December 2007

*Includes Energy, Telecom, Engineering & Construction,
Shipping & Logistics, Hotels & Resorts, Travel & Transport

Three leading GSM operators Bharti, Vodafone-Essar and Idea Cellular have merged their existing passive infrastructure, including towers, into a 42:42:16 joint venture. The independent company, Indus Towers, will control around 60% of the over 120,000 towers across 16 circles currently owned by the three operators.

India's rapidly growing mobile subscriber base is expected to create demand for at least 3 lakh more towers.

In July, another leading mobile telecom player, Reliance Communications, had received over $300 million by selling a 5% stake in its infrastructure arm, Reliance Telecom Infrastructure, to a group of hedge funds and PE firms. Other telecom infrastructure companies that have raised PE financing include Aster Infrastructure, ACME Tele Powet, Aster Infrastructure and Global Assets Holding Corporation.

For more information:

http://tinyurl.com/yp4bnd

http://www.thehindubusinessline.com/2007/12/09/stories/2007120951080100.htm

Done Deals

PE / VC Fund Investments

GMR Infrastructure raises $1-B via QIP issue

Bangalore, KA-based listed infrastructure firm GMR Infrastructure Ltd. has raised $1 billion (Rs. 3,970 crore) by divesting a 9% stake via a QIP issue to 49 investors including George Soros’ Quantum Fund and Citigroup, reports Times of India. The proceeds will be used for both ongoing projects in India and acquisitions.  

The promoter holding in the company has come down from 81% to 74%. Institutional investors will now hold 24% and retail investors 2%.

The book running lead managers to the issue were Citigroup Global Markets India, JM Financial Consultants, JP Morgan India, Kotak Mahindra Capital, Lehman Brothers Securities and UBS Securities India.

For more information:

http://timesofindia.indiatimes.com/articleshow/2618070.cms 

http://tinyurl.com/372uel

http://www.gmrgroup.co.in

Soma Enterprise raises $101-M from 3i

Hyderabad, AP-based infrastructure firm Soma Enterprise Ltd. has raised $101 million from 3i India Infrastructure Fund, a fund of UK-based PE firm 3iGroup Plc, in return for a minority stake, reports Business Standard. Soma Enterprise Director Ankineedu Maganti and his family will retain a majority stake.

The 10-year-old Soma specializes in multi-disciplinary engineering, procurement and construction (EPC) contracts across segments such as roads, irrigation, hydropower and urban infrastructure

For more information:

http://business-standard.com/common/storypage_c.php?leftnm=10&autono=305922

Goodearth Maritime raises $63-M from IDFC PE

Archean Group-promoted Goodearth Maritime Ltd., a Chennai, TN-based dry bulk shipping firm, has raised about $63.4 million (Rs. 260 crore) from IDFC Private Equity. o3 Capital was the sole advisor to Goodearth for the transaction. The funds will be used to develop the company's green-field ship building yard in Tamil Nadu, as well as for its entry into the onshore and offshore oil drilling sector.

http://www.archeangroup.com

http://www.somaenterprise.com

Pipavav Shipyard raises $50-M from Blackstone: report

Mumbai, MH-based Pipavav Shipyard and Engineering Ltd. (PSEL) has raised $50 million from Blackstone via a pre-IPO preferential allotment, media reports indicate. The book running lead manager to the issue is JM Financial.

Pipavav Shipyard, co-promoted by Punj Lloyd and SKIL Infrastructure, is planning a $200 million IPO next month. Existing investors include New York Life, 2i Capital, Trikona Capital, Citadel, SembCorp Marine and StanChart Asia PE.

http://www.pipavavshipyard.com

Tata Power may raise $50-M from IFC

Mumbai, MH-based listed power producer Tata Power Company Ltd. may raise $50 million from IFC, the PE arm of the World Bank, for its new $4.1 billion project.

For more information:

http://tinyurl.com/2vm3gb

http://tatapower.com

BGR Energy raises $46-M

Chennai, TN-based BGR Energy Systems (formerly GEA Energy) has raised about $46.3 million (Rs. 1.9 billion) via a pre-IPO preferential allotment to Citi Venture Capital and Reliance Mutual Fund, reports Business Standard. While CVC has acquired a 4% stake, Reliance MF has acquired 2%.

BGR focuses on design, engineering, manufacture and supply of various systems and equipment required for power, oil & gas, refinery, petrochemical and process industries. The book running lead managers to its IPO are SBI Capital Markets, Kotak Mahindra Capital and UBS Securities India.

