Ashok Leyland Finance In Talks With Everstone, Temasek - Ashok Leyland Finance, the NBFC arm of the Hinduja group, is in talks to sell a small stake to private equity funds such as Temasek, Everstone Capital and AIS Capital. The firm's promoters, truck and bus maker Ashok Leyland and the Hinduja group companies, want to sell 10% to raise about Rs 100 crore for business expansion. Chennai-based Spark Capital is acting as AFL's advisor. The company began operations in March 2010 with equity of Rs 225 crore. (Economic Times)
Fortis To List Hived-Off Business - Fortis Healthcare Ltd, the country's largest healthcare chain, on Monday, hived off its non-core business and related assets into a separate company that will be listed as a business trust on the Singapore Exchange (SGX) to raise around Rs 2,000 crore. Fortis has spun off the company's out-patient departments (OPDs), existing and upcoming hospital buildings and radiology division, among others, into Religare Health Trust. (Economic Times)
Oil India To Buy Reliance Gast Transportation - State-run Oil India said it is in talks to buy a controlling stake in Mukesh Ambani's privately held company Reliance Gas Transportation Infrastructure (RGTIL). Oil India had submitted an expression of interest but would take a final call later. JPMorgan, Citi and SBI Caps are managing the stake sale. (Economic Times)
Apollo, ICICI Venture Near $350M For Distress Fund - U.S. private equity firm Apollo Global Management LLC and ICICI Venture, the private equity arm of No.2 Indian lender ICICI Bank, are close to raising $350 million to invest in distressed assets in India. The new fund will invest in companies that face special or distressed situations or restructurings or are spinning off assets, and will also invest in non-performing loans. (Business Standard)
Voicetap Eyes $7M Funding - Voicetap, a technology startup focused on mobile-education, is in talks with venture capital funds in the US, Singapore and India to raise $7 million over the next few months. Of this, an initial round of $1 million has already been invested by CCube Angels, an investment group in Singapore, private equity firm Frontline Strategy and angel investor Umesh Kumar Baveja. (Economic Times)
Jindal Steel's $2.1B Bolivian Project Stalled - After months of bickering and verbal volleys, the $ 2.1-billion (Rs 11,550 crore) Bolivian project of Jindal Steel and Power Ltd (JSPL), the most ambitious overseas steel project of an Indian company, is now officially stalled, thanks to differences between the Bolivian government led by Leftist President Evo Morales and the Naveen Jindal-promoted steel maker. (Business Standard)
Leela Promoters Pledge 18.56% Stake - Hotel Leelaventure Ltd on Monday said a promoter group firm, Leela Lace Holdings Pvt Ltd has pledged shares aggregating to 18.56 per cent stake in it to State Bank of India and Bank of Baroda. Leela Lace Holdings Pvt Ltd has pledged 4.9 crore shares with the SBI accounting for 12.63 per cent of the total share capital of Hotel Leelaventure on May 19. (Business Standard)
