Lilliput Moves To Court To Block PE Investors Exit - Barely a year and a half after TPG Capital and Bain Capital jointly invested around $86 million in kids’ apparel retailer Lilliput, relations have deteriorated between the partners, with promoters moving court to prevent the private equity investors from a possible exit from the company. Issues have cropped up between Lilliput and the investors over management (issues) and transfer of share. Lilliput, he said, moved the Delhi High Court last week. (Financial Express)
Nippon To Buy 26% In Reliance AMC - Reliance Capital? Asset Management Ltd, the mutual fund arm of the Anil Ambani-controlled Reliance Group, may sell a 26% stake to Japan’s Nippon Life Insurance Co. The companies are in advanced talks and the transaction may be clinched at a valuation of up to Rs 4,000 crore, which would be a record for a mutual fund stake sale. The possible stake sale would follow a recent partnership between the two entities in the life insurance sector. (Mint)
L&T In Stake Sale Talks For Infotech Unit - Engineering major L&T is in discussions with Japanese conglomerates to sell stake in its fully owned subsidiary, L&T Infotech. The firm is in discussions with firms such as Hitachi, Mitsubishi and Fujitsu, and negotiations with at least one Japanese player have progressed to a fairly advanced stage. The sale of the infotech business could fetch L&T anything between $700 million -1 billion. (Economic Times)
Fabindia Acquires East - Marquee ethnic wear chain Fabindia has acquired majority stake in the UK-based womenwear retailer EAST. The New Delhi-based Fabindia has the option to buy the balance stake and take full control of the foreign retailer within a year. Although the deal size could not be independently ascertained, industry insiders peg it between Rs 35-40 crore for 62.5% stake. EAST, originally called Anokhi, was started by Clive Pettigrew, Penny Oliver and Jonathan Keating in 1986. (Economic Times)
HPCL To Buy Oil Blocks In Africa - State-owned Hindustan Petroleum Corporation (HPCL) is likely to acquire a oil and gas block in Africa through its subsidiary, Prize Petroleum. The company is in talks with a local player for a discovered asset so that it can have a ready cash flow in one or two years. HPCL’s move is part of the overall attempt by oil marketing companies to venture into more lucrative oil and gas producing business. Acquisition of discovered fields helps in reducing risks with the business to some extent. (Business Standard)
Tilaknagar To Buy Punjab Bottling Unit - In order to expand its footprint in Northern region, Mumbai-based Tilaknagar Industries Ltd (TI) announced that it has acquired the Punjab-based bottling unit, Punjab Expo for Rs 5.5 crore. Punjab Expo has a bottling capacity of 50,000 cases per month. (Business Standard)
Rakesh Jhunjhunwala Ups Lupin Stake - Renowned investor Rakesh Jhunjhunwala, along with his wife has hiked his stake in drugmaker Lupin Ltd to nearly 3 per cent by adding 14.04 lakh shares, worth about Rs 65 crore, to his holding in past three months. Jhunjhunwala held 1.73 per cent stake through 77.3 lakh shares as on June 30, which rose to 2.02 per cent with a total 90.25 lakh shares of Mumbai-based company by September 30, 2011. (Business Line)
IDG Ventures Invests In eShakti.com - Early-stage venture capital firm IDG Ventures India has invested $3 million in eShakti.com Pvt. Ltd, an online Western fashion retailer in the US, for a minority stake. Chennai-based eShakti, which makes customized, designer clothes for women, started exports to the US in 2008. It plans to use the money?to scale up operations, add new product lines and also cater to Indian consumers. (Mint)
