In what might impact Jet Airways’ operations out of its present hub in Brussels (Belgium), the Indian airline would have to develop Abu Dhabi as an exclusive hub for flights to North America, South America, Africa and the United Arab Emirates (‘exclusive territories’), according to the final commercial cooperation agreement (CCA) signed with Abu Dhabi-based Etihad Airways.
Canada would be included in the list of ‘exclusive territories’ once relevant amendments are made to the bilateral air services agreements to permit […]
Billionaire Kumar Birlacemented his position as India’s cement king by inking a deal Wednesday to buy a unit from rival Jaypee Group for $600 million. The acquisition by Birla’s listed company UltraTech Cement, the country’s largest cement producer, will increase its annual capacity to 59 million tons and boost its presence in the western state of Gujarat where the Jaypee unit is located. The deal, which has been in the works for over a year and has undergone a few […]
Crisil Limited said on Tuesday that it will sell 49 per cent stake in IISL for Rs. 100 crore to NSE Strategic Investment Corp.
India Index Services and Products Limited (IISL) is Crisil’s joint-venture with National Stock Exchange (NSE) of India.
“Crisil will be selling its equity stake in India Index Services & Products Limited (IISL), comprising 6,37,000 equity shares of face value Rs. 10 each and representing 49 per cent of the total equity share capital of IISL to […]
Financial services major Reliance Capital is investing Rs 100 crore in a wind energy joint venture in the country, partnering with China’s Ming Yang Wind Power Group.
Ming Yang entered into an agreement with Reliance Capital last year to establish a joint venture by subscribing to a significant stake in the share capital of Global Wind Power Ltd (GWPL), a leading wind power solutions provider in India.
Giving an update on this partnership, Reliance Capital Chairman Anil Ambani today said […]
Global food majors PepsiCo and Mondelez, along with their Indian counterparts ITC and Britannia, have been approached for a large bite of Balaji Wafers – a 37-year-old homegrown wafer, namkeen and savoury brand that dominates the western states of Gujarat, Madhya Pradesh, Rajasthan, Maharashtra and Goa with over 65% market share. Rajkot-headquartered Balaji, run by the Virani family, has recently mandated Ernst & Young (E&Y) to locate an investor. The company and its advisors are in early-stage talks with several […]
Abu Dhabi Investment Authority (ADIA) plans to invest about $200 million in Indian real estate, two sources said, underscoring a trend for large Gulf sovereign wealth funds to diversify away from traditional developed markets such as Europe. ADIA, which manages the surpluses the Gulf emirate earns from oil exports, has appointed Kotak Realty Fund, run by Kotak Mahindra Bank Ltd, to invest the money, one of the sources familiar with the matter said. Earlier this month, Oman’s State General Reserve […]
The NRI businessman and managing director of the Abu Dhabi-based EMKE Group, has picked up 4.98 per cent share in the Kerala-based Federal Bank. The value of the stake is roughly Rs 400 crore and Yusuff Ali will now be the largest individual shareholder, sources said. Yusuff Ali is one of the richest NRIs, with extensive business operations in West Asia. EMKE Group runs the LuLu Hypermart chain that has branches in the Gulf and many Asian and African countries. […]
India-based Apollo Tyres reached a deal this week to buy US tire maker Cooper Tire for about $2.22 billion. The combined entity will be the seventh-largest tire company in the world, with combined 2012 sales of $6.6 billion. The agreement calls for Cooper shareholders to receive $35 per share in cash. The price represents a significant premium over Cooper’s current stock value, which stood at $24.56 a share on June 11. The acquisition is seen as a means for Apollo, […]
Standard Chartered India said it has agreed to acquire the private wealth management business of Morgan Stanley India for an undisclosed amount, subject to regulatory approvals.
“Standard Chartered India has agreed to acquire Morgan Stanley’s onshore private wealth management business here. The acquisition complements our existing private banking onshore business and will significantly increase our private banking AUM here,” said a statement by StanChart India. Standard Chartered India had re-entered the private banking business in 2006 after a decade’s […]
Public sector lender IDBI Bank that had mounted a bid to merge Stock Holding Corporation of India (SHCIL) with itself has now approached the government, seeking permission to sell its stake in the country’s largest custodial and depository services firm to state-owned non-banking finance company IFCI.
The move comes in the wake of the finance ministry is reluctance to allow SHCIL to merge with IDBI Bank. TOI was the first to report on May 13 that the government was […]