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Veteran Citi dealmaker Pramit Jhaveri gets Asia-Pac role; SSG bids for Uttam Galva assets
Pramit Jhaveri | Photo Credit: Reuters

Citibank India CEO Pramit Jhaveri has been named the vice-chairman of the company’s banking, capital markets and advisory business across Asia Pacific, a media report said.

Jhaveri has been with Citi for nearly three decades and was named the head of India business in 2010. He will continue to be based in India, The Economic Times reported. A Citi spokesperson confirmed the development, the report said.

Jhaveri will be reporting to Jan Metzger, Citi’s Asia-Pacific head of corporate and investment banking, and Francisco Aristeguieta, CEO of Citigroup Asia. He will hold his current position in the company till the end of this month and as the interim till 31 March 2019.

The report also said that potential internal candidates to succeed Jhaveri include Ashu Khullar, head of Asia Pacific capital markets origination; Ravi Kapoor, head of global banking at Citi India; and corporate banking head K Balasubramanian.

In another report, The Economic Times said that debt-laden companies Uttam Value Steels and Uttam Galva Metallics have received bids from a consortium led by SSG Capital Management and from Sharjah-based New Zone Intertrade FZE. 

SSG Capital's consortium includes Synergy Metals and Mining Fund and ART Special Situations Fund. New Zone is a trading company founded by Siddharth Khatwani, the report said, citing two people aware of the developments.

State Bank of India had referred the two companies, part of Uttam Galva Steels, to the National Company Law Tribunal for insolvency resolution in December 2017.

Meanwhile, Mint reported that the Gujarat government may sell a 50% stake in GSPC LNG Ltd to Adani Enterprises Ltd. Adani already holds a 25% stake in the company.

The move came after Indian Oil Corp refused to buy the stake, the report said, citing three state government officials.

GSPC LNG is setting up a liquified natural gas terminal with an annual capacity of 5 million tonnes. The capacity can be doubled. The project cost was estimated at Rs 4,500-5,000 crore. 

In another development, the founders of Bengaluru-based IT services company Mindtree Ltd are reaching out to private equity investors, family offices as well as institutional and high-net-worth shareholders to prevent a hostile takeover, The Economic Times reported.

Subroto Bagchi and other founders cumulatively hold a 13% stake in the company. Their efforts come as VG Siddhartha as put his 21% stake up for sale. Siddhartha is said to be in talks with L&T Infotech Ltd to sell his stake.

The report said PE giant KKR has sounded out financing banks about funding a possible purchase of Siddhartha's stake on behalf of the founders. But a deal without management rights and board representation will be difficult to sell, the report said.

Separately, media baron Subhash Chandra has shortlisted three companies to sell half of the 41.6% stake that promoters hold in Zee Entertainment Enterprises Ltd, The Economic Times reported, citing three people with direct knowledge of the matter.

The three companies are Sony Pictures Networks India, a US-based media coglomerate and a Chinese firm, the report said, without elaborating.

In a separate report, The Economic Times said global real estate investment firm Hines will pay DLF Ltd Rs 900 crore for a 49% stake in a commercial project in Gurugram.

DLF had signed a non-binding term sheet with Hines last year for the project, which has a total development potential of 2.5 million sq ft and is spread over 12 acres.

DLF had acquired the plot last year for about Rs 1,500 crore in an action by Haryana State Industrial and Infrastructure Development Corporation. 

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