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After making a re-entry into telecom, Reliance Industries Limited chairman Mukesh Ambani has now set himself a new target. He wants to manage your money. RIL has now tied up with global financial services giant DE Shaw to offer financial services. Trading in energy, carbon and derivatives may be offered and the joint venture may also look at offering private equity and mutual funds. However, the joint venture may not want to secure a banking licence yet. RIL sources confirmed to NDTV that the announcement regarding the joint venture will be made shortly. As double income families drive the consumption boom in the urban areas of the country, often buying products or services on credit, the financial services companies are sensing a never before opportunity for expansion in India. They are even tying up with global names helps give them a global footprint. […]
Reliance Communications Ltd. could acquire privately owned cable television company Digicable in a cashless deal, the Economic Times reported on its website Wednesday, citing an investment banker familiar with the development. Reliance Communications will spin off its direct-to-home television service Big TV into a special purpose vehicle which will also include Digicable, the website reported the banker as saying. Reliance Communications will own a 60% stake in the special purpose vehicle, with private equity fund Ashmore, Digicable Managing Director and Chief Executive Jagjit Singh Kohli, and joint Digicable Managing Director Yogesh Shah taking the rest, the banker said, the website reported. […]
Rajan Raheja group firm Prism Cement today said it has acquired the remaining 50 per cent stake in Milano Bathroom Fittings (MBF) for an undisclosed sum. “Post acquisition, MBF becomes a wholly-owned subsidiary of Prism Cement and will continue to be managed through H and R Johnson (India) division,” it said in a release. H&R Johnson (India), the tiles division of Prism Cement, had acquired a 50 per cent stake in MBF in 2006. MBF has a manufacturing plant at Baddi in Himachal Pradesh. The Baddi plant manufactures bathroom fittings and has a capacity of 3 lakh pieces per annum. […]
Radaan Mediaworks headed by actor, R Radhikaa, is working on a slew of new business initiatives to aggressively grow the company in theIndian and overseas markets. It is in the process of appointing an international consultant to finalise the plans in the next couple of months. A top company official said, ” We will retain focus on expanding the core business of producing high quality TV serials and strengthening the exclusive tie up with Sun TV Network. In addition, we want to build a platform or hub around Radaan for hosting events and venturing into new areas in tie up with other players in the industry”. ” We want to achieve a topline of Rs 100 crore in three years against Rs 30 crore last year. Radaan has an early mover advantage in the industry and is quite popular in other parts of India and abroad”, he said. Radaan is also seriously looking at inviting substantial fund infusion by venture capital and private equity firms. […]
Reliance Communications Ltd’s subsidiary Reliance Infratel LTd, and GTL Infrastructure had in-principle approved a Rs 50,000-crore deal to create the world’s largest independent telecom infrastructure company, neither owned nor controlled by any telecom operator. The deal may be done but the dust is yet to settle. The clarity on the structure of the merged entity Reliance Infratel's tower assets into GTL infra is still awaited. However, sources indicate that GTL promoter stake in GTL Infra may go down to 26 per cent. As part of transaction, sources say treasury stock of 8 per cent to be also created, which can be reissued later. Sources further say that GTL Infra may get in a private equity investor post completion of the deal. Also, Anil Ambani is likely to hold approximately 26 per cent in GTL Infra, and part of Reliance Infratel debt may be transferred to GTL Infra. […]
RSB Transmissions, engaged in manufacturing of automotive, construction and farm equipment, has acquired, through its Netherland based arm RSB Europe BV, 70 per cent stake in the Belgium based construction equipment aggregate manufacturer MSI (Mechanical Supplies International) for an undisclosed sum. RSB currently has 10 manufacturing plants spread over 7 locations in India and the USA While the turnover of MSI stood at 21 million Euro in the pre-recession period, its new owners now hope to take the turnover to 28 million Euro by 2012 without any additional investment. The Belgian company, situated in the city of Tessenderlo, manufactures heavy fabrication aggregates for excavators, off-highway machines and windmills which are similar to the products of RSB manufactured in its Jamshedpur, Dharwad and Chennai plants. […]
Private equity firm Warburg Pincus India Pvt. Ltd has invested $85 million (around Rs390 crore) in Mumbai-based Metropolis Healthcare Ltd, a chain of diagnostic laboratories. The deal provides an exit for ICICI Venture Funds Management Co. Ltd, which hadinvested Rs35 crore in Metropolis in 2006. Apart from ICICI's stake sale to Warburg Pincus, the deal also includes additional capital infusion intoMetropolis by Warburg Pincus. The size of the stake acquired by Warburg Pincus was not disclosed. Metropolis has 55 laboratories, of which 45 are in India and the remaining 10 in South Africa, Sri Lanka and West Asia. “The funds are going to be used for inorganic growth,” said Ameera Patel, executive director and chief executiveof Metropolis. “We plan to start five greenfield laboratories and do four-five acquisitions.” […]
Inno, a global investment group focused on real estate, is planning to invest around $150 million (Rs 690 crore) in various residential projects in the country in the next six to seven years. Speaking to reporters at the launch of Inno Geocity, a Rs 750-crore flagship residential project to come up in the industrial belt of Oragadam near here, Rajamannar Ramaswamy, group managing director, Inno Group Holdings Limited, said the company had raised $200 million (around Rs 920 crore) so far and had invested $50 million in three projects including a hotel project and residential projects in Chennai, and a villa project at Coimbatore. Inno Investments has raised four India-focused real estate private equity (PE) funds and funded six projects in India with a total gross development value (GDV) of Rs 2,600 crore, involving development of over 14 million sft. […]
India's biggest company by market value Reliance Industries Ltd is considering buying a stake in shale gas assets in U.S. owned by Pioneer Natural Resources, media reports said. Reliance Industries, which is controlled by billionaire Mukesh Ambani, is close to announcing a deal to pay $1.35 billion for a stake in a field controlled by Pioneer, the Financial Times reported, citing sources familiar with the matter. The company will buy a 45 percent stake in the Eagle Ford shale gas field in south Texas, the newspaper report said, which will be the second deal of its kind in recent months for Reliance. In April, Reliance's energy-based conglomerate had agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40 percent stake in Atlas' Marcellus Shale operations in the eastern United States. […]
Vivendi , Europe's largest entertainment group, said on Wednesday it was not in talks to buy a 26 percent stake in Indian mobile carrier Reliance Communications. Indian newspaper Economic Times said Vivendi, which has telecom operations in France, Morocco and Brazil, had been talking to Reliance for a month and discussions were at an advanced stage, citing a person with direct knowledge. Reliance Communications, the No.2 mobile carrier in India's fast-growing market, is burdened by debt and the cost of rolling out third-generation (3G) services. It said earlier this month its board had agreed to sell up to 26 percent of the firm. The company has a market capitalisation of 384 billion Indian rupees ($8.6 billion) and is majority owned by billionaire Anil Ambani's Reliance conglomerate. […]
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