The buzz over a possible overseas acquisition by India’s largest private sector banking major ICICI Bank is growing, with senior bank officials stating that the bank is being presented with several opportunities across the globe. The move comes at a time when most of the bigger global players have been hit by massive write-downs and losses of over $400 billion, which have led to sharp erosion of market cap of most players. Bankers feel that the situation is likely to continue in the near future too. Indian banks like ICICI Bank and State Bank of India have till date done only small acquisitions compared with large-scale acquisitions by Indian corporates, especially the Tata Group. Speaking to ET, ICICI Bank joint MD Chanda Kochhar said, “At this point of time, there are opportunities coming our way. We are not actively going out to look at these opportunities. However, at this point, there is nothing specific that we are looking at. To most of the opportunities, we are saying ‘no’.” She added, “We are getting these opportunities from everywhere.” ICICI Bank currently has operations in 18 countries across the globe. The bank has a total asset of Rs 3,99,795 crore as on March 31, 2008 while its profit after tax was Rs 4,158 crore. “We are only looking at something which fits with our plans. It has to be something with a large-deposit base. […]

The latest industry buzz is that a deal between Anil Ambani’s Reliance Communications (RCom) and South Africa’s MTN may be announced on Sunday, July 6, which is the death anniversary of Dhirubhai Ambani. The speculation has gained currency because, in 2006, Anil Ambani had announced his interest in acquiring a controlling stake in Hutch Essar on the birth anniversary of his father. The 45-day exclusivity period for talks between RCom and MTN ends on July 8, and therefore, an announcement (either yes or no) could be announced anytime by then, sources pointed out. An extension of the exclusivity period, by as much as 30 days, cannot be ruled out either. Following the feud between the Ambani brothers, the deal structure is believed to have been changed between MTN and RCom, as first reported in this newspaper on June 27. Instead of a proposed merger between the two, RCom is now looking at acquiring below 35% stake in MTN, sources said. RCom may tie up with investors, including sovereign wealth funds, to buy a stake in MTN. […]

Reports suggest that the West Asian company, Al Rostamani may buy a 25% stake in Gujarat Heavy Chemicals Ltd, or GHCL for USD 200 million. Nikhil Sen, Head of International Strategy said that the West Asia initiative is an integral part of their strategy. However, he clarified that he cannot comment on the report of West Asian company's buying stake. Soda-ash is a very strong area of business for the company, he said. Sen added that the company is looking at bolstering both its soda ash and retail business in West Asia. The company is also in talks with some domestic and international companies regarding few verticals within India, he said. They may announce a deal in a few days, he said. (Money Control) […]

Noida-based infrastructure developer Jaiprakash Associates is considering a dilution of its equity to fund the initial expenses of the Rs 40,000-crore Ganga Expressway Project. If market sources are to be believed, the company is in talks with a handful of foreign investors. This is not the first time Jaiprakash Associates is offloading stake to fund a project. The company had raised Rs 1,150 crore by selling 1% stake to ICICI Bank. The dilution was effected to capitalise Jaypee Infratech, a subsidiary company formed to develop, construct and operate Taj Expressway, a 165-km, six-lane access controlled toll expressway between Noida and Agra in Uttar Pradesh. […]

After the battle for Hutch, the telecom sector could be all set for its next big encounter. The buzz is that Sunil Mittal owned Bharti Airtel and Anil Ambani owned Reliance Communications are both eyeing a controlling stake in African telecom major MTN. CNBC-TV18 finds out if there is fire beneath the smoke. It’s been a while since Sunil Mittal wore the hat of Bharti Airtel's CMD in a public forum. And even though the announcement was of a distribution tie-up with IFFCO, Mittal couldn't evade questions on a potential bid for African telecom giant MTN. “We are not making any bid. We are open to opportunities and there is nothing on the table,” said Sunil Mittal, CMD, Bharti Airtel. MTN is reportedly having a board meeting on May 5 to evaluate bids. In a communication to the Johannesburg Stock Exchange earlier this week, the company had said, “MTN has not received any specific proposal. MTN receives tentative approaches from time to time, which are always evaluated. MTN has been valued at about USD 41 billion, that is almost as much as Bharti which is valued at USD 44 billion. […]