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Bangalore-based GMR Infrastructure has bought a 50 per cent equity stake in Dutch power utility InterGen NV for $ 1.1 billion from AIG HighStar, a fund owned by American International Group Inc. The remaining 50 per cent in the company is owned by Ontario Teachers' Pension Plan (Teachers). The company will pay $360,000 per megawatt which is half the current cost of similar facility, GMR said in a statement to the Bombay Stock Exchange today. InterGen NV currently has operations in 5 countries–UK, Mexico, Philippines, Australia and Netherlands with total net capacity of 12,766 Megawatts (8086 MW of operational capacity and 4680 MW of asset under development). “The acquisition of a 50 per cent stake in InterGen NV is an integral part of our global strategy to be world's leading energy and infrastructure company. This acquisition will provide us a platform to expand in InterGen's existing geographies and new geographies of strategic importance to GMR and Teachers. Our core experience in the energy business life cycle covers identifying opportunities, developing assets in greenfield areas, strong project management skills, financial re-structuring and efficient operations,” said GM Rao, Group Chairman of GMR Group. […]
Idea Cellular Ltd., the fastest growing of India's five biggest mobile-phone carriers, offered 32.4 billion rupees ($757 million) for control of Spice Communications Ltd. to increase subscribers by a sixth. Idea, controlled by Indian billionaire Kumar Mangalam Birla, agreed to buy a 41 percent stake from MCorpGlobal Communications Pvt. for 77.30 rupees a share and will make an open offer for a further 20 percent at the same price, 41 percent more than Spice's closing price yesterday. Idea would add about 4.5 million customers, closing in on Bharat Sanchar Nigam Ltd., India's fourth-largest carrier. India is projected by the telecom ministry to double its number of mobile-phone subscribers to 500 million in two years, after surpassing the U.S. as the biggest market next to China in April. […]
India's biggest oil and gas explorer Oil and Natural Gas Corporation Ltd. (ONGC) said it will sell its 46 percent stake in its refinery and petrochemical plant in Kakinada, citing lack of tax sops. Sources also told Thomson Financial News that the stake in the refinery and petrochemical plant, which will come up in Kakinada in the southern Indian state of Andhra Pradesh, will be sold to GMR Group. ONGC will sell the stake in Kakinada Refinery and Petrochemicals (KRPL) through its unit Mangalore Refinery and Petrochemicals Ltd. IL&FS holds a 51 percent stake in Kakinada Refinery and Petrochemicals, while Kakinada Seaports holds the remaining stake. (Forbes) […]
Tata Group has announced that its subsidiary Tata International has signed an equity joint venture agreement (EJV) with the shareholders of China Enterprise Communications Limited (CEC) for acquiring a 50 percent stake in CEC. Beijing-based CEC, according to Tata’s statement, is a value-added telecoms services provider and had recently been awarded a nationwide IP-VPN service license by the Chinese government. Chinese state financial conglomerate CITIC Group along with State-owned Assets Supervision and Administration Commission (SASAC) and CE-SCM are the majority shareholders of CEC. The deal requires approvals from regulatory and government in communist China. Tata also claims the joint venture is the first-of-its-kind in the Chinese telecom sector after China became a member of World Trade Organization (WTO). […]
JK Tyre & Industries has acquired 100 percent shares of Mexican tyre company, Tornel, along with its subsidiaries for Rs 270 crore, making it the largest four-wheeler tyre company in the country. The acquisition has been made through the Special Purpose Vehicle (SPV) route, which has been financed through a combination of equity and debt, a press release issued in Mumbai on Monday stated. The company`s board had approved this acquisition in its meeting held on April 11 and all formalities and compliances with regard to the acquisition have been made and closing of the transaction took place on June 13, the release said. The acquisition would help JK Tyre substantially increase its global footprint. […]
The Visakhapatnam Urban Co-operative Bank is planning to take over Ramachandrapuram Co-operative Bank in East Godavari district, according to Mr M. Anjaneyulu, the Chairman. He said in an interview on Sunday that the consent of the RBI was awaited for the takeover and he expressed the confidence that it would be given in view of “the excellent performance of the Visakha Co-op Bank.” Mr Anjaneyulu, who completed 25 years as Chairman, said that in 1983, when he assumed charge, the share capital of the bank was Rs 8 lakh with a membership of 2,873 and it had risen to Rs 23.79 crore and 34,462 respectively. “From a single branch then, it has now grown to 13 branches and an extension counter. It has now deposits of Rs 385 crore and advances of Rs 279 crore. We hope to touch the Rs 1,000-crore business mark by the end of March, 2009,” he said. […]
Titagarh Wagons has acquired 50 per cent stake in a Delhi-based brake systems manufacturing company. Mr Umesh Chowdhary, Vice-Chairman and MD of Titagarh Wagons, said that a total of Rs 7.5 crore would be invested to have the stake, clear certain liabilities and fresh infusion. The unit – Greysham & Co – would be become a joint venture between the existing owners and Titagarh Wagons. Greysham & Co (a partnership firm based owned by Mr Mohan Singh and his son Mr Subodh Singh) is one of the only six companies registered with the RDSO, engaged in manufacture of air brake equipment and slack adjuster, required for manufacture of wagons and other rolling stock. Greysham has the largest production capacity in India for these products as assessed by RDSO. […]
Plans by Sony Entertainment Television (SET), now called Multi Screen Media (MSM), to sell a 32% stake to the BK Modi Group for about $320-350 million seem to have run into some last mile hurdles. Mr Modi is in advanced negotiations to buy out the Indian shareholders, who have been looking for an exit for several years. The shareholders include Shemaroo Entertainment MD Raman Maroo, Singapore-based Rakesh Agarwal, World Media Group director Sudesh Iyer, MobiApps Holding’s Jayesh Paresh and actor Jackie Shroff. However, the deal, that was supposed to have been executed by now, seems to be experiencing some delays. The first being that Mr Modi is negotiating for management say in the running of the local company. This is not acceptable to SET, the Indian business, as traditionally the company has only been run by Sony Pictures Entertainment, which owns about 61% in the company. […]
Global beer major Anheuser-Busch will acquire the remaining 50% in its Indian joint venture — Crown Beers India — from its partner Crown International. This also includes the joint venture’s 500,000-hectolitre brewery in Hyderabad. “The Indian beer industry continues to grow at a rapid pace and acquiring the remaining 50% of the Crown Beers JV reaffirms Anheuser-Busch's commitment to being a key player in the emerging beer market,” Tom Santel, president and chief executive officer of Anheuser-Busch International, said. “As Crown International looks to focus on its other successful businesses, this move will continue to best position the Budweiser brand for long-term growth in India,” he said. […]
The row between Sun Pharma and Israel's Taro Pharmaceutical has now reached court after the cancellation of $ 454 mn merger deal between the two. Taro Pharmaceutical has taken the Mumbai-based firm to the court as it presses to go ahead with sale of its Irish operations and 'protect minority share holders' in the event of the former trying to gain voting rights through open market share purchase. In a letter to its shareholders, Taro said it had filed two lawsuits in an Israeli court. One of them was filed on June 15 aimed at stopping Sun from “engaging in practices that we deemed detrimental to our ability to maximize the value of the Irish operations in a sale.” […]
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