For more information:

http://tinyurl.com/2xtg7v

http://www.bgrcorp.com

Jindal Drilling to raise $37.5 M from Citigroup

Gurgaon, HR-based listed offshore services provider Jindal Drilling & Industries Ltd. is to raise about $37.5 million (Rs. 153.6 crore) via a preferential allotment to Citigroup in return for a 10.5% stake. The funds will be used for capex and business plans.

Jindal Drilling also plans to acquire 49% stake in Singapore-based Virtue Drilling Pte Ltd. Further, it plans to invest in other SPVs engaged in oil & drilling and related activities.

For more information:

http://www.bseindia.com/qresann/news.asp?newsid={B58BBACB-2CA8-4FAB-B488-0D8631AB7AB7}

http://www.jindaldrilling.com

B Seenaiah raises $37-M via preferential allotment

Hyderabad, AP-based construction and infrastructure firm B Seenaiah & Co. (Projects) Ltd. has divested a 7% stake to Larsen & Toubro (L&T), Infrastructure Development and Finance Company (IDFC), Lehman Brothers and Singapore-based PE firm Amansa Capital for about $37.1 million (Rs. 152 crore), reports Economic Times. L&T has routed its investment through two of its group companies, L&T Infrastructure Finance and L&T Capital. IDFC SSKI Securities acted as exclusive financial advisor to Seenaiah.

In May 2006, Seenaiah had raised Rs. 150 crore from New Vernon PE and Tiger Veda.

http://economictimes.indiatimes.com/articleshow/2626669.cms

JMJ Group arm raises $30.5 M from GT&T

Asrani Inns and Resorts, part of Mumbai, MH-based JMJ Group, has raised about $30.5 million (Rs. 125 crore) from UK-based GT&T, reports Business Line. Asrani was recently acquired by JMJ as part of its planned entry into the hotel and retail segments.

JMJ plans to build 5-star hotels in New Delhi, Jaipur, Dehradun and Hyderabad, 3-4 star hotels in Pune, Raipur and Udaipur, with a plan to create 1,500 rooms. The total investment required is about $488 million (Rs. 2,000 crore). HVS International is advising JMJ on the new projects.

http://www.thehindubusinessline.com/2007/12/05/stories/2007120550280300.htm

Punj Lloyd arm to raise $30-M from IFC

Punj Lloyd Upstream Ltd., part of New Delhi, DL-based listed engineering & construction firm Punj Lloyd Ltd., is to raise $30 million from IFC, the PE arm of the World Bank. Punj Upstream will establish onshore drilling rigs at various locations in India.

For more information:

http://tinyurl.com/33nz33

http://www.punjlloyd.com

CVC acquires stake in Shiv-Vani for $24-M

Citigroup Venture Capital International has acquired a 7% stake in New Delhi, DL-based listed oil exploration and production firm Shiv-Vani Oil & Gas Exploration Services Ltd. for Rs. 100 crore ($24.4 million), reports Economic Times. Merrill Lynch and US-based PE fund GMO have also acquired small stakes in Shi-Vani.

http://www.shiv-vani.com

HIPE Transport to raise $22-M from Dubai firm

Dubai-based Infrastructure Projects International plans to invest $22 million (Rs. 87.5 crore) in HIPE Transport Ventures Pvt. Ltd., a unit of Bangalore, KA-based Hindustan Infrastructure Projects & Engineering Pvt. Ltd., reports Mint. Hindustan Infrastructure is promoted by Rajya Sabha member Rajeev Chandrasekhar.

Several other foreign investors, including PE firms, are expected to invest in HIPE Transport in the coming months, adds the report.

http://www.livemint.com/2007/11/30014122/Need-to-know--Dubai-fund-to-i.html

AD Hydro Power to raise additional $9-M from IFC

New Delhi, DL-based AD Hydro Power Ltd. (ADHPL), a 90:10 joint venture between Malana Power Co. Ltd. and IFC, the PE arm of the World Bank, is to raise an additional $9.3 million from IFC. Malana Power is owned 51% by Bhilwara Energy and 49% by Norway-based Stratkraft Norfund Power.

http://tinyurl.com/268l9v

Innovative B2B raises $6-M from Sage Capital

New Delhi, DL-based private cargo train operating company Innovative B2B Logistics Solutions has raised about $61. million (Rs. 25 crore) from Mumbai, MH-based PE firm Sage Capital Advisors in return for an 8% stake, media reports indicate.

