India Property Fund Invests Rs 120Cr In Gurgaon Project - Private equity firm India Property Fund has picked up a 49% stake in Ramprastha Group's housing project Skyz in Gurgaon for Rs 120 crore. The project, being developed on 13 acres in Sector 37D on the Dwarka Expressway in Gurgaon, is part of the company's integrated township Ramprastha City. The money raised from India Property Fund, which is managed by nonresident investor Purnendu Chatterjee's TCG Real Estate and US-based Vornado Realty Trust, will primarily be used for development of Skyz. (Economic Times)
RIL To Sell Non_Controlling Stake In Gas Pipeline Biz - Mukesh Ambani plans to sell a noncontrolling stake in Reliance Gas Transportation Infrastructure Ltd to bring aboard a partner that brings skills and value to the company involved in building pipelines in India. The company has held talks with international bankers for the stake sale, which may value the company at about $1 billion. RGTIL is privately owned by Mukesh Ambani and other promoters of Reliance Industries Ltd. (Economic Times)
Nicco Corp Sells Project Division - Kolkotta-based Nicco Corporation Ltd. (NCL), a power cable maker, sold a majority stake in the project division of its engineering procurement and construction business to Oriental Manufacturers Pvt Ltd. for an undisclosed sum. Nicco said that the sale will help increase focus on its cables business. Oriental, which executes turnkey projects for companies that makes chemicals and medicines, will be able to integrate its business with Nicco’s execution skills for steel, oil and gas companies. (Mint)
Sajjan Jindal Buys Mumbai Property For Rs 400Cr - Sajjan Jindal, the owner of India's third-largest steel company by revenues, will soon move into a sea-facing bungalow in south Mumbai's Nepean Sea Road. He has acquired a three-storey bungalow spread over an acre for Rs 400 crore. It belongs to a second-generation business family, the Maheshwaris, which includes brothers Manoj, Kamal and Vivek, and their niece. Jindal, who is vice-chairman and managing director of JSW Steel , will renovate the bungalow for personal use. (Economic Times)
TCG To Foray Into Banking Sector - Purnendu Chatterjee-led The Chatterjee Group (TCG) is planning to foray into the banking sector and may approach the Reserve Bank of India soon for approval to set up a bank headquartered in West Bengal. New York-based TCG has diversified interests in investment banking, real estate, petrochemicals and life sciences. TCG is also planning to come up with a knowledge hub on intelligent infrastructure and may also foray into education sector through a research center on sustainable energy in West Bengal. (Business Standard)
IFFCO Plans IPO For Power Unit - Indian Farmers Fertiliser Cooperative Ltd (Iffco) is planning to launch an initial public offering (IPO) for its Chhattisgarh power project to mop up Rs 600 crore. The project, Iffco Chhattisgarh Power Ltd (ICPL), which is a joint venture between Iffco and Chhattisgarh State Electricity Board (CSEB), is expected to start production by 2015. The financial closure is expected by December 2011. The 1,320 Mw coal-based power plant, which is coming up at Salka village in the Sarguja district of Chhattisgarh, recently received the forest clearances from the environment ministry. (Business Standard)
Virtusa Buys Alas Consulting - Virtusa Corporation, a US -based IT consulting, technology implementation and application outsourcing services provider, has acquired substantially all the assets of ALaS Consulting LLC for an aggregate cash consideration of $27.8 million (approximately Rs 124 crore). ALaS, based out of New York, is a consulting and advisory services provider to financial services companies. Virtusa has offices in the US and UK, and global delivery centres at Hyderabad and Chennai in India and Colombo in Sri Lanka. (Business Standard)
