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Mergers & Acquisitions | 3 May 2012

NMDC To Acquire Mines In Mozambique

by Vivek Singh
 
@vivek
@NMDC is planning to acquire Mozambique asset which belongs to Nagpur-based Sunflag Iron and Steel Company Limited and the other asset is in Brazil.

NMDC already has MoU to acquire 15% stake in Sunflag Iron and Steel’s iron ore mines in the Africa. The Brazil property has a resources of one Bn tonnes, for which the due diligence is over.

NMDC expects to conclude the deals this year.

Last month, NMDC had signed MOU to acquire Amplus, a Brazilian iron ore company. It will initially invest around $10-15 Mn to acquire 26% holding and buy up to 50% subsequently. Amplus mine is located around 150 km close to the coast with reserves of over 1.5 bn tonne.

LIC Invests R171Cr In Pipavav Defence

Life Insurance Corporation has acquired additional stake in Pipavav Defence and Offshore Engineering through bulk deal on the exchange.

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La Opala To Raise Funds From WestBridge

La Opala RG Limited is raising INR 552.7 Mn by issuing 5,02,468 Equity Shares at a unit price of INR 1,100 on preferential basis to WestBridge Crossover Fund, LLC. Post the issue which is pending for shareholder consent, Westbridge will hold 4.53% stake in the company.

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