Apollo, ICICI Venture To Set Up NBFC - Private equity funds Apollo Global Management and ICICI Venture are planning a joint venture non-banking finance company to lend for asset purchases, an easier option for the US firm to exploit the growing financial services sector. This will be the second venture between the two private equity power houses after a $750-million special situations fund that was launched a few months ago. (Economic Times)
Lupin To Sell India Pharma Unit - Lupin Ltd, the world’s largest maker of drugs to fight tuberculosis, is considering selling its unit that markets medicines in India. Founding shareholders who own a combined 47% of the Mumbai-based company have started the process of finding a buyer for the operations. The Indian business may be worth at least $1 billion. Selling the Indian medicines unit, which accounted for 32 percent of Lupin’s $1.3 billion of revenue in the year ended March 31, may help finance investments in more profitable markets overseas. (Bloomberg)
RJ Corp's Varun Beverages To Sell 5% To StanChart PE - Standard Chartered Bank's private equity arm will invest 250 crore in RJ Corp's Varun Beverages International, PepsiCo's biggest bottler in South Asia, in a deal that values the company at more than $1 billion. Varun Beverages will issue 5% stake to Standard Chartered Private Equity in fresh equity. The money will be used to expand PepsiCo's bottling businesses in India and overseas markets such as Morocco, Nepal and Sri Lanka. In May, ICICI Ventures had invested close to Rs 175 crore for a 10% stake in its foods arm Devyani International. (Economic Times)
MTNL Eyes 51% In Zimbabwe Telco - State-run MTNL is eying 51% stake in Zimbabwe's state-owned landline operator, TelOne, for an undisclosed sum. The funds will be routed through its Mauritius arm, Mahanagar Telephone Mauritius Ltd (MTML). The Zimbabwe government is keen to offload a 51% stake in TelOne, which is the country's sole state-owned landline operator. TelOne was recently granted a GSM mobile permit and will be the fourth mobile operator in a market of some 4 million subscribers. (Economic Times)
IL&FS To Buy 10% In Bengal Aerotrpolis - Infrastructure Leasing & Financial Services (IL&FS) is likely to pick up a 10% stake in Bengal Aerotropolis Project Ltd (BAPL) which is setting up 10,000-crore airport city in West Bengal. BAPL is in the process of expanding its present equity base of Rs 170.8 crore by another Rs 75-100 crore. At present, Singapore's Changi Airport International (CAI) holds a 26% stake in BAPL. West Bengal Industrial Development Corporation (WBIDC) enjoys a 1.48% stake and the rest 72.52% is held by Indian promoters. (Economic Times)
Narayana Hrudayalaya To Raise Rs 300Cr - Narayana Hrudayalaya (NH), the Bangalore-based hospital chain, is closing to raising Rs 300 crore for its 300-bed multi-specialty hospital in the Cayman Islands. NH will raise these funds through a mix of debt and equity. It is in talks with a couple of US-based strategic players to invest in the project. In addition to this, a financial investor will pick up equity besides raising debt. (Business Standard)
VA Tech Wabag Shortlists Three Buys - VA Tech Wabag Ltd, a Chennai-based water and waste water management company, is likely to conclude two acquisitions during the current fiscal. With an expected deal size of Euro 50 million (around Rs 310 crore), these would be in Africa and Latin America. (Business Standard)
OPIC To Triple India Portfolio - Overseas Private Investment Corporation (OPIC), a development finance institution of the US Government, may triple its portfolio in India to $ 750 million by December this year. During this year, OPIC will be financing another $500 million of investment, resulting in a $750 million portfolio. OPIC will also this year be supporting two private equity funds that will invest in the renewable energy sector. (Business Line)