Bangalore-based Wildcraft Inc., an adventure equipment and outdoor gear company, is in talks with private equity (PE) firms to raise funds for its expansion. The company is looking to raise INR 60-75 crore ($12.9 million – $16.2 million) by selling a minority stake. Chennai-based investment bank Spark Capital Advisors (India) Pvt. Ltd is running the mandate for the transaction. (Live Mint)
JSW Energy eyes acquisition of power units after putting on hold new projects: Having put on hold all new projects due to the policy and regulatory uncertainties in the power sector, Sajjan Jindal-led JSW Energy is now eyeing acquisition of distressed assets to grow its portfolio. The only project it plans to go ahead with is the 240 mw-hydro power project in Kutehr, Himachal Pradesh. The company has seen a few proposals but valuations are still high for these distressed projects. The firm would like to acquire a project of 500 mw or above as looking at adding scale to our generation. (The Times Of India)
Muthoot Finance plans NCD issue: Muthoot Finance is planning to raise fund through NCD’s. The firm is going to soon file the papers with the regulator for the proposed issue. The actual amount to be raised has not been decided as yet. The issue may take place in the next 10 days. The company had already come up with four listed NCD issues in recent years. (Business Line)
Emami looks for acquisitions to strengthen market position: Homegrown FMCG major Emami Ltd is scouting for acquisitions to strengthen its market position, for which it is ready to use cash reserves of INR 300 crore ($64.85 million) and leverage its borrowing potential. The company plans to rebrand the Zandu healthcare portfolio, which it acquired in 2008 for INR 700 crore. (The Economic Times)
DLF in talks with PEs and international hotel operators for Aman Resorts sale: India’s largest real estate firm DLF Ltd., has ended its “exclusivity contract” to sell luxury hotel chain Aman Resorts to the original owner and founder Adrian Zecha and has begun talks with a clutch of private equity funds and international hotel operators, which includes Blackstone and Carlyle. DLF had announced the sale of its luxury hotel chain Aman Resorts for Rs 1,650 crore to the Indonesian hotelier Zecha in December 2012 as part of the company’s non-core asset sale strategy to reduce its debt that had crossed the INR 23,000-crore mark. The original deadline of the deal was February 2013, which was extended to June 30. But when the buyer was unable to close the deal, the company decided to begin talks with other players. The company had expected its debt to come down to INR 18,500 crore by the end of March 2013 with the closure of the Aman Resorts deal as well as the sale of its wind power assets. (The Economic Times)
SpiceJet is in ‘advanced’ stage of discussion for stake sale: Budget carrier SpiceJet is in advanced stage of discussion with a potential investor for stake sale and expects the negotiations to be concluded soon. Discussions are going on with a foreign carrier. Some reports had also named Qatar Airways as showing interest in the airline. (Business Standard)
Lanco Hills free to sell properties: Lanco Infratech Ltd. today said there was no restriction on either selling, transferring or leasing out the 100-acre Lanco Hills project located in Hyderabad. The Supreme Court had refused to interfere with its earlier orders issued in May 2012 permitting Lanco Hills to alienate, transfer and sell the properties in the project. Last year the Supreme Court stayed the orders issued by the Wakf Tribunal as well as the division bench of Andhra Pradesh high court, which stopped Lanco Hills from selling the properties to third parties following the claim of ownership over the land by the Wakf board. The apex court had ruled that in the event the title dispute decided in favour of the Wakf Board, then the state government can compensate it either monetarily or by providing an alternative land as the company had acquired the land from the government. (Business Standard)
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