Inlogistics is one of the 14 private players who were granted the licenses to operate container trains by the Indian Railways.

http://www.inlogistics.in

Sayaji raises funds from Jacob Ballas, JM Financial

Jacob Ballas Capital India and JM Financial Equity Fund are in talks to acquire a 10% stake in Indore, MP-based listed 3-star hotel and restaurant chain Sayaji Hotels for an undisclosed amount via a preferential allotment, reports Economic Times. The funds will be used to expand the company's restaurant chain, Barbeque Nation.

Currently, promoters hold a 48.4% stake in Sayaji, while the public holding stands at about 51.6%, of which Clearwater Partners holds around 14%.

For more information:

http://economictimes.indiatimes.com/articleshow/2595897.cms

http://www.sayajihotels.com
 

Other Private Equity / Strategic Investments

Reliance Energy to raise $366-M from insurance firms

Reliance Energy Ltd. (REL), part of the Reliance-Anil Dhirubhai Ambani Group (R-ADAG), is to raise about $2 billion (Rs. 8,000 crore) via a preferential allotment of shares or equity related securities over the next two years. The funds will partly be used for the company's large infrastructure projects.

While R-ADAG will invest nearly Rs. 6,500 crore, the balance ($365.9 million) will be raised from LIC, New India Assurance, Oriental Insurance, General Insurance, National Insurance and United India Insurance, which have been long-term shareholders of the company. They currently hold an 18% stake in REL.

For more information:

http://www.bseindia.com/qresann/news.asp?newsid={AA1FCA60-2641-4372-98AF-7EF16AD23D6E}

http://www.rel.co.in

Simplex Infra raises $98-M

Kolkata, WB-based listed infrastructure firm Simplex Infrastructures Ltd. has raised about $97.6 million (Rs. 400 crore) via a QIP issue. The new issue accounts for 13% of the expanded capital.

For more information:

http://www.bseindia.com/qresann/news.asp?newsid={7210D045-1C77-4780-BFD9-E0A01E134465}

http://www.simplexinfrastructures.com

Feedback Ventures divests 26% stake to L&T for $10-M

New Delhi, DL-based infrastructure advisory, engineering services and project development firm Feedback Ventures Pvt. Ltd. has divested a 26% stake to Larsen & Toubro Ltd. (L&T) for about $9.8 million (Rs. 40 crore). DLF and Thapar Group, which had earlier held a 19% and 12.7% stake respectively, have exited the company by divesting their stakes to the Feedback promoters.

L&T was one of Feedback’s largest clients in 2006-07. Other investors in the firm include IDFC and HDFC.

http://www.feedbackventures.com/Feedback-Ventures-raises-fresh-capital-and-restructures-shareholding.html
 

Secondary Offerings

Gremach Infra raises 450-M overseas

Kolkata, WB-based infrastructure firm Gremach Infrastructure Equipments & Projects Ltd. has raised $50 million via an FCCB issue. The proceeds will be used for the company's proposed entry into the oil rig business. The bonds will be listed on Singapore Stock Exchange. Standard Chartered Bank acted as sole book runner and Atherstone Capital Markets acted as financial advisor for the FCCB.

http://www.thehindubusinessline.com/2007/12/12/stories/2007121251161700.htm
 

IPOs

Suzlon arm raises $561-M via IPO

Belgium-based wind turbine gearbox designer Hansen Transmission, part of Pune, MH-based Suzlon Energy, has raised €400 million (about Rs. 2,300 crore) via an IPO to fund plans in India and China, reports Business Standard. Suzlon had acquired Hansen in May 2006.

http://www.businessstandard.com/common/storypage_c.php?leftnm=10&autono=306859

BGR Energy raises $106.5 M

Nellore, AP-based BGR Energy Systems has raised about $106.5 million (Rs. 436.8 crore) via an IPO. The book running lead managers to the issue are CLSA India, SBI Capital Markets, Kotak Mahindra Capital and UBS Securities India.

