February 2009
« Jan   Mar »

Contact us

Reliance Industries to merge Reliance Petroleum

The board of Reliance Industries (RIL) will meet on 2 March to consider merger of Reliance Petroleum (RPL) with itself. The merger will be effective retrospectively from 1 April 2001. The merger plan was announced after the close of trading hours. In separate but identical filings both Reliance Industries and Reliance Petroleum informed the stock exchanges of their boards' proposals for merger. The Reliance Industries scrip closed 1.97 per cent lower at Rs1,265.05, while Reliance Petroleum scrip dropped 1.23 per cent to Rs76.20. Reliance Industries holds 70.38 per cent stake in Reliance Petroleum, while Chevron holds another 5 per cent. The rest is held by financial institutions and the public. […]

PE grows wary of India opportunity, see deals slowing

The amount of private equity investments flowing into once-magnetic India could halve this year as funds face edgy investors, souring portfolios, slowing growth and vendors still reluctant to cut their prices. TPG managing director Puneet Bhatia says a good part of the PE investments in India over the last two years, as an extended bull run dramatically ended, were fundamentally flawed. “The sustainable private equity deal volumes in this market would be just about 50 percent of the last couple of years,” Bhatia said at a PE conference in Mumbai. India drew private equity investment of $10.7 billion in 2008, according to AVCJ Research, when the stock market fell by more than half. The stock market is down 7 percent in 2009. […]

Dish TV in stake sale talks with PE firms – official

Dish TV India Ltd is in talks with private equity firms for a stake sale, a top official said on Thursday. “The talks are on but I will not be able to declare anything for the next two months,” Managing Director Jawahar Goel told television channel NDTV Profit. The direct-to-home satellite services operator is also passing on the service tax cut to its consumers,”the 2 percent service tax we have passed on to the consumer.” Earlier this week the government reduced service tax by 200 basis points to 10 percent and trimmed the central excise duty to 8 percent to raise demand for Indian goods and services in an economy facing a slowdown.(Reuters) […]