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 disinvestment of promoter Andrew Yule's stake in lubricant outfit Tide Water Oil might turn out to be a high-voltage affair. Sources close to the development said that major domestic and international oil players — Reliance Industries, French oil giant Total, US oil giant Chevron, Hinduja group and Keventer group — have evinced interest in bidding for the Calcutta-based firm. Tide Water markets lubricants under Veedol brand and is a key player in the diesel lube market in the country. The Union ministry of heavy industries has already given green signal to the divestment of Tide Water Oil in May. The ministry has also asked Andrew Yule to appoint a consultant for the same. When contacted, the CMD of Andrew Yule, Kallol Datta, said the company would float a global tender for appointing a consultant for disinvestment of Tide Water by end-June. “We are hoping to get a good response,” he said. However, he did not comment on the interest shown by the oil giants for acquiring Tide Water. But, according to sources, Reliance Industries has internally discussed about the synergy between its business and Tide Water. […]