The company has raised about $46.3 million via a pre-IPO preferential allotment to Citi Venture Capital and Reliance Mutual Fund.

http://www.bgrcorp.com

Transformers and Rectifiers raises $34-M

Ahmedabad, GJ-based transformers manufacturer Transformers and Rectifiers (India) Ltd. raised about $34 million (Rs. 139.5 crore) via an IPO. The issue constitutes 23.2% of the fully diluted post issue paid-up equity share capital of the company. The book running lead manager is Enam Securities.

http://www.transformerindia.com
 

Mergers & Acquisitions (Domestic)

Kamat Hotels acquires 60% stake in Concept

Mumbai, MH-based listed hospitality group Kamat Hotels (India) Ltd. has acquired a 60% stake in Concept Hospitality at Rs. 120 per share, reports Moneycontrol.com. Kamat has acquired the stake from Vithal Kamat, the company's promoter who held the Concept stake in his personal capacity.

http://tinyurl.com/yrrloh

Global Tech, Punj Lloyd acquire 66% in Airworks

US-based PE firm Global Technology Investment and New Delhi, DL-based listed engineering & construction firm Punj Lloyd Ltd. have acquired a 33% stake each in Mumbai, MH-based Airworks India, reports Economic Times. Global Technology and Punj Lloyd are investing about $24.4 million (Rs. 100 crore) to revamp Airworks, which will now broaden its horizon to more areas of aviation infrastructure and services. The Menon family will retain the balance 33% stake in the company.

Launched in 1951, Airworks is one of the oldest family-owned aircraft maintenance firms in India.

For more information:

http://economictimes.indiatimes.com/articleshow/2576768.cms

http://www.airworksindia.com

BHEL to acquire Bharat Heavy Plate

State-owned Bharat Heavy Electricals Ltd. (BHEL) is to acquire Visakhapatnam, AP-based engineering, procurement and construction (EPC) PSU Bharat Heavy Plate & Vessels Ltd., reports Business Line. Post deal, it will invest Rs. 275 crore as capital expenditure and Rs. 34 crore as equity in the company.

For more information:

http://www.thehindubusinessline.com/2007/12/21/stories/2007122152091000.htm

http://www.bhpvl.com

Entegra to acquire PSC Engineers for $2-M

Mumbai, MH-based listed energy firm Entegra Ltd. is to acquire transmission and distribution line firm PSC Engineers Pvt. Ltd. for about $2.4 million (Rs. 10 crore), reports Reuters.

For more information:

http://economictimes.indiatimes.com/Entegra_buys_PSC_Engineers_for_Rs_10_cr/articleshow/2635374.cms

http://entegra.co.in
 

Mergers & Acquisitions (Outbound)

GMR Energy to acquire Nepal firm Himtal

Bangalore, KA-based GMR Energy, a subsidiary of GMR Infrastructure Ltd., is to acquire an 80% stake in Nepal-based Himtal Hydro Power for an undisclosed amount. Himtal has a survey license issued by the Nepal government to study the feasibility and environmental impact of setting up the 250 MW Upper Marsyangdi - 2 hydropower project.

http://www.bseindia.com/qresann/news.asp?newsid={50FD3A53-E77D-434B-A3ED-732A0074A221}
 

Deals in the Making

Private Equity / Strategic Investments

Essar Oil to raise $4-B

Mumbai, MH-based oil & gas firm Essar Oil Ltd. is likely to complete its $4 billion fund raising plan next month, reports Business Standard. The company will utilize the funds to triple the capacity at its refinery at Vadinar, GJ.

http://tinyurl.com/2lm6wq

Sterlite Energy to raise $1-B

Sterlite Energy Ltd. (SEL), a subsidiary of Vedanta arm Sterlite Industries, is in talks to raise $1 billion via a pre-IPO preferential allotment of a 15% stake, reports Economic Times. Citigroup Global Markets and DSP Merrill Lynch are advising Sterlite Energy on the transaction.

For more information:

http://economictimes.indiatimes.com/articleshow/2593423.cms

http://www.sterlite-industries.com

Essar Power to raise $700-M

Mumbai, MH-based power generation firm Essar Power Ltd. is to raise up to $700 million via a preferential allotment to unnamed PE firms in return for a 10% stake, reports Economic Times. The equity of the company is valued at $7 billion. The funds will be deployed in a $4 billion plan to set up three new projects with cumulative capacity of 3,600 MW. Mumbai-based SSKI has been appointed as the merchant banker.

For more information:

http://economictimes.indiatimes.com/articleshow/2602259.cms

http://www.essar.com/power.htm

Suzlon Energy to raise $500-M via QIP issue

Pune, MH-based listed wind power generation firm Suzlon Energy Ltd. plans to raise $500 million (Rs. 2,000 crore) via a QIP issue, reports Business Standard. DSP Merrill Lynch and Citigroup have been appointed as the bankers for the issue. The proceeds may be used for repayment of debt and for expansion plans.

