June 2010
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Saudi Binladin Group Picks Up 20% Stake In Maytas For INR 300 crores

The Saudi Binladin Group has picked up a 20% stake India's Maytas Infra Ltd for 3 billion rupees ($64 million), Maytas said in a statement on Sunday. The Saudi Binladin Group couldn't be reached for comments immediately. The Saudi Binladin Group and IL&FS–the controlling stakeholder in Maytas–will jointly make an open offer to acquire an additional 20% from Maytas' existing investors, in line with regulatory guidelines. The transaction values Maytas at INR193.50 a share, while its shares closed trading on Friday at INR211.20. […]

SWFs eye BRICs but rules, liquidity restrain

The BRIC grouping of major emerging powers — Brazil, Russia, India and China — offered especially attractive prospects, according to a panel of SWF managers, bankers and economists discussing the issue. “If people are not allocating more money to things that relate to China, then they are going to have a tough life,” Goldman Sachs' global economic research head Jim O'Neill said. Goldman Sachs expects Chinese GDP to grow by $7 trillion (4.7 trillion pounds) in the next decade, the equivalent of “two more Chinas.” Norway's oil fund has already moved in that direction, and is a major holder of Hong Kong-listed mainland Chinese companies. But restrictions mean this represents an insignificant part of the nearly $500 billion fund. […]

Kings XI Punjab looking for buyer

The consortium that owns IPL franchise Kings XI Punjab is in discussions with a number of corporations to sell a stake in the team. “We are in talks with a lot of companies, but have not finalised anything yet,” Mohit Burman, one of the promoters of the franchise, told Cricinfo in an email. However, Burman refused on to confirm or deny a story in the Bangalore Mirror on Friday, which reported the consortium had applied to the BCCI for permission to sell 93% of the team to a private equity firm in London. The paper claimed the remaining 7% would remain with Preity Zinta, who apparently wishes to stay on as brand ambassador. […]