Pinebridge Buys AIG's India MF Business - American International Group (AIG) has entered into a purchase-sale agreement with Pinebridge Investments, a global asset management company, for the sale of its Indian mutual fund business. The mutual fund would be taken over after regulatory approvals. The agreement to sell AIG’s Indian mutual fund business to Pinebridge was finally entered into in the last week of October, though it was not made public at the time. (DNA)
Patni Deal Faces Non-Compete Hurdle - The unlisted Patni Technologies is owned by Narendra Patni has become the bone of contention between the promoters of India's sixth-biggest software services exporter and its prospective bidders. The Patni promoters, who hold about 45% in Patni Computer Systems , have refused to sign a non-compete agreement with the prospective buyers, which include a private equity consortium comprising Carlyle and Advent, and iGate Technologies, backed by Apax Partners. (Times of India)
Birlas, RPG In Race For Evonk Industries Unit - Billionaires Kumar Mangalam Birla and Rama Prasad Goenka are considering making offers for the carbon black unit of Germany’s Evonik Industries AG. Phillips Carbon Black Ltd., part of Goenka’s RPG Group, and Aditya Birla Group are among potential bidders for Evonik’s carbon black unit, which makes material used in tires and synthetic rubber. The deal would likely to be valued at more than $700 million. (Bloomberg)
IFCI Eyes Majority Stake In TFCI - IFCI is eying majority stake and management control in Tourism Finance Corporation of India (TFCI). The company is looking to induct five new members and replace one existing member on TFCI’s board. It is also being learnt that IFCI, which currently holds 34.8% stake in TFCI, may acquire additional stake from existing shareholders. (Moneycontrol)
StanChart PE To Exit Powerica - Standard Chartered Private Equity is set to exit its investment in Powerica, a Mumbai-based genset manufacturer, through the company’s proposed initial public offer (IPO). According to sources in the know, the genset maker plans to float an IPO in the range of Rs 800 crore and is likely to submit the draft red herring prospectus (DRHP) next month. It has mandated Kotak Mahindra Capital and Citi Group for the fund-raising and is also in talks with JM Financial for this. (BS)
Tulip, Global Holdings May Exit Qualcomm Ops - Tulip Telecom and Global Holdings may also exit Qualcomm's wireless broadband venture whenever the US chipmaker sells out its stake. Qualcomm, which had won broadband spectrum in four circles, is already in talks with multiple operators for exiting the venture. Tulip Telecom and Global Holdings (which owns telecom infrastructure firms GTL Ltd and GTL Infra) had picked up 26% stake in the Qualcomm venture for about $58 million (about Rs 268 crore). (HinduBusinessLine)
Bombay HC Gives Rajasthan Royals Breather - Bombay High Court-appointed arbitrator Justice B N Srikrishna today stayed the Board of Control for Cricket in India (BCCI) decision to terminate the Rajasthan Royals contract with the Indian Premier League (IPL) for six weeks. He held that prima facie, the termination of contract by the BCCI was “illegalâ€. (BS)