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Sembcorp may list its Indian arm; JSW Group emerges top contender for Binani Cement

Singapore infrastructure conglomerate Sembcorp Industries Ltd is looking to raise $500-600 million (Rs 3,191-3,829 crore) through the initial share sale of its Indian arm, a financial daily reported.

An unnamed person told Mint that Sembcorp India is expected to file its draft IPO prospectus with the Securities and Exchange Board of India sometime next month. Investment banks Credit Suisse and Axis Capital are given the mandate to run the initial public offer, the report added.

Sembcorp India has thermal and renewable energy assets of 4,000 MW.

In August, Sembcorp Industries had agreed to acquire the entire stake held by private equity firm IDFC Alternatives in Sembcorp Green Infra for Rs 1,410.2 crore.

Binani Cement

Sajjan Jindal’s JSW Group has submitted the highest bid for debt-laden Binani Cement Ltd, The Economic Times reported citing three people.

JSW has submitted a bid of Rs 5,900 crore, trumping the bids by billionaire Rakesh Jhunjhunwala and UltraTech, the report added.

Binani Cement is undergoing a corporate insolvency resolution process initiated by the National Company Law Tribunal. The company owes Rs 3,884 crore to a consortium of lenders, which includes State Bank of India, Canara Bank and Bank of Baroda, according to the report.

The lenders had appointed Alvarez & Marsal to evaluate bids.

Binani Cement, which is a subsidiary of Binani Industries Ltd, has an annual manufacturing capacity of 11.25 million tonnes, globally, with an integrated plant in India and China and grinding units in Dubai, according to its website.

Aleris Corp

Billionaire Anil Agarwal-led diversified natural resources firm Vedanta Resources Plc and a Japanese metal company may be in the race to acquire US-based Aleris Corp from its private equity investors, Mint reported citing unnamed people.

Aditya Birla Group’s aluminum unit Hindalco Industries Ltd is looking to acquire Aleris Corp at an enterprise valuation of $2.5 billion, the report added. According to one person, while there is no certainty that Vedanta will eventually make a bid for Aleris, competitive bidding, if it happens, can make the deal expensive for the acquirer.

The development comes after negotiations between China Zhongwang Holdings Ltd and Aleris hit a roadblock due to national security concerns in the US.

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