The Hinduja Group has signed agreements with leading French firms for road infrastructure projects as well as development of solar energy in India.
The Group co-chairman GP Hinduja has signed a 50:50 joint venture agreement for development of road infrastructure projects with France-based Vinci Group.
The joint venture is for acquiring small, local construction companies and put them together for road construction in India, Mr Hinduja said. He, however, declined to name the companies which are on the radar for acquisition.
Mr Hinduja has also signed a pact for joint development of solar energy for rural areas with a French company whose name he declined to reveal.
Religare Enterprises Ltd, through its subsidiary Religare Global Asset Management Inc, has announced a strategic investment in Landmark Partners, a private equity and real estate fund-of-funds asset manager focused on secondary transactions.
The parties have signed a definitive agreement for Religare to acquire a 55% stake in Landmark Partners for a consideration of up to $171.5 million. Landmark Partners' management team will retain a significant equity stake in the business.
The team will continue to run the daily operations without any change and be responsible for all investment decisions. The transaction is subject to customary closing conditions and regulatory approvals.
This strategic transaction represents a clear opportunity for Landmark to expand its secondary investment activity into countries where Religare's broader financial services platform has a global presence. In addition, Religare's access to capital and global reach provide Landmark the opportunity to continue to consistently create value for its investors with its products in both existing and new markets.
Landmark Partners manages 27 private equity and real estate secondary funds-of-funds with more than $8.3 billion of committed capital.
On Tuesday, Religare Enterprises declined 1.65% to Rs474.70 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.23% down at 19,934.64 points.
Sajjan Jindal-led JSW Steel Ltd said it has got shareholders nod to issue over 9.7 lakh equity shares on a preferential basis to Japanese steel-maker JFE Steel.
With the approval, the stake of the Japanese steel-maker in the Indian company will go up to 14.99%.
The move is in line with the deal inked between the two steel firms earlier this year, under which JFE Steel will pick up a 14.99% stake in JSW Steel for Rs4,800 crore. This will help the domestic company reduce its debt.
JSW Steel said it got shareholders approval by postal ballot for the "issue of up to 9.7 lakh equity shares to JFE on preferential basis," and "issue of 30 lakh global depository receipts to JFE, Steel Corporation Japan on a preferential basis," the company said in a filing to the Bombay Stock Exchange (BSE).
Both the resolutions "have been passed by requisite majority," the filing added.
In October, JFE had acquired 32 lakh shares (about a 14.61% stake) in JSW Steel through the conversion of convertible debentures on a preferential basis.
The Indian company plans to quadruple its annual capacity to 32 million tonnes by 2020 from the current 7.8 million tonnes, starting with a 3.2 million tonne expansion project at its Vijayanagar plant in Karnataka by the end of the current fiscal.
JFE will invest Rs900 crore more in JSW Steel by 2012 to help finance the Indian company's growth projects and reduce its debt, which is currently in excess of Rs16,000 crore.
On Tuesday, JSW Steel ended 0.30% up at Rs1,171.95 on the BSE, while the benchmark Sensex closed 0.23% down at 19,934.64 points.