BSNL, MTNL Eye Russia, Europe - Not content with their joint bid for Kuwait-listed Zain Telecom, state-owned telcos BSNL and MTNL and Delhi-based Vavasi group plan to participate in a joint venture for Russian and western European telecom operations. Under the deal, Vavasi is acquiring frequency spectrum and licences for Russia and several western European countries. The same SPV that is being formed to acquire a majority stake in Zain will be used to invest in the Russian operations. As part of the agreement, half the equity in the SPV will be controlled by the Vavasi group, and the rest will be held by the BSNL-MTNL combine. (Business Standard)
Essar Group Firm Raises Rs 4,280 Cr - ETHL Communications Holdings Ltd (ECHL), Essar Group’s holding company for telecom services, has raised Rs 4,280 crore through private placement of its zero-coupon bonds. The company intends to use the proceeds for its expansion plans, including mobile services and handset distribution. The money was raised selling non-convertible debentures (NCD), maturing in July 2011 at a yield of 9.15%. Barclays Capital was the coordinating mandated lead arranger and bookrunner, while Deutsche Bank, ICICI Bank, J P Morgan India Pvt Ltd, Standard Chartered Bank and YES Bank were the mandated lead arrangers and bookrunners. (BS)
Sistema To Offload Stake To Russian Govt - Sistema Shyam Teleservices Ltd (SSTL), a joint venture between Russia's Sistema and Shyam Group of India, has initiated the process to offload around 20% stake to the Russian government through a fresh issue of equity. The company is expected to decide on this by the end of this year. Currently, Russian government holds majority stake in Sistema, which is around 73.71%. Shyam Group holds 23.79% and the rest 2.5% is with the public. (DNA)
Petronet To Buy 10% Stake In Dahej Project - Delhi-based energy major Petronet LNG will pick up 10% equity stake in ONGC Petro Additions Ltd (OPAL). The ONGC-promoted OPAL is setting up a Rs 12,440-crore petrochemical complex in a special economic zone (SEZ) at Dahej. The deal size is estimated to be about Rs 400 crore, with the project having a debt-equity ratio of 2.55:1. ONGC holds a controlling stake of 26% in OPAL, Gas Authority of India Ltd holds 19% and Gujarat State Petroleum Corporation has a 5% equity stake. OPAL is aiming to hit the capital markets in 2011 by offering 20% equity. (BS)
Govt Approves Rs 1,361 Cr FDI - The government of India has approved 26 foreign investment proposals worth Rs 1,361 crore. It allowed Delhi-based Capricorn Hospitality Services to bring in FDI worth Rs 576 crore or up to 49% of its share capital to make downstream investments either directly or through other investment companies. It has also approved Hyderabad-based Indus Renewable Energy's proposal to make Rs 500-crore downstream investments. The government has deferred 14 proposals including Jet Airways, which planned to raise funds through foreign institutional investors. (Sify.com)
Aditya Birla In Rs 1,500-Cr JV - Aditya Birla Group (ABG), a diversified business conglomerate, has signed a memorandum of understanding with Orissa government for setting up a port in Orissa. The cost of the project is estimated at Rs 1,500-crore. The project will be developed in phases, and will be operated on a build-own-operate basis. (BS)
Pfizer On Road For Partnership With Drugmakers - The $48-billion US drug major Pfizer is looking for possible partnership with India drugmakers. The company has already approached to Zydus Cadila, Emcure, Intas Pharma and Mankind Pharma for the same. Pfizer has given a lucrative offer to Mankind Pharma, valuing the Indian company at $1 billion. This is part of company’s plan to try and bolster revenues threatened by the expiry of patents on key blockbuster drugs in the next three years. (Economic Times)
Manappuram Finance To Raise Rs 400 Cr - Manappuram General Finance and Leasing Ltd (MAGFIL), the only listed gold loan company in India, is planning to raise Rs 400 crore before the end of this financial year through commercial papers. The company has already raised Rs 125 crore from banks and mutual funds. Private equity firms like Sequoia Capital, India Equity Partners and Ashmore Alchemy are reportedly showing interest for making investment for around 35% stake in the company . (Sifybusiness)
APIIC To Partner With Firms For Solar Project - The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has planned to partner with an Indian and two American companies for setting up solar power plants in the state. The three companies will together invest over Rs 3,000 crore in the project. While US-based Sunborne will be investing Rs 2,000 crore, California-based AES Solar and Hyderabad-based Lanco Solar will be investing about Rs 600 crore each. (BS)
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