Mahindra Satyam To Buy Into Bharti Group's Comviva - Mahindra Satyam is close to buying 20-30% in Comviva Technologies, the mobile software development unit of Bharti Enterprises. A Bharti team in charge of selling its non-core business is in talks with Mahindra Satyam and a deal could fetch Rs 400-500 crore. PwC is an advisor to the transaction. Comviva, previously called Bharti Telesoft, makes software that allows operators to provide value-added services like music and video on mobile phones. In 2005, private equity fund Sequoia Capital and Cisco Systems bought an unspecified stake in Comviva for $13.5 million. (Financial Express)
Marico To Sell Non-Focus Brands - Hair oil maker Marico will look to sell some of its brands which the company terms “non-focus". The company has tapped investment bankers to find buyers for toilet soap brands Camelia, Aromatic and pre-wash starch brand Revive. A year ago, Marico sold its sunflower oil brand Sweekar, which was in the non-focus list for a few years, to Cargill India. Last week, Marico purchased Reckitt Benckiser's personal care business for an undisclosed sum as part of strengthening its product portfolio in the fast-growing male grooming and wellness category. (Financial Express)
Paracor Capital To Raise Rs 987Cr Fund - Paracor Capital Advisors is in the process of raising $200 million (Rs 986.99 crore) real estate fund which the company wants to deploy mainly in residential projects across the seven top cities in India. The real estate dedicated fund is being raised from high net worth individuals (HNIs) which will be invested over a period of three to five years. The fund raising will be closed by around June. (Financial Chronicle)
S. Kumars Leads Race For Peacocks - Mumbai-based S. Kumars Nationwide Ltd. is the front-runner to buy discount fashion chain Peacocks out of administration, with a deal expected over the next week. The Indian textile and clothing manufacturer is one of several bidders reportedly interested in Peacocks. Others include Edinburgh Woollen Mill and Pakistani textile billionaire Alshair Fiyaz, who is reported to be working with Danish private equity fund Solstra Capital Partners. (Fox Business)
GeoGlobal Looks To Sell Four India Blocks - Canadian oil and gas explorer GeoGlobal Resources Inc. is looking at selling its stake in four Indian hydrocarbon blocks to Canada’s Fire Creek Resources Ltd. The transaction with Fire Creek Resources, which includes the blocks in Tarapur, Ankleshwar, Sanand-Maroli and Mehsana in Gujarat, is worth about $50 million. Gujarat State Petroleum Corp. Ltd (GSPC) is a partner or operator in all these blocks where the exploration activity has been completed. (Mint)
Telenor To Hold 74% In New JV - Norwegian telecom major Telenor on Sunday said it would want to hold the maximum permissible stake in its Indian joint venture, after it inducts a new partner. Telenor would want the new partner into the joint venture to hold 24 per cent. In the current joint venture with Unitech, Telenor holds 67 per cent. Few days after the Supreme Court cancelled all the 2008 telecom licences, the Norwegian company decided to break all ties with its partner, Unitech. (Business Standard)
Lemon Tree Undertakes Restructuring - Warburg Pincus-funded Lemon Tree Hotels has embarked on a major restructuring of its business with an eye on unlocking value. The company plans to separate ownership and management of hospitality assets and is also weighing setting up a third-party hotel management company and introducing new hospitality brands. (DNA)
GMR To Sell Duty Free Business - Hyderabad Duty Free Retail Ltd (HDFRL), a GMR Group company that owns and manages duty-free outlets at the International Airport here, is up for sale. GMR Hyderabad International Airport Ltd (GHIAL), which manages the airport, is mulling to divest 100 per cent equity in HDFRL and is on the lookout for a suitable buyer. (Business Line)
Adani Group Eyes Rs 300Cr Plot In Andheri - The Adani Group is acquiring a prime two-acre plot in Andheri suburb of Mumbai and additional development rights on it for Rs 300 crore. The deal, which is in the works and is likely to be concluded in the next few weeks, is directly being undertaken by the promoters of the group as Adani Enterprises has decided to focus on businesses of ports, power and energy. Last week, Adani Enterprises said it will exit the real estate business. (Economic Times)