Mumbai: A unit of India’s biggest builder of dams, Jaiprakash Power Venture Ltd, hired Deutsche Bank AG and Enam Financial Consultants Ltd to sell shares for the first time, three people familiar with the deal said.
Raising funds: Chairman of Jaiprakash Power Manoj Gaur.
ICICI Securities Ltd, JM Financial Ltd, JPMorgan Chase and Co. and SSKI Securities Ltd will also arrange the sale that may raise more than $1 billion (Rs3,950 crore), the people said, requesting anonymity before a formal announcement. “We have hired bankers for the share sale,” said Sunita Joshi, executive general manager at parent Jaiprakash Associates Ltd. She declined to elaborate.
In October, Manoj Gaur, Jaiprakash Power’s executive chairperson, said the group will raise funds to increase electricity generation in line with a government plan to double power investment in five years to plug a shortfall. Jaiprakash joins JSW Energy Ltd and Reliance Power Ltd in planning $5 billion of power initial public offers (IPO) this week. Companies in all sectors raised $8.5 billion in IPOs last year, as the biggest rise in the sensitive index in four years spurred companies to raise funds, according to Bloomberg.
The government has set a target to add 78,577MW generation capacity in the five-year development plan ending March 2012, from 132,330MW, according to the Central Electricity Authority’s website.
-M.C. Govardhana Rangan/ Bloomberg
Bilcare’s Singapore unit acquires Singular ID
Mumbai: One of India’s leading pharma packaging company, Bilcare Ltd, has acquired Singapore-based brand security technology company Singular ID Pte Ltd for $19.58 million (Rs 53.68 crore). The deal, signed by Bilcare Singapore Pte Ltd, a wholly owned subsidiary of Bilcare in Singapore, will help the company to add innovative and viable anti-counterfeit technologies to its research portfolio.
“With counterfeit products not only affecting trust and safety of the consumer, but damaging the reputation and bottomline of the industry as well, there has been a dire need for a robust and scalable anti-counterfeit solution,” said Bilcare chairman Mohan Bhandari.
FM’s pre-budget talks to kick off with farm sector
New Delhi: Union finance minister P. Chidambaram will begin pre-budget consultations with representatives of various sectors, starting with those from agriculture on 7 January.
A person familiar with the matter said Chidambaram has invited “suggestions on inclusive growth, investment in infrastructure sector, apart from restructuring of the food and fertiliser subsidies without hurting the poor.”
SC allows 16 Goa iron ore mines to restart
New Delhi: The Supreme Court (SC) on Friday allowed 16 out of 18 iron ore mines in Goa to restart after stopping about a month ago because of doubts over work permits.
The 18 mines have an annual output of 8 million tones (mt), or nearly 25% of the mineral-rich Goa’s output of 30mt, which is entirely exported.
“It (the court) has permitted us to mine until the forest advisory committee and Supreme Court decides on the renewal,” said K.K. Venugopal, the lawyer representing the mine owners.
Seven to eight companies, including V.M. Salgaocar and Bro Pvt. Ltd and V.S. Dempo and Co. Pvt. Ltd, own the mines.
Bhel transformers to head for Azerbaijan
New Delhi: Power equipment supplier Bharat Heavy Electricals Ltd (Bhel) said on Friday it has secured an order from Azerbaijan to supply transformers.
“Bhel has achieved another breakthrough in the Commonwealth of Independent States (CIS) region by securing an export order for transformers from Azerbaijan,” the company said in a statement. “The World Bank-funded contract has been placed by AzerEnerji.”
$4 bn SBI issue details to be finalized mid-Jan
New Delhi: The country’s largest lender, State Bank of India, will finalize by mid-January, details for a planned $4 billion (Rs15,800 crore) rights equity offering, chairman O.P. Bhatt said on Friday. The offering is likely to hit the market by March as the bank gears up to raise funds and fight competition in a fast growing economy where demand for bank loans have been expanding at nearly 30% annually.
Bharti signs MoU with soccer body AIFF
New Delhi:Bharti Enterprises, with interests in telecom, retail, financial services, manufacturing and the agricultural sector, will support football administrators to develop and promote the sport in India.
The announcement comes close on the heels of Bharti chairperson and group chief executive Sunil Bharti Mittal’s statement a few months ago that Indian industry would back the sport in a bigger way.
Mittal made the commitment as president of the Confederation of Indian Industry during the visit of global football’s top administrator, Sepp Blatter, to New Delhi a few months ago. Blatter is the president of Fédération Internationale de Football Association (FIFA). Bharti signed a memorandum of understanding (MoU) with the All India Football Federation (AIFF) to set up a football academy under a public-private partnership, which will be called the National Football Development Programme.
Blackstone sets 9 Jan for Gokaldas open offer
Mumbai: World’s biggest private equity fund The Blackstone Group’s open offer made to the shareholders of garment manufacturer Gokaldas Exports Ltd for a 20% stake in the company will open on 9 January. The offer originally was scheduled to open on 5 October and close on 24 October 24.
According to the revised schedule, the offer would now open on 9 January and close on 28 January, Gokaldas Exports said in a filing to the Bombay Stock Exchange. Blackstone officials has said the company would acquire up to 70.1% stake in Gokaldas Exports for an estimated Rs675 crore.
Fresh bids sought for Udaipur airport upgrade
New Delhi: The Airports Authority of India (AAI) has invited fresh bids for developing Udaipur airport after it decided to nearly quadruple the area to be developed near the airport. “AAI has now decided to re-invite RFQ (request for qualification) for the city-side development of Udaipur airport, as the area for city side development has increased from 11.43 acres to 50.93 acres,” the authority said.
Two Panacea drugs get WHO pre-qualification
Mumbai: Drug maker Panacea Biotec Ltd said on Friday the World Health Organization (WHO) had pre-qualified it for supplying two combination vaccines for paediatric immunization. The WHO has given its nod for Panacea’s EasyFour and Ecovac vaccines. Pre-qualification acts as a guide to help countries select suppliers for drugs.