News Roundup: Promoters To Sell Stake In Shalimar Paints

News Roundup: Promoters To Sell Stake In Shalimar Paints

By TEAM VCC

  • 17 May 2011

Promoters To Sell Stake In Shalimar Paints - Shalimar Paints, the 109 year-old Indian paints manufacturer, is up for sale. Promoters Ratan Jindal Group and the Jhunjhunwala Group, who jointly own 62.8% in the company, are planning to sell their entire stake. It is understood that Kansai Nerolac and Sherwin-Williams are in the race to buy Shalimar. The successful suitor will narrow the gap with India’s paints leader Asian Paints, which currently has a market share of 51.7%. Investment bank Avendus Capital has been given the mandate to find a buyer. The slow growth of the company has prompted the the two promoters to exit the company. (Financial Express)

Axiata To Sell 5% In Idea Cellular To PEs - Axiata is likely to be in talks with private equity players to sell up to 5% stake in Idea Cellular. It may have approached Warburg Pincus, Macquarie PE and StanChart PE with regards to this. Axiata holds 19.8% in Idea via TMI Mauritius and TMI India but may be looking at exiting the company on account of licence cancellations and penalties. Axiata bought Idea stake for Rs 100 per share in 2008 and may look at premium to Idea's current market price. (Moneycontrol)

Ruia Group In Talks To Buy Actis' Stake In Halonix - Private equity fund Actis is likely to exit the light manufacturer Halonix (formerly known as Phoenix Lamps).  Kolkata-based Pawan Ruia Group is the front-runner to acquire the auto ancillary production business of Halonix, which produces lights for both two and four-wheeler. It is learnt that Actis may sell its 66% of Halonix for $60 million. Last year, Philips India was in talks with Actics but the deal did not get finalised. (Moneycontrol)

Sumit Chandwani Quits ICICI Venture - Sumit Chandwani, executive director at private equity firm ICICI Venture, has put in his papers. Chandwani had a long innings with ICICI Venture and was part of the team spearheaded by Renuka Ramnath, which went on to manage funds worth $2 billion.  Last year, Chandwani led ICICI Venture to one of the most profitable exits when the fund made an eight-fold gain after partially cashing out of the engineering services firm VA Tech Wabag through an IPO. (Times of India)

Viacom18 May Take Over Paramount's India Biz - Viacom 18 Media, an equal joint venture (JV) between Network 18 and Viacom, will take over the Indian operations of Paramount Pictures.

Paramount is an arm of media conglomerate Viacom, but operates independently in India as Paramount Films of India Ltd. The Hollywood major has blockbusters like Mission Impossible and Transformer series to its credit. Last year, Viacom 18 decided to reboot its film business, Studio18, and rebrand it as Viacom18 Motion Pictures. (Business Standard)