Indiareit, Paranjape Schemes To Sell Pune SEZ - Indiareit Fund Advisors Pvt. Ltd and Paranjape Schemes (Constructions) Ltd are in talks again to sell all, or part of their stake, in the 130-acre export zone they are developing near Pune, after earlier discussions with a Tata Group company failed. Flagship Infrastructure Pvt. Ltd, their special purpose vehicle (SPV) for the Blue Ridge special economic zone (SEZ) in Hinjewadi, is looking to dilute a majority stake in the 1.4 million sq. ft of space it has developed and almost fully leased out. The total 2.9 million sq. ft of space that can be developed at Blue Ridge is valued at Rs1,000 crore. (Mint)
RIL In Talks With Shareholders For IL&FS Stake - Three leading financial institutions and banks are in talks with Reliance Industries Ltd (RIL) to sell their entire stake in Infrastructure Leasing & Financial Services (IL&FS), giving the Mukesh Ambani-owned company a controlling stake. Life Insurance Corporation of India (LIC), Housing Development Finance Corporation (HDFC) and State Bank of India (SBI) together own a little over 45% in IL&FS. The deal is expected to be valued around $2.5 billion and RIL is already in final stages of discussions with Japan’s Orix Corporation to buy its 23.87%. IL&FS closed 2010 with assets of Rs 7,168.93 crore and a gross profit of Rs 262.91 crore on income of Rs 684.09 crore. (Business Standard)
PFC To Appoint Consultant For Banking Foray - State-run Power Finance Corporation (PFC) will appoint a consultant soon out of the shortlisted five firms and a final decision will be taken by the end of this month. The company has been contemplating acquiring a strategic stake in a bank or a complete takeover. A banking foray will enable PFC, is one of the biggest lenders to the power sector, to access low-cost funds. PFC has also appointed four merchant bankers — Goldman Sachs, JM Financial, DSP Merill Lynch and ICICI Securities — to manage its Rs 5,600 crore follow-on public offer, expected to come out in the first quarter of next year. (Business Standard)
Phillips Carbon Black Drops Out of Evonik Race - India's Phillips Carbon Black Ltd has pulled out of the race to buy the carbon black business of Germany-based Evonik Industries AG, making it the second Indian bidder to withdraw from the final round of the bidding process. Phillips Carbon was among around half a dozen bidders and is seeking at least $1 billion for the asset. (Wall Street Journal)
SKS In A Rs 60Cr Securitisation Deal - SKS, the largest microfinance institution (MFI) in the country, has closed a Rs 60-crore securitisation deal with a non-banking finance company. It is the first such deal after the turmoil for the sector over recent months in Andhra Pradesh and elsewhere. SKS was also negotiating with a group of banks and other institutions for selling another Rs 700 crore of loan portfolio. The deal is expected to close before the present financial year ends on March 31. (Business Standard)
Indus Health Plus May Tap PE - Mumbai-based Indus Health Plus, operating in the preventive health care space providing services like diagnosis, health education, comprehensive and qualitative preventive health check-ups, may look at PE funding. For the financial year 2009-10, Indus Health has achieved Rs 60 crore in revenues and expects to close on March 2012 at Rs 130 crore. It currently has a presence in 14 cities across Maharashtra, Delhi, Bhilai and Goa. (Business Standard)