facebook-page-view
Advertisement

News Roundup: Everstone eyes stake in designer wear Ritu Kumar

By TEAM VCC

  • 06 Sep 2013

Everstone Capital has started early stages of discussions for acquiring 25-30% stake in leading designer, Ritu Kumar’s business, according to people in the know. Ritu Kumar, who has been awarded the Padma Shri in 2013, runs franchises and retail outlets under the label RITU KUMAR across the country. Her promoters are looking for a valuation of Rs 300 crore for the company. Moet Hennessy Louis Vuitton or LVMH’s private equity arm, ‘L Capital’, owns 40% stake in Genesis, which sells leading designer brand, Satya Paul. (Business Standard)

Sify plans to invest in tech startups: IT firm Sify Technologies Ltd on Thursday announced that it will explore avenues to invest in or partner with technology startups focusing on cloud, security and managed services. These investments will focus on those companies with synergies to Sify's current business lines. Sify had already called on August 21, 2013, Rs 30 crore of capital from its 2010 subscription agreement with Sify's promoter group as initial funding for such investments. An additional Rs 120 crore would remain available to Sify pursuant to the terms of that agreement, which may be called by Sify's Board of Directors as needed. The board has also approved the execution of an amendment to the subscription agreement removing the current September 2013 deadline to call the balance of Rs 120 crore, leaving such funds available for draw by the Board at such time as it determines the funds are needed. (The Times Of India)

Srei Infrastructure plans to bid for KS Oils' wind mills: The irony is hard to miss. Srei Infrastructure Finance is angling some of the 90 wind mills of the troubled edible oil producer, KS Oils, now being put up through an auction, something the Kolkata-based financing company had once opposed. Srei, as a financier that drove KS Oil’s wind power foray, was ranged against the move by bankers claiming exclusive charge on those assets. Now, the Kanorias have a change of heart as the group hashes out options to shore up its renewable energy assets portfolio through its group arm, India Power Corp. KS Oils, saddled with a debt burden of about Rs 4,000 crore, was earlier referred to the corporate debt restructuring scheme and the lenders had appointed SBI Capital Markets to auction off 92 windmills owned by the company spread over Madhya Pradesh, Rajasthan, Tamil Nadu and Gujarat. (DNA)

Advertisement

Bankers to consider Rs 7,000-cr debt recast plan for Electrosteel: Kolkata-based Electrosteel group’s woes end in the next couple of months. While bankers are expected to sanction a Rs 7,000-crore ($1 billion) debt recast plan for the troubled Electrosteel Steels Ltd (ESL) this month, the group also hopes to get the final go-ahead to develop its iron ore block in Jharkhand in the next four-five months. Spearheaded by ESL, the Rs 10,000-crore project has been delayed by more than an year, leading to a major cost over run. Efforts were made in Januaryto raise nearly $250 million (Rs 1,700 crore ), either as loan or equity investment, but with no success. (Business Line)

L&T Realty puts 3 properties in Chandigarh on the block: L&T Realty has put its 1.15-million sq ft mall, a 400,000-sq ft office building, and its under-construction Hyatt Regency hotel in Chandigarh on the block, signalling its intent to exit non-core businesses. The company is looking at a valuation of around Rs 1,200-1,400 crore ($180.6 million - $210.75 million) for the three assets, says a property consultant who is helping the company with the sale. Two senior executives of New Delhi-based mall developers also said L&T Realty has approached them with sellout plans for their mall in Chandigarh. (The Economic Times)

Sanofi close to acquiring Elder Pharma's local biz: French drug maker Sanofi SA’s Indian arm was close to acquiring Elder Pharma’s domestic formulation business for over Rs 2,400 crore ($361.28 million). According to sources, the deal, chased by many multinationals for the past few months, has been finalised and the announcement is expected soon. According to an official source, the announcement is being delayed due to ill health of the company’s chairman and managing director Jagdish Saxena. GlaxoSmithKline, Carlyle Group and Pfizer were also reportedly in the race for acquiring the domestic drug maker. (Business Standard)

Advertisement

Businessworld on the block: Kolkata-based media group Anandabazar Patrika (ABP) has put its Businessworld business magazine on the block. The management hopes to clinch a deal by year-end. Launched in 1981, the publication from ABP’s stable was recently turned into a fortnightly from being the country’s only weekly business magazine. The ABP group has seven other periodicals apart from Businessworld. (Business Standard)

Trivitron Healthcare looks to raise upto $50 mn through PE route: Trivitron Healthcare, the Chennai-based medical devices manufacturer, is looking to raise anywhere between $30-$50 million through the private equity route in the near future. This move by Trivitron Healthcare to raise additional funds comes hardly with a year after it got commitments of $75 million anchored by Fidelity Growth Partners India. Trivitron, prior to Fidelity, had raised funds from ePlanet Ventures and Headland Capital, who partially exited during the last round. (Business Standard)

Courtesy: VCCEdge

Advertisement

Share article on

Advertisement
Advertisement