Pune-based real estate developer Marvel Realtors that hitherto only built large luxury homes, is foraying into small luxury apartments. The company is set to launch new projects across locations in Pune with apartment sizes ranging from 1,200 to 12,000 sq ft, all with the same high end specifications of uber luxury flats. It is also expecting to mop up around Rs 500 crore ($84 mn) in private equity investments during the 2015 fiscal. Since 2011, several PE players have invested the company, the latest being Capital First which has brought in Rs 130 crore ($22 mn) for one of Marvel’s commercial projects. “We expect four more transactions totalling Rs 500 crore ($84 mn)during this fiscal,†Vishwajeet Jhavar, founder and CEO, Marvel, said. (Business Line)
Essar plans to sell UK refinery: The Essar Group plans to sell the Stanlow refinery in Britain. Essar is seeking to raise $500-$600 million (Rs 29 bn – Rs 35 bn) for the plant in the northwest of England. However other plants recently put up for sale in the UK, Murco's Milford Haven and the Bankrupt Petroplus's Coryton, have failed to find buyers. Essar Energy, the subsidiary of Essar Group that bought the refinery for $350 million (Rs 20bn) from Shell in 2011, declined to comment. A formal sales process will be launched after all the requirements related to the delisting of Essar Energy from the London Stock Exchange. Essar Energy shares ceased trading on the London Stock Exchange on Tuesday. (The Times of India)
Multi Screen Media to acquire stake in Maa Television: Multi Screen Media, owner of the Sony Entertainment channel, wants to strengthen its presence in the regional markets, besides focusing on a turnaround of its flagship channel with the launch of new shows such as the upcoming fiction drama Yudh starring Amitabh Bachchan. NP Singh, CEO, Multi Screen Media, said: “Our presence in the regional space is small and in the next one to two years we are going to expand our regional footprint. We are looking at various markets in the southern and western regions, both through inorganic and organic route. We are also re-evaluating investing in Maa Television, which is in the Telugu space.†About two years ago, the company had expressed its intent to acquire 30 per cent in Maa TV, but the agreement did not go through. (Business Line)
IOB looks to raise $202 mn in qualified institutional placement: Indian Overseas Bank (IOB) will in the first week of July open its second branch in Bangkok, its Chairman & Managing Director M Narendra has said. The state-owned bank also plans to soon launch a qualified institutional placement (QIP) issue to mop up between Rs 1,000 and Rs 1,200 crore ($168 mn - $202 mn). (Business Line)
Courtesy: VCCEdge