Mumbai: Asia’s third largest iron ore miner NMDC Ltd plans to invest as much as Rs1,000 crore to form ventures (JVs) in India and overseas as part of a plan to enter coal excavation and expand its ore business.
The company is seeking partners in India, Australia and Brazil, and is setting up a panel of bankers to help its search, director (finance) Swaminathan Thiagarajan said on Monday in a phone interview. He did not identify any potential partner or give a timeframe.
NMDC, in which the government sold an 8.38% stake last month for about Rs9,930 crore, aims to benefit from the rising prices for coal and iron ore, the key steelmaking raw materials.
—Bloomberg
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GMR Energy to raise $100 mn from PE funds
Mumbai: GMR Group’s power unit GMR Energy Ltd is seeking to raise an additional $100 million (Rs446 crore) from private equity (PE) funds by June as the nation’s infrastructure build-up attracts foreign investment.
“We plan to raise $300 million, of which $200 million has already been tied up with Temasek,” A. Subba Rao, chief financial officer of GMR Group, said on Monday. “We’re holding discussions with a few funds to tie up the balance of $100 million. Whatever we raise, that would meet the capital requirement of the company for more than two years,” he said.
Singapore state investment company Temasek Holdings Pte Ltd agreed last week to invest in GMR Energy to help expand power capacity more than eightfold.
—Bloomberg
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NSR invests Rs360 crore in Coffee Day Resorts
Bangalore: Asia-focused private equity firm New Silk Route (NSR), which has $1.4 billion (around Rs6,300 crore) of assets under management, has invested Rs360 crore in Coffee Day Resorts Pvt. Ltd.
Coffee Day Resorts will use the money for its Cafe Coffee Day retail chain, hotels and luxury resorts as well as for building infrastructure, including special economic zones, chairman V.G. Siddhartha said on Monday.
With this, India has seen 22 private equity deals above Rs100 crore since January. As per estimates by Venture Intelligence, before NSR’s investment in Coffee Day Resorts, investors had pumped in nearly $2 billion in 21 deals so far this year.
—Deepti Chaudhary