June 2009
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BCCL picks up stake in Gini & Jony arm

Bennett, Coleman & Co Ltd (BCCL) has acquired a stake in G J Freedom Fashions (GJFFL), a subsidiary of Gini & Jony – one of India's leading garment manufacturers, retailers & distributors of premium lifestyle kidswear. “Gini & Jony'' business activities primarily includes designing, manufacturing, branding and distribution of garments and lifestyle accessories for kids, under various brands through exclusive brand outlets (EBOs), large format stores (LFS), dealer distributor network (MBOs) and factory sales outlets (FSO). Brand “Gini & Jony'' is one of the leading kidswear brands in the country. […]

NMDC to buy majority stake in Kudremukh Iron Ore

State-owned mining giant NMDC is all set to pick up majority stake in Kudremukh Iron Ore Company (KIOCL ), the plan for which figures prominently in the 100-day agenda of the Steel Ministry. Outlining the ministry's 20-point agenda for the next 100 days, Steel Minister Virbhadra Singh said, “It is proposed that NMDC, a Navratna company under the Steel Ministry, will acquire majority stake in Kudremukh Iron Ore Company (KIOCL) and KIOCL will acquire stake in NMDC (in return).” Throwing some light to the proposed deal, NMDC Chairman and Managing Director Rana Som said the company will pick 51 per cent stake in KIOCL, which would be most likely through share swapping between the two PSUs and a cash component may not be involved. […]

ING may not sell its stake in ING Vysya Bank

ING Groep NV remains committed to its India operations and continues to have long-term business prospects in the country, a senior executive of the Netherlands-based financial services firm said today. Refuting reports in the media that the group plans to divest its holding in ING Vysya Bank and is seeking buyers for the same, Eli Leenaars, executive board member of ING Group said, “ING remains committed to ING Vysya Bank and considers it as one of the selective growth options as described in ING Groups strategy update. ING would like to put to rest any market speculation to the contrary.” […]

Axis Private Equity invests INR540m in Indian renewables company

Axis Private Equity, a division of the Indian private bank, has invested INR540m ($11.4m) in Shalivahana Green Energy Limited (SGEL), a renewables company which focuses on the biomass and small hydro power projects. The private equity firm made the investment alongside IL&FS Financial Services, which together have committed INR900m ($18.9m). SGEL has four projects with a combined capacity of 35MW. SGEL will reportedly be able to expand its capacity to 250MW with this fresh capital injection by developing further projects throughout India. […]