|
|
Reliance Money is moving fast on getting into the commodity exchange business. The Anil Ambani-owned Reliance Money said that it has received official approval to pick up 10 per cent stake at the National Multi Commodity Exchange (NMCE). Reliance Money had proposed to buy a strategic 26 per cent stake in NMCE, the third largest national commodity exchange based in Ahmedabad. NMCE had inducted Reliance Money chief executive officer Sudip Bandhopadhyay as a director in the exchange board. The apex commodities market regulator Forward Markets Commission (FMC) had forwarded the Reliance Money proposal to buy 26 per cent stake in NMCE to the Consumer Affairs Ministry that oversees commodity futures trading in India. […]
Tata Steel Ltd said on Wednesday its Singapore-based unit has agreed to buy 19.9 percent in Canadian miner New Millenium Capital Corp for $22.6 million. Tata Steel said it has an option to acquire 80 percent in a joint venture that will develop New Millenium's Direct Shipping Ore (DSO) project, and also hold rights to the entire iron ore output from the project, which is expected to have annual production of 4 million tonnes from 2010. The DSO project is estimated to hold reserves in excess of 100 million tonnes of direct shipping quality ore, Tata Steel said in a statement to the stock exchange. […]
The private equity firm Texas Pacific Group's TPG Capital was reported to be interested as a potential investors willing to put in over $400 million for a sizeable stake in Vijay Mallya-led Kingfisher Airlines, the Economic Times reported The business paper reported that TPG has been in talks with Kingfisher for a few months, though there was no certainty of a deal coming through. It reported that Kingfisher Airlines was seeking a valuation of over $1 billion. However, Kingfisher Airlines chief Vijay Mallya said that he was not in talks with TPG. The newspaper quoted other sources from within the UB Group as saying that talks were indeed in progress, and that the airline was also in discussions with another two potential investors. Around a month ago, Mallya had said he was looking to raise $400 million for Kingfisher Airlines. […]
Tata Ltd. has acquired a one-third stake in Piaggio Aero Industries SpA, the Italian aircraft company said on Wednesday. Financial details were not released. The move makes Tata one of the main shareholders alongside the Ferrari and Di Mase families and Abu Dhabi's Mubadala Development Co. The Tata investment consists of purchasing existing shares and a new capital subscription, Piaggio Aero said in a statement. […]
Leading private carrier Jet Airways (India) Ltd on Monday said it plans to dilute 10% of its equity to garner funds and strengthen its balance sheet. “We will do anything which is required to make our balance sheet strong. We plan to dilute 10% equity,” Jet Airways chairman Naresh Goyal told reporters after the company’s 16th annual general meeting held in the Capital. Jet was in talks with a few institutional investors besides some other investors for this purpose, Goyal said, without disclosing their identities. […]
BT Group has put the sale of its stake in Indian software services firm Tech Mahindra on hold because of turbulent markets, the Economic Times newspaper said on Tuesday. “BT has temporarily put the process on hold because of bad market conditions,” the paper cited unnamed sources as saying. The Financial Times in August had said BT may sell all or a large part of its 31 percent stake in the Indian firm, citing people with knowledge of the matter. […]
Tata Consultancy Services, India’s top software services exporter, is interested in Siemens’ IT Solutions and Services (SIS) unit, a German newspaper said on Saturday. Talks between the two companies would begin next week in Munich, where Siemens is based, Germany’s Boersen-Zeitung said, without saying where it obtained the information from. Siemens declined to comment. A couple of days ago, sources close to the company said that Siemens Chief Executive Peter Loescher was considering the divestment of SIS’s external business, the paper said. […]
State-run Power Finance Corporation has informed that the Board of Directors of the Company at its meeting has given approval to participate in the equity of Power Exchange India Ltd (PXI) up to 7% share capital of PXI not exceeding Rs 1.75 crore. PXI is a company promoted by NSE and National Commodity and Derivatives Exchange (NCDEX), for setting up power exchange to provide electronic, transparent and neutral platform for trading of electricity. […]
The unanimous appointment of five directors on the board of the Thrissur-based Catholic Syrian Bank Ltd (CSB) at its annual general meeting (AGM) on Friday appears to have cleared the decks for its possible takeover by Federal Bank Ltd, also a Kerala-based private bank, which holds a 4.99% stake in CSB. According to S. Santhanakrishnan, a director of Federal Bank who was present at the AGM, the no-contest nomination at the AGM is an indication of “the smoother things to follow”. The two days before Friday’s AGM witnessed a flurry of activity to avoid a contest, since there were six nominations for the five board positions. One of the candidates, Johny Chandy, withdrew from the contest late on Thursday. […]
India's third biggest car maker Tata Motors is reportedly in talks with private equity funds to offload up to 25 percent of its stake in each of six unlisted group units to raise money to fund its $2.3 billion acquisition of Jaguar and Land Rover (JLR). According to sources close to the development, these units include Tata Daewoo Commercial Vehicle Co, HV Transmissions, Tata Motors Finance, Tata Technologies and Telco Construction Equipment. The sale of stakes, which will conclude by June 2009, is a part of the auto major's plan to raise Rs.3000 crore to fund the JLR deal. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|