| Reliance
&Temasek tie up for $200 mln Power Fund |
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Singapore government’s
investment arm, Temasek Holdings is all set to
join hands with the Reliance group to launch a
US$200 mln (close to Rs 1,000 crore) Power Fund
targeting various power projects in the country.
Both Reliance (group companies
and mutual fund) and Temasek will contribute $100
mln each towards the Fund that will seek investment
opportunities across the energy sector —
in generation, transmission and distribution companies.
The Fund will be in existence for seven years
and will operate in the form of “a venture
capital seeking equity investment opportunities”.
FDI up to 100% is permitted
in the power sector and can be brought in through
the automatic route, and Temasek has already sought
regulatory approvals for its $100mln contribution
to the Fund.
Temasek
Holdings, has been actively
investing in India, and is also eyeing investment
opportunities in BPO, aviation, construction and
pharmaceutical sectors.
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| P&O
plans, SEZ in Bengal |
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| P&O Ports
plans to invest $400 mln for developing a port and
a greenfield special economic zone (SEZ) in Kulpi,
near Kolkata.
The company,
together with its consortium partners, recently
signed agreements with the West Bengal government
for the project.
P&O, in keeping
with its specialisation, will develop port facilities
for both break bulk cargo and container cargo.
Developed by
Bengal Ports, P&O will own 44.5 % stake in Bengal
Ports, another 44.5 % jointly will be held by Keventer
Agro of Mahendra Jalan and Mukand Steel of Rajesh
Shah holding. The remaining 11% will belong to the
West Bengal Industrial Development Corporation (WBIDC).
Bengal Ports
will later be demerged into two separate companies.
Among these P&O will hold a 69 % stake, in the
port venture, and 44.5 % stake in the SEZ.
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| Canada
to Pune: Magnum Metal wants share of engg pie |
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| Magnum Integrated
Technologies has opened a wholly-owned Indian subsidiary
Magnum Metal Process Technologies in Pune, with
an aim to make India its engineering hub. The Canada-based
Company intends to invest US$10 mln over a period
of three years towards sourcing design and technology
for all product lines.
Starting
small, with an initial investment of US$ 2 mln,
Magnum has opened an office in Dhole Patil Road,
with 15 engineers. This will be scaled up to 40
by the end of the year, and to 200 in three years.
The next three to five years will see the setting
up of an assembly plant, and engineering design
unit and an automation (IT) division. These would
serve to support the Magnum product lines, which
include industrial equipment like rolling mills,
casting systems, hydraulic and pneumatic cylinders,
automation and controls. The facility would be spread
across an 8-acre plot at Hinjewadi phase II (the
deal hasn’t been signed yet) and would involve
an investment of approximately $10 mln.
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| “The
reason why Pune was chosen over Kolkata,
Bangalore and Mumbai was its engineering
talent pool, cost advantage and the
world class telecom infrastructure,”
said Andre Nazarian, President &
CEO, Magnum.
"While
the engineering industry is just about
coming to terms with the Pune-advantage,
the City has long been
acknowledged by several IT majors
for its infrastructure and its local
technical skills." |
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| The company
is not ruling out mergers and acquisitions in India
as part of its growth plans. It is also likely to
consider joint ventures with local manufacturers
to build all product lines.
With competitors
like SMS Demag, Danieli, Andritz having already
made forays into the Indian market, Magnum is keen
on capturing the Indian market with strategic plans
to reduce delivery time and cost. The sales target
envisioned in 10 years is a good $200 mln.
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| Teledata
set to acquire UK firm |
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| Teledata Informatics,
a provider of software solutions for the marine
and education industry, is close to acquiring a
UK-based software solution company that operates
in the utilities vertical.
The company is currently conducting due diligence
on the UK firm and hopes to sign the deal in the
next three months. Teledata plans to fund the acquisition
out of the $8 mln raised through its maiden global
depository receipts (GDR) issue, earlier this month.
Teledata is also keen to invest in National Online
Learning Project, a Thailand government-owned company.
The deal would involve a 75% equity stake for Teledata,
with the government of Thailand holding the rest.
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