Mahindra Eyes Bankrupt Automaker Saab - Mahindra & Mahindra Ltd., India’s biggest sport-utility vehicle manufacturer, is interested in buying at least parts of bankrupt Swedish carmaker Saab Automobile. Mahindra, based in Mumbai, is in the process of trying to set up meetings with the two court-appointed administrators who are overseeing Saab’s bankruptcy to possibly buy parts of the carmaker or the whole company. At least one Turkish company is also interested in investing in Saab. Mahindra completed the purchase of a 70 percent stake in Ssangyong Motor Co. earlier this year for about $368 million. (Bloomberg)
Sharekhan's PE Owners Struggle To Find Buyers - Shareholders of India's leading retail stock broker Sharekhan, led by Citi Venture Capital and Samara Capital, are finding it tough to find a buyer for the firm because of steep valuations. The private equity firms are said to be asking for a valuation of around Rs 1,800 crore for Sharekhan, which prospective buyers feel is high when broking firms are struggling amid waning investor participation in stocks. Citi Venture and IDFC had bought about 76% in the firm in 2007 in a deal that valued Sharekhan at over Rs 800 crore then. Currently, Citi Venture, the private equity arm of Citigroup, holds about 46%, Samara Capital's India B Holdings Mauritius has 33% and IDFC holds 9% in Sharekhan. (Economic Times)
PTC In Talks With SWF For Fund - Power trading firm PTC India is in talks with a sovereign wealth fund for setting up a private equity fund, which is likely to have an initial capital of about $100 million. PTC India is looking to float a private equity fund and is in advanced talks with a sovereign wealth fund. The firm already has a subsidiary PTC India Financial Services (PFS), which lends to power sector including renewable energy projects. (Economic Times)
KS Oils Nears Liquidation - Edible oil maker KS Oils, which once boasted of private funds Citigroup Venture, Baring and New Silk Route as stake holders, is staring at the spectre of liquidation as its efforts to sell assets and repair its balance sheet are turning out to be futile. The company’s proposal for corporate debt restructuring is kept in abeyance, pending disposal of some of its wind mills to plug the hole in its balance sheet due to losses in mustard oil trading. (Economic Times)
Varroc Group Acquires 80% In TriOM - Indian auto component maker Varroc Group has acquired 80% stake in Europe's largest two-wheeler headlights and tail lights maker TriOM SPA for an undisclosed amount. The deal will help Varroc strengthen its technology and widen the product portfolio besides a global reach. TriOM's plan to set up a plant in Vietnam will give Varroc a big gateway to reach out to the fast growing Southeast Asian markets. (Economic Times)
British Gas Unit To Exit ONGC JV - British Gas Exploration and Production India (BGEPIL), Indian subsidiary of UK-based BG Group will exit from Krishna-Godavari (KG) offshore block that it jointly holds with state-run ONGC. The decision to exit KG offshore block comes close on heels of the group’s decision to divest its stake in Gujarat Gas Company (GGCL). The present move is seen as BG Group’s strategy to scale down India operations. (Financial Chronicle)
