It plans to invest in residential and commercial projects in smaller Indian cities as a passive investor.
US Fund Manager Blumberg Capital To Invest $100M In Indian Realty - Blumberg Capital Partners, a US-based realty fund manager, is planning to invest $100 million (about Rs 456 crore) in realty projects in India. It plans to invest in residential and commercial projects in smaller Indian cities, and will be a passive investor. The company did not have any time frame in mind, but is expecting to start investing within three years. The move is part of Blumberg Capital’s plan to diversify outside the US market. It is raising $1 billion from high net-worth individuals and institutions to start a real estate fund that will invest up to 30% in non-US assets, particularly in the Persian Gulf and India. (Mint)
JSW Steel likely To Sell Stake To JFE - Sajjan Jindal promoted JSW Steel has nearly finalised a share sale agreement with Japan’s second-largest steel maker, JFE, after about six months of discussion. JSW Steel is likely to have an extraordinary general meeting (EGM) early next month to take board’s approval. JFE is likely to buy a 14.9% stake in the Indian company for Rs 1,600 a share. At this price, JFE would pay Rs 4,500 crore, which would be a 39% premium to Tuesday’s closing price of Rs 1,150. (BS)
IDFC To Buy 26% Stake In Custodian Firm Orbis - Infrastructure Development Finance Co Ltd (IDFC) is acquiring 26% stake in Gurgaon-based custodian Orbis Capital Ltd for Rs 22 crore. The acquisition will be completed over the next two years. Orbis is claimed to be India’s first privately-held custodian registered with the capital market regulator Securities and Exchange Board of India. It started its operations in April 2009. (Mint)
Shriram Arm Orient Green Files DRHP For IPO - Orient Green Power Company Ltd (OGPL), an associate company of Shriram EPC Ltd (SEPC), has filed a draft red herring prospectus (DRHP) with SEBI for its proposed initial public offer (IPO). OGPL is engaged in power generation from renewable sources and has a portfolio of operating projects of 193.1 Mw. The company aims to expand its portfolio to 1,000 Mw in three years. The company is planning to raise around Rs 800 crore to support its Rs 4,000 crore investment plan. (BS)
Tilaknagar Nearing Liquors India Buy - Mid-sized spirits company Tilaknagar Industries Ltd (TIL), makers of Mansion House brandy brand, is reportedly in the final stages of discussion to acquire Hyderabad-based Liquors India Ltd, a distillery and bottling unit. VCCircle broke the story on May 12. The acquisition is likely to be completed over the next 2 to 3 months. In February, TIL struck a deal with Alcobrew Distilleries to acquire the latter’s six brands, which has reasonable presence in CSD (Army canteen) channels. (FC)
MSSL To Buy Partner’s Stake In JV - Motherson Sumi Systems Ltd (MSSL), an auto component maker, is buying 60% stake in Balda Motherson Solutions owned by its German JV partner Balda AG for an undisclosed sum. Motherson already owns 40% in plastic component producer, Balda Motherson Solutions, that was formed in 2006. The JV company had revenues of Rs 20 crore for the year ended March 2009. (ToI)
US Fund Manager Blumberg Capital To Invest $100M In Indian Realty - Blumberg Capital Partners, a US-based realty fund manager, is planning to invest $100 million (about Rs 456 crore) in realty projects in India. It plans to invest in residential and commercial projects in smaller Indian cities, and will be a passive investor. The company did not have any time frame in mind, but is expecting to start investing within three years. The move is part of Blumberg Capital’s plan to diversify outside the US market. It is raising $1 billion from high net-worth individuals and institutions to start a real estate fund that will invest up to 30% in non-US assets, particularly in the Persian Gulf and India. (Mint)
JSW Steel likely To Sell Stake To JFE - Sajjan Jindal promoted JSW Steel has nearly finalised a share sale agreement with Japan’s second-largest steel maker, JFE, after about six months of discussion. JSW Steel is likely to have an extraordinary general meeting (EGM) early next month to take board’s approval. JFE is likely to buy a 14.9% stake in the Indian company for Rs 1,600 a share. At this price, JFE would pay Rs 4,500 crore, which would be a 39% premium to Tuesday’s closing price of Rs 1,150. (BS)
IDFC To Buy 26% Stake In Custodian Firm Orbis - Infrastructure Development Finance Co Ltd (IDFC) is acquiring 26% stake in Gurgaon-based custodian Orbis Capital Ltd for Rs 22 crore. The acquisition will be completed over the next two years. Orbis is claimed to be India’s first privately-held custodian registered with the capital market regulator Securities and Exchange Board of India. It started its operations in April 2009. (Mint)
Shriram Arm Orient Green Files DRHP For IPO - Orient Green Power Company Ltd (OGPL), an associate company of Shriram EPC Ltd (SEPC), has filed a draft red herring prospectus (DRHP) with SEBI for its proposed initial public offer (IPO). OGPL is engaged in power generation from renewable sources and has a portfolio of operating projects of 193.1 Mw. The company aims to expand its portfolio to 1,000 Mw in three years. The company is planning to raise around Rs 800 crore to support its Rs 4,000 crore investment plan. (BS)
Tilaknagar Nearing Liquors India Buy - Mid-sized spirits company Tilaknagar Industries Ltd (TIL), makers of Mansion House brandy brand, is reportedly in the final stages of discussion to acquire Hyderabad-based Liquors India Ltd, a distillery and bottling unit. VCCircle broke the story on May 12. The acquisition is likely to be completed over the next 2 to 3 months. In February, TIL struck a deal with Alcobrew Distilleries to acquire the latter’s six brands, which has reasonable presence in CSD (Army canteen) channels. (FC)
MSSL To Buy Partner’s Stake In JV - Motherson Sumi Systems Ltd (MSSL), an auto component maker, is buying 60% stake in Balda Motherson Solutions owned by its German JV partner Balda AG for an undisclosed sum. Motherson already owns 40% in plastic component producer, Balda Motherson Solutions, that was formed in 2006. The JV company had revenues of Rs 20 crore for the year ended March 2009. (ToI)
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