MCF To Invest Rs 500 Cr In Retail Foray - Vijay Mallya-controlled Mangalore Chemicals and Fertilisers Ltd (MCF) has initiated an agri project to support farmers in marketing staples and vegetables. It will invest around Rs 500 crore in this venture over the next five years to establish the network that includes setting up of collection and distribution centres, processing, grading, packing and cold chain. (BS)
Arshiya Lines Up Rs 2,210 Cr Expansion - Arshiya International, the supply chain and logistics solutions company, is investing Rs 2,210 crore in the first phase of its expansion plan. It plans to raise around Rs 1,450 crore from debt and another Rs 760 crore from equity. The company has already tied up for Rs 1,045 crore debt and raised Rs 515 crore equity. It will invest the amount in setting up a free warehousing trade zones (FWTZs) and strengthening its rail network. (DNA)
Sanofi-Aventis Eyes India Acquisitions - Sanofi-Aventis, the $42-billion French drug maker, has sent a delegation to India to finalise target for acquisition. Sanofi executives met drug maker Piramal Healthcare and privately-held Micro Labs for a probable acquisition in India. Indian drug market is estimated to be worth over $17 billion and growing. Earlier this year, Sanofi bought companies in Brazil, Mexico and the home-grown Shanta Biotech. (Economic Times)
Union Bank Seeks Rs 1,800 Cr - Union Bank of India has approached the government for additional capital worth Rs 1,800 crore. The additional capital could be in the form of equity or some other form. The government owns a 55.43% stake in Union Bank, while the other stake holders include institutions (30.44%), corporate bodies, individual shareholders and others. (DNA)
Glenmark Raises Rs 413 Cr In QIP - Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded qualified institutional placement (QIP). The company will utilise the money towards its debt reduction plan. It expects strong performance out of both the speciality and generic business domains in the financial year 2009-10. (BS)
Provogue To Form JV With FMCG Firms - Apparel maker and retailer Provogue India is in talks with fast moving consumer goods companies (FMCG) to form a joint venture to distribute its bodycare products across the country. The company is in talks with FMCG companies including Godrej, Hindustan Unilver and Marico. Provogue sells hair gel, body spray and other accessories under its own brand name in its stores and select outlets of Shoppers Stop. The distribution JV is expected to help it gain better market share and give Rs 50 crore in revenues in the next couple of years. (BS)
Sara Lee Buy To Benefit Godrej Group - The proposed sale of Sara Lee’s personal care unit to Unilever has increased the possibility of the former’s exit from its Indian joint venture (JV) with the Godrej Group. Analysts believe that Sara Lee’s exit will help Godrej. Godrej Sara Lee is a 49:51 JV between Godrej Consumer Products Ltd (GCPL) and Sara Lee. The JV had acquired the distribution and marketing rights for Sara Lee’s household and body care products for the Indian and South Asia markets in July 2007 for around Rs 50 crore. (Business Standard)
Grasim's Bafna To Join Siva Group – After his 20-year stint in Aditya Birla group, Grasim Industries president and deputy CFO Sanjeev Bafna is leaving the organisation. He joins hands with NRI businessman and investor C Sivasankaran, and will act as the group CFO of the Siva Group. Chennai-born businessman Sivasankaran has invested in several entities including Sterling Infotech in the 1980s. More recently, Siva Ventures (SVL) bought a 51% stake in S Tel, a Chennai-based telecom company. Other investments include buying a 49% stake in Aamby Valley, a real estate project promoted by Sahara Group, acquisition of a Norwegian shipping and logistic company JB Ugland Shipping and acquiring a 66% stake in Hindoostan Mill land in Central Mumbai. (ET)
Gammon India To Raise Rs 958.6 Cr - Construction and engineering firm Gammon India plans to raise Rs 958.6 crore in qualified institutional placement (QIP). The board approved the proposal to further issue securities to qualified institutional buyers upto an amount not exceeding $200 million. Gammon India is involved in the development of infrastructure projects on public private partnership (PPP) basis through its subsidiary, Gammon Infrastructure Projects Ltd. (BS)
Coromandel International Lines Up Rs 1,200-Cr Capex - The Murugappa Group-owned Coromandel Fertilisers Ltd, which was renamed Coromandel International Ltd (CIL) recently, has lined up a capital expenditure programme of Rs 1,200 crore in the next four to five years. The company will spend an additional Rs 500 crore to set up an overseas ammonia plant through a joint venture with a partner. It will spend Rs 250 crore to increase its production capacity and another Rs 250 crore as its equity for a joint venture to set up a phosphoric acid plant. (Hindu Business Line)
Lodha Developers To Raise Rs 3,000 Cr In IPO - Mumbai-based housing playerLodha Developers Ltd is planning to raise between Rs 2,000 crore and Rs 3,000 crore through an Initial Public Offer (IPO). Lodha would file the DRHP within a few days and is looking at listing during the first quarter next year. It will utilise about 20% of the funds raised for retiring debts and the rest for developing various projects and expansion. (BS)