Global fund house Xander, the largest foreign investor in Indian realty assets, is close to acquiring an IT special economic zone in Chennai from the developer arm of Shriram Group for Rs 690 crore ($112 million), said people directly aware of the matter. Xander, which has invested over $1.2 billion (about Rs 7,365 crore) locally, has signed a preliminary agreement and is working towards a final deal that is “not yet closed”. Shriram, and private equity investor Sun Apollo which owns a stake in the project, have been in discussions to unlock value from the SEZ for well over a year. Singapore-listed IT park developer Ascendas too has looked at the transaction but offered a lower bid. (Times of India)
SingTel looks to buy out allies in joint venture: SingTel group has approached the Foreign Investment Promotion Board (FIPB) for buying the stake of Bharti Enterprises and Leela Lace Software Solutions (Leela) in its international and national long distance joint venture, SingTel Global. The move follows the government’s decision to permit 100% FDI in telecom sector against the 74% stipulated earlier. While Bharti has 9.9% holding in SingTel Global, the share of Leela is 16%. SingTel owns the remaining 74% through SingTel Australia Holding, Singapore (STAH) and INS Holdings (INS). SingTel group is also the biggest shareholder in Bharti Airtel with a direct and indirect holding of 32.5%.The application to the FIPB was made last month, sources said, adding that the equity of the Indian promoters will be picked up by STAH. (Times of India)
L&T Infotech plans to enter new markets, make acquisitions: L&T Infotech Ltd, the unlisted information technology (IT) services arm of engineering and construction company Larsen and Toubro Ltd (L&T), plans to make acquisitions and enter newer markets in an attempt to double revenue by 2015. The company is already working with a clutch of investment bankers to assist in potential acquisitions. The company had bid unsuccessfully for Satyam Computer Services Ltd (now merged with Tech Mahindra Ltd), Patni Computer Systems (acquired by iGate Ltd) and Hexaware Technologies Ltd (bought by Baring Private Equity Asia) in the past. L&T Infotech wants to acquire a company that would help it enter a new geography or a new vertical. (Live Mint)
National Housing Bank’s Rs 2,100 cr tax-free bonds to hit market soon: The Rs 2,100-crore ($335.6 million) tax-free bond issue of National Housing Bank will hit the markets soon, a top official of the housing finance regulator said today. Of the total Rs 3,000 crore ($480 million), the company have already mobilised Rs 900 crore ($143.8 million) through private placement. The bond will be issued in tenors of 10, 15 and 20 years. (Economic Times)
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