Godrej, Videocon may bid for GE's appliance business

Leading investment bankers such as UBS, JPMorgan and Goldman Sachs have sounded out the Godrej Group and Videocon on a possible bid for General Electric’s appliances division.

The Indian durable makers are closely studying the feasibility of acquiring the US giant’s appliance business, which makes refrigerators, air-conditioners and ovens. The Godrej Group had an earlier joint venture with GE that broke up in 2001. Investment bankers have estimated the deal size at $3-4 billion. Sources said the division, with sales of $7.2 billion, had an EBITDA of around $450 million. It accounted for 4% of GE’s revenues of $173 billion.

NDTV may sell 26% ent venture stake to NBC

Media conglomerate NDTV is understood to be in talks with US entertainment major NBC universal for selling 26% stake in its upcoming entertainment business.NDTV Entertainment is a 100% subsidiary of Prannoy Roy promoted New Delhi Television (NDTV) and could be valued at up to $500 million (over Rs 2,000 crore). It is likely to launch its entertainment channel soon.

NDTV and NBC, a venture of GE Group, are understood to have signed a preliminary agreement or term sheet last week for the purpose but the value for the proposed transaction could not be ascertained.

The group would launch three channels under its entertainment venture - NDTV Imagine. First, general entertainment channel in Hindi is expected by the end of this year or early 2008.

NDTV had recently got approval from the Foreign Investment Promotion Board (FIPB) for foreign investment to the tune of Rs 585 crore for its foray into entertainment and lifestyle space.Most of this investment (from Rs 585 crore) will be into NDTV Imagine, the officials had said.