US hedge fund Farallon Capital Management is in advanced negotiations to provide $1.5-2 billion funding to Vedanta, The Economic Times reported, citing people with knowledge of the matter.
About $800-900 million of the financing will be against corporate guarantees of Vedanta Ltd (VDL), Anil Agarwal’s flagship listed Indian natural resources conglomerate, for which RBI approval is awaited. The remaining payout will be made offshore to Agarwal’s promoter entities, said the people cited above.
Mukesh Ambani-led Reliance Industries Ltd (RIL) has initiated a process that could see the group unlock value in the backend warehousing and related logistics assets of its retail business, through an infrastructure investment trust (InvIT), The Economic Times reported, citing three people aware of the development.
Reliance Retail Ltd has already started laying the groundwork for the proposed InvIT of its warehousing assets, having registered a trust, Intelligent Supply Chain Infrastructure Trust, with the Securities and Exchange Board of India (Sebi) at the end of February. This trust will house the warehousing assets that the group plans to monetise, the sources said.
Nalwa Steel and Power
Naveen Jindal-promoted Nalwa Steel and Power has emerged as the highest bidder for McNally Bharat Engineering, outbidding BTL EPC (formerly Bengal Tools EPC) at an auction that ended on Monday, The Economic Times reported, citing two people aware of the development.
Nalwa Steel offered Rs 424.3 crore at the challenge mechanism auction held by lenders outbidding BTL EPC's Rs 411.63 crore.
Kolkata-based McNally Bharat, promoted by the Khaitan family of Williamson Magor Group, is undergoing insolvency proceedings.