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Caught in the middle of the Ambani siblings’ feud, South African telecom giant MTN is mulling walking away from talks for a possible amalgamation with Anil Ambani-led Reliance Communications (Rcom), a report said today. “South Africa’s MTN is considering walking away from a tie-up with Reliance Communications of India because it fears an acrimonious spat between the Indian telecom operator’s owner and his brother could leave the deal open to legal action,” UK daily Financial Times reported. While quoting an unnamed person familiar with the talks as saying MTN and RCom could extend their exclusive talks for another two to three weeks after the 45-day period expires tomorrow, the report said, “there is no indication that extra time alone would be sufficient to resolve the feud” between Anil and Mukesh Ambani. The deal, if fructifies, could create a combined entity worth about $70-80 billion, which would be one the world’s biggest emerging market telecom firm. […]
Talco, the Tajik national aluminium plant, has denied earlier reports about possibly selling its general stake to Nalco, India’s second largest aluminium manufacturer, AsiaPlus reports. Despite media reports claiming Nalco would most likely acquire 51% of the Tajik plant, Saekhat Kadyrova, Talco’s press secretary, dismissed such reports as “absurd”, emphasizing that negotiations have never taken place. If Nalco sealed an agreement with the Tajik company, it would become the world’s third largest aluminium manufacturer. “Selling a company that provides 75% of the country’s total cash currency, and when world aluminium prices are soaring […]
Bangalore-based Bearys Group is scouting for a partner to raise around USD 350 million to fund its two Special Economic Zones (SEZ) in Bangalore and Mangalore, besides a few other projects, a top official said. “We are holding talks with several private equity players in the overseas market to mop up USD 350 million to fund our SEZs and other projects. Talks are in advanced stages and we hope to finalise one partner in the next 3 to 4 months,” Bearys Amanah investment's CEO, Shariq Nisar, said. Bearys Amanah Investment is the real estate investment arm of the Rs 2,000-crore Bearys group. The UBS Group of Switzerland, Dubai Islamic Bank and Gulf Investment House are some of the entities the Bearys group is negotiating with, Nisar said. […]
Murugappa Group company, Carborundum Universal Ltd (CUMI) has entered into an agreement with Foskor (Proprietary) Ltd, South Africa to acquire 51 per cent equity stake in Foskor Zirconia (Proprietary) Ltd, Phalaborwa, South Africa, (FZL) for an undisclosed some. With a 4200 tonnes per annum installed capacity for Zirconia (mineral), FZL is the third largest producer of Zirconia in the world. Fumed silica is also produced as a by-product of the furnace operation. This investment will be a good platform for CUMI to address the growing minerals business. The sales of FZL in 2007-08 were $ 16 million. This will be reflected in CUMI balance sheet starting from the current year. CUMI on a standalone basis has a total revenue of Rs 600 crore. […]
Indian aviation could soon witness the next round of consolidation as Kingfisher Airline's 's move to acquire a stake in low-cost carrier SpiceJet has entered its final phase. UB Group chief Vijay Mallya is holding talks with SpiceJet's main promoter Bhupendra Kansagra in Europe for buying his 12.91% stake, along with a 13.42% stake held by Dubai-based investment firm Istithmar PJSC. Mallya, who is learnt to be looking for a total of 26%, stake, may have to shell out between Rs 145 to Rs 155 crore for the deal. At current stock prices, the SpiceJet's valuation is over Rs 600 crore. Its share closed at Rs 25 on Friday. SpiceJet is learnt to be losing up to Rs 70 lakh daily on account of high oil prices and looking for fresh infusion of funds to survive. […]
Aviation entrepreneur G.R. Gopinath, founder of the country’s largest low-fare airline Simplifly Deccan (erstwhile Air Deccan), has mandated Mumbai-based investment banking firm Edelweiss Capital Ltd to seek out private-equity investors for his new cargo airline. Gopinath, who owns 100% of Deccan Cargo, plans to dilute up to 26% of his stake and eventually list the company to provide private equity investors an exit opportunity, said a person familiar with the development, asking not to be identified. Deccan Cargo plans to invest $200 million (about Rs863 crore) over the next three years, the person said. Infosys Technologies Ltd, India’s second largest software exporter, has won the mandate to design and implement technology that will allow Deccan Cargo to offer online “track and trace” facilities for customers, and help cut costs, this person also added. […]
Bennett, Coleman & Company Ltd (BCCL) has picked up equity in SMC Group companies, which holds SMC Global Securities Ltd and SAM Global Securities Ltd under its banner. Founded in 1990 by Subhash Chand Aggarwal and Mahesh Chand Gupta, SMC is a full financial services firm catering to all classes of investors. SMC offers services in brokerage, arbitrage, merchant banking, wealth management and is also involved in the distribution of retail products, such as insurance, IPO and mutual funds. It also offers special advisory services to HNIs and corporates. With a 2% stake in SMC Group, BCCL would now be invested in one of the largest retail investor networks in the country, serving over 450,000 investors, having added 150,000 customers last fiscal. The SMC Group has a network of more than 1,350 offices across 350 locations in India and an overseas office in Dubai. […]
National Aluminium Company Ltd., or Nalco, a public sector enterprise of Government of India and the second largest aluminium producer, is likely to acquire 51% stake in Tajik Aluminium Company or Talco, a primary aluminium producer owned by the Tajikistan Government, for undisclosed sum, according to media reports. Sources said in a statement that NALCO has approached the Government with the proposal and awaits its approval. Sources added that the matter is also under consideration of the Tajik Government. Once the deal materializes, it will see the combine emerging as one of the world's top-three aluminium producers with an output of 8,00,000 metric tonnes or MT, the release stated. Talco located in Tursunzoda, a city in western Tajikistan, runs the largest aluminium manufacturing plant in central Asia and is one of Tajikistan's largest enterprises. In 2006, Talco produced 416,000 MT of aluminium. […]
Kingfisher Airlines Ltd., is close to finalizing a share-swap deal with New Delhi-based low cost carrier SpiceJet Ltd., the Business Standard newspaper said, without saying where it got the information. SpiceJet's stockholders are expected to get one share of the merged entity for every three shares owned, the newspaper said today. SpiceJet, which planned to raise $100 million for fleet expansion, is yet to get investors, the newspaper said. Kingfisher Airlines, controlled by billionaire Vijay Mallya, operates India's biggest budget carrier Deccan Aviation Ltd. (Bloomberg) […]
UK-based Eredene Capital has picked up a 50% stake in Apeejay Infra-Logistics (AILPL), the infrastructure arm of Kolkata-based Apeejay Surrendra Group. The group is setting up a state-of-the-art logistics park in Haldia in West Bengal’s West Midnapore district. Eredene Capital has invested Sterling Pound 5.25 million or Rs 42 crore to pick up the 50% AILPL stake. This was confirmed by Abdul Wahid, the new chief executive officer of AILPL. Eredene Capital invests in infrastructure projects and in real estate development in India. It focuses primarily, but not exclusively, on logistics, distribution of warehouses and port services. Mr Wahid, who will be responsible for all infrastructure related activities of the Apeejay Surrendra group, has over 17 years of experience as a senior supply chain management professional. Speaking to ET, Mr Wahid said: “The Eredene group has picked up a 50% stake in APILPL at an investment of Rs 42 crore. The Eredene group has a crack team with core experience in real estate, infrastructure, ports and logistics and we see them as natural partners in the development project at Haldia. We look forward to working with them in this and other future projects as well.” […]
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