News Roundup: Warburg’s Future Capital deal hits FIPB roadblock

10 July, 2012

Warburg’s Future Capital Deal Hits FIPB Roadblock – The government has deferred clearance of Warburg Pincus’ purchase of Future Capital, saying the Indian finance company must first hive off its wholly-owned real estate subsidiary. FIPB did not approve the acquisition at its last meeting due to issues with Future’s real estate arm, Myra Mall Management Company. (Economic Times)

ONGC Videsh To Raise Rs 5,000Cr IPO To Fund Buys – ONGC Videsh, the overseas arm of the national exploration company, is planning an initial public offering to raise over Rs 5,000 crore in the current fiscal to fund acquisition of foreign oil assets. The proposed IPO will be considered by the board of ONGC this week, The proposed issue would be the first major IPO in the current fiscal after an over-yearlong lull. (Economic Times)

Telenor Appoints Citi For New India Partner – Norway’s Telenor ASA, the world’s seventh largest telecom service provider, has asked Citi Global Markets India Pvt. Ltd to find it a new Indian partner to replace Unitech Ltd, which is strongly resisting the move. The Norwegian firm wrote off $721 million (around Rs. 4,040 crore today) in licences and goodwill in India after its 22 mobile licences were among those cancelled by the Supreme Court. (Mint)

Varun Shipping Recasts Debt By Raising Dollars – Mumbai-based Varun Shipping Co. Ltd, the largest owner of vessels that can transport liquefied petroleum gas (LPG) in India, has reorganized nearly Rs 2,000 crore of debt by transferring some of its ships to overseas subsidiaries which, in turn, used them as collateral to raise inexpensive dollar loans, and used the proceeds to repay costly Indian ones. (Mint)

Reliance Retail To Form JV With 2 Sisters Food Group – Reliance Retail has entered into a back-end joint venture with 2 Sisters Food Group (2SFG), a UK-based meat-processing company owned by entrepreneur Ranjit Singh, to introduce chilled and frozen foods at its food & grocery outlets. Singh plans to stamp his presence in the Rs 7,000-crore organized Indian food services market with a quick service restaurant (QSR) chain. (Economic Times)

Sheth Developers Raises Rs 450Cr For Mall Project – Mumbai-based Sheth Developers and Realtors have raised Rs 450 crore from Indiabulls Finance for their Vivacity Mall in Thane. The developer will partly use the funds towards repayment debt and completion of the mall. The total project cost of Vivacity Mall is around Rs 700 crore and the company has a debt of over Rs 400 crore. (Business Line)

SQL Star To Acquire Mindlogicx In All Share Deal – Software training company SQL Star International today said it will acquire IT education firm Mindlogicx in an all-share deal. The company in a BSE filing said its board has approved amalgamation of Mindlogicx with it. Post this merger, SQL will absorb over 400 existing employees of Mindlogicx. (Economic Times)


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News Roundup: Warburg’s Future Capital deal hits FIPB roadblock

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