity firms by diluting stakes in some of its townships, being developed in North India. (PTI)
Delhi Metro Plans IPO Next Year - The Delhi Metro Rail Corporation (DMRC) is aiming for a market listing, which would help it raise funds for expansion. The corporation, which created the only profitable metro system in the world, could go for an IPO in a year. DMRC has appointed consultants who advised an early listing. DMRC has revenues around Rs 724 crore and a profit of Rs 90 crore. (FE)
Hemendra Kothari To Make VC Investments - Hemendra Kothari , ace dealmaker and formerhead of DSP Merrill Lynch, is setting aside about Rs 50 crore of his personal wealth for early-stage angel/ venture capital style investing out of a desire to help upcoming entrepreneurs. Kothari has already invested in two companies, a construction company in the low-cost housing space and an education firm that offers specialised training. (Economic Times)
GTL Infra To Raise $800M - Telecom tower company GTL Infrastructure is looking to raise up to $800 million, or Rs 3,500 crore, by issuing fresh shares and through the sale of treasury stock. The funds will most likely be used to reduce the Rs 9,000-crore debt on the company’s books. The company is looking to raise $300 million, or Rs 1,330 crore, through sale of freshly-issued shares to financial institutional players and an additional $500 million through sale of treasury stock in the company to a strategic investor. (ET)
GVK In Talks For Australia Coal Mines - GVK Power and Infrastructure is in talks with Gulf-based MEC Coal to buy its coal mines in Indonesia. The valuations are still to be worked out but are expected in the range of $700 million to $1 billion. MEC Coal, a joint venture between MEC (Mineral. Energy. Commodities) and the Emirati government of Ras Al Khaima, is developing significantly large coal mines in Asia. (DNA)
Bajaj Ups Stake In KTM - Bajaj Auto International Holdings BV Netherlands (BAIHBV), a 100% subsidiary of Bajaj Auto Ltd, has purchased a further 2,44,600 shares in KTM Power Sports AG (KTMPS), raising its total shareholding in KTMPS to 38.09%. The launch of a KTM product suitable for India, jointly developed by the two companies, has been planned for the second half of 2011. (HinduBusinessLine)
Southern Ispat In Talks To Buy New-Tech Forge - Southern Ispat and Energy is in talks to acquire a controlling stake in Gujarat-based New-Tech Forge and Foundry which has an integrated steel plant with a capacity of 1.20 lakh tonnes a year. It produces sponge iron, billets, round steel, forging articles and machine flanges and has a net worth of about Rs 200 crore. The talks are at an advanced stage and the deal is expected to close at about Rs 100 crore. (HBL)
