Gold financing firm Muthoot Finance would be looking for tie up with a foreign partner as part of its plans to foray into insurance sector, said a management official from the company. The company currently have an insurance broking license. The firm is planning to submit application for insurance license soon. We should have a foreign partner for entering into the sector. The initial investment into the proposed firm is expected to be around Rs 300 crore ($ 48 million). It would take at least one year from the time of submitting application, for the company to get necessary approvals, George M Jacob added. (Business Standard)
Ennore Port to raise Rs 500 Crore debt: Ennore Port Ltd (EPL) plans to enter the debt capital market to raise Rs 500 crore ($ 81 million) for dredging, improve port connectivity and set up a coal berth. It will issue tax-free secured, redeemable non-convertible bonds of face value of Rs 1,000 each. The bond issue aggregates up to Rs 250 ($ 40 million) crore with an option to retain over-subscription up to Rs 250 crore ($ 40 million) aggregating to Rs 500 crore. The funds are to be used for capital dredging augmenting rail and road connectivity to the port and constructing a third coal berth for captive use of Tamil Nadu Generation and Distribution Corp. (Business Line)
For TechM, $5-b revenue is still the goal; hopes to add $800 m through buys: Tech Mahindra has said that its $5-billion (Rs 30,830 crore) revenue target for 2015 is only a stretch goal, but the company seems to have decided not to change the internal target to get there. The IT services company expects to earn $500-800 million (Rs 3083-4933 crore) from the non-organic component (mergers and acquisitions) to reach the target. It (revenues) will come from both organic and non-organic initiatives. At this point, our decision is to not change the internal target because from our perspective it is an aggressive enough goal and we will give it our best shot to make it happen,†said Manoj Bhat, Deputy Chief Financial Officer. Meanwhile, the company sees traction in IT plus BPO (Business process Outsourcing) combined deals, where platform solutions actually drive the deal. (Business Line)
iYogi to raise $55 million private equity funds for overseas expansion: Internet support service company iYogi will raise $55 million or Rs 340 crore from private equity funds by selling a little over 10% in itself to expand overseas and tap new sectors. Led by Madison India Capital and existing investors, PE firms have already committed $35 million to the company," Uday Challu, co-founder and CEO of iYog. The company is in discussions with European and American investors to raise an additional $20 million by March. The company, with yearly revenue of about $100 million (Rs 620 crore), is valued at an estimated $400 million or Rs 2,500 crore. ()
Jones Lang LaSalle India's investment arm looks to raise its second real estate fund: Property consultancy firm Jones Lang LaSalle India's investment arm is looking to raise its second real estate fund with a total target size of around Rs 600 crore ($97 million). The fund, to be raised in domestic market, will focus on investing in leased commercial assets across major office property markets in India, said two persons close to the development. The global real estate services firm recently concluded its maiden real estate fund, Residential Opportunities Fund I, worth Rs 161 crore. ($47 million). ()
Courtesy: VCCEdge