For more information:

http://business-standard.com/common/storypage_c.php?leftnm=10&autono=306928

http://www.suzlon.com

Titan Energy scouting for $140-M

Titan Energy Systems, a Hyderabad, AP-based manufacturer and exporter of solar photo voltaic modules, is in talks with PE firms and other financial institutions to raise $140 million (around Rs. 555 crore), reports Business Standard. The amount, to be raised through a mix of debt and equity, will fund its upcoming project in Fab City near Hyderabad.

http://www.businessstandard.com/common/storypage_c.php?leftnm=10&autono=306389

Royal Orchid Hotel promoters scouting for $125-M

The promoters of Bangalore, KA-based listed Royal Orchid Hotels are looking to raise $100-125 million for acquiring land banks and co-investing in hospitality projects, reports Economic Times. The promoters are raising the funds in their personal capacity along with a few overseas investors.

For more information:

http://economictimes.indiatimes.com

(Direct link unavailable)

http://royalorchidhotels.com

Essar scouting for 50% stake in Kenyan refinery

The Essar Group is in talks to acquire a 50% stake in Mombasa, Kenya-based Kenyan Refinery and Petroleum Ltd. from Chevron, Royal Dutch and British Petroleum, reports Financial Express. The refinery has an annual production capacity of about 4 million tons.

http://www.financialexpress.com/news/Essar-eyes-50-stake-in-Kenyan-refinery/248710/

CESC may divest stake in Jharkhand plant

Kolkata, WB-based listed power utility CESC Ltd., part of the RPG Group, may divest a 49% stake in an SPV to execute the 1000 MW green-field pithead thermal venture in Jharkhand, reports Economic Times. Potential bidders include strategic investors and PE firms.

http://economictimes.indiatimes.com
 

IPOs

Infrastructure firms GMR, GVK to launch $488-M IPOs

Hyderabad, AP-based infrastructure firms GMR Infrastructure and GVK Power are to raise about $488 million (Rs. 2,000 crore) each via IPOs, reports Times of India.

http://tinyurl.com/2npkfx

Damodar Valley Corp to launch IPO

Kolkata, WB-based Damodar Valley Corporation plans to launch an IPO, reports Business Line. Prior to that, it plans to develop a corporate structure for itself.

The organization was created on the lines of Tennessee Valley Corporation in the US primarily to control the devastating floods in Damodar valley and use the water resources for socially gainful purposes.

For more information:

http://www.thehindubusinessline.com/2007/12/07/stories/2007120755870300.htm

http://www.dvcindia.org

Mahanagar Gas plans IPO

Mumbai, MH-based Mahanagar Gas Ltd., which provides piped gas to households and compressed natural gas to automobiles in Mumbai, plans to raise funds via an IPO, reports Economic Times. Mahanagar Gas is a 49:49:2 joint venture between British Gas, GAIL India and the Maharashtra government. Post IPO, the public shareholding is expected to be 20% while the state government may hold 10%.

For more information:

http://economictimes.indiatimes.com/rssarticleshow/2626083.cms

http://www.mahanagargas.com

Pride Hotels plans IPO

Mumbai, MH-based hotel chain operator Pride Hotel plans to launch an IPO in the first quarter of 2008 to part-fund its Rs. 340 crore expansion plan, reports Business Line. It had raised Rs. 45 crore from Kotak India Real Estate Fund in October. It has also raised Rs. 10 crore from a Mauritius-based primary fund.

For more information:

http://www.thehindubusinessline.com/2007/12/20/stories/2007122050990300.htm

http://www.pridehotel.com

Mahindra Holidays to launch IPO

Mahindra Holidays & Resorts India Ltd., the Chennai, TN-based time share resorts arm of the Mahindra Group, has filed for an IPO of 10.7 million shares. The company also plans a pre-IPO preferential allotment of 2.5 million shares. The book running lead managers to the issue are Kotak Mahindra Capital and HSBC Securities and Capital Markets (India).

http://www.clubmahindra.com
 

Secondary Offerings

Tata Power to raise $976-M

Mumbai, MH-based listed power producer Tata Power Co. Ltd. plans to raise about $976 million (Rs. 4,000 crore) via an issue of FCCBs or GDRs, reports Business Standard. The company also plans to enter the shipping and logistics business in order to facilitate coal procurement for its power plants.

For more information:

http://www.businessstandard.com/common/storypage_c.php?leftnm=10&autono=308004

http://www.tatapower.com

Patel Engineering to raise $500-M overseas

Mumbai, MH-based listed civil engineering firm Patel Engineering Ltd. is to raise up to $500 million via an issue of GDRs, FCCBs or other equity related instruments.

For more information:

http://www.livemint.com/2007/12/10151902/Merrill-Lynch-offloads-stake-i.html

http://www.patelengineering.com

Jaiprakash Associates to raise $400-M overseas

Listed cement and construction firm Jaiprakash Associates Ltd., a part of the Jaypee Group, is to raise $400 million (about Rs. 1,570 crore) via a GDR issue.

http://business-standard.com/common/storypage_c.php?leftnm=10&autono=307601

NEPC to raise $150-M overseas

Wind energy firm NEPC India is to raise $150 million via an issue of FCCBs or GDRs to fund its expansion in the solar energy domain, reports Business Standard.

http://business-standard.com/common/storypage_c.php?leftnm=10&autono=306481

Jaypee looking to acquire Mid East cement plant

New Delhi, DL-based Jaypee Associates is looking to acquire a 4-5 million ton cement plant in the Middle East, reports Economic Times.

http://economictimes.indiatimes.com/articleshow/2605970.cms
 

Mergers & Acquisitions

IOC scouting for $3-B acquisition

PSU refiner Indian Oil Corporation (IOC) may invest $3 billion to acquire an overseas oil producer, reports Bloomberg News. The target would be a company that owns fields in Africa or countries that were part of the former Soviet Union.

http://www.businessstandard.com/common/storypage_c.php?leftnm=10&autono=308015

NTPC scouting for $1-B overseas acquisition

PSU power generation firm NTPC Ltd. is looking to acquire an overseas firm for over $1 billion (Rs. 3,960 crore), reports Mint.

http://www.livemint.com/2007/12/19225918/NTPC-scouts-for-1-bn-acquisit.html

R-ADAG looking to acquire Indonesian coal firm

The Reliance-Anil Dhirubhai Ambani Group (R-ADAG) has expressed interest in acquiring Indonesia-based thermal coal firm PT Berau Coal, reports Business Standard. R-ADAG has earmarked over Rs. 4,000 crore to acquire coal mines in foreign countries. Merrill Lynch is Berau’s advisor for the sale.

http://www.businessstandard.com/common/storypage_c.php?leftnm=10&autono=306229

DLF looking to acquire Ferragamo franchise

New Delhi, DL-based listed real estate firm DLF Ltd. is looking to acquire the India franchise rights of Italy-based ultra luxury brand Salvatore Ferragamo for $3 million, reports Business Standard. The Italian brand’s original franchise partner, Sports Station India, has decided to exit the business and instead concentrate on premium brands such as Levi’s and Dockers. Ferragamo is famous for its handmade leather shoes, besides its range of accessories such as handbags, men’s ties and now even apparel.

http://www.businessstandard.com/common/storypage_c.php?leftnm=10&autono=305976

RINL looking to acquire Bird Group

Rashtriya Ispat Nigam Ltd. (RINL), the holding company of Visakhapatnam Steel Plant, has expressed interest in acquiring the Bird Group of Companies, including Orissa Mining Development Corporation, reports Business Line. The deal is likely to help RINL secure iron ore supplies for meeting its long-term needs.

http://www.thehindubusinessline.com/2007/12/01/stories/2007120152200300.htm

Jaiprakash Associates looking to acquire Bina project

Cement and construction firm Jaiprakash Associates Ltd., a part of the Jaypee Group, is in talks with the Aditya Birla Group to acquire the Bina Power project in Madhya Pradesh, reports Economic Times. The 500 MW project has been ailing for a while now.

http://economictimes.indiatimes.com/articleshow/2576872.cms

Tata Power may bid for Singapore firms

Publicly listed Tata Power Company (TPC) may bid for Singapore-based power generation firms Tuas Power, PowerSeraya and Senoko Power, reports Times of India. Temasek Holdings, the Singapore government's investment arm, is selling its stakes in the companies.

Other bidders for Tuas include the GMR Group and Reliance-Anil Dhirubhai Ambani Group (R-ADAG).

http://timesofindia.indiatimes.com/rssarticleshow/2590172.cms

Hindujas may acquire lubricants firm Tide Water

The Hinduja Group is to bid for Tide Water Oil, the lubricants manufacturing arm of PSU firm Andrew Yule & Co., for an undisclosed amount, reports Times of India. Andrew Yule and United India Insurance are planning to divest their combined 40.3% stake in Tide Water Oil, which was originally floated as a JV with Caltex (now Chevron) 60 years back. Chevron still holds 22% in Tide Water through a subsidiary called Four Star Oil.

http://timesofindia.indiatimes.com/rssarticleshow/2642059.cms

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