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News Round UP: British Airways Eyes 25% Stake in GoAir

05 January, 2009

Satyam Explores Merger Options to Avert Takeover – Satyam Computer Services’ management and some of its institutional investors are planning a merger with another software company. This comes in the wake of the threat of a takeover by a domestic or overseas company, including private equity firms. Reports suggest that the company is in talks with Delhi-based HCL Technologies and Bangalore-based MindTree. Discussions are on with HCL for a cashless merger. (Business Standard)

British Airways Eyes 25% Stake in GoAir – British airways plans to buy 25% stake in GoAir, which is a no frills airline, promoted by the Wadia Group. Teams of British Airways and GoAir will meet in London to take the discussions ahead. BA had also tried to reach a code sharing agreement with GoAir last year. Currently, GoAir has a market share of 2.3%. (The Economic Times)

Vedanta Go Ahead With 50,000 Crore Investment Plan in Orissa – Vedanta Resources, owned by Anil Agarwal, has announced that it will go ahead with its Rs 50,000 crore investment plan in Orissa despite the global meltdown. The plan includes raising the capacity of its aluminium smelter to 2 million tonne, Lanjigarh alumina refinery capacity to 5 million tonne per annum and generation of 4,000 MW power in the state. (Business Standard)

SBI Picks Up 19.7% Stake in based Mayfair Hotels – The State Bank of India (SBI) has picked up 19.7% equity in Orissa-based Mayfair Hotels and Resorts (MHRL) through a private equity (PE) deal. The deal was for 37,33,333 shares with a face value of Rs 10 each. SBI has acquired fresh shares issued by the company. Consequently, the subscribed equity base of the company has increased to 1,89,33,333 shares from 1,52,00,000 shares previously. The promoters share in MHRL will be 80% post the deal. (Business Standard)

Govt. Asks PSU Banks to Lend Rs 56,000 Crore More – The government has directed public-sector banks to lend Rs 56,000 crore, over and above their existing disbursement target, in the next three months. Post March, the banks would be asked to further step up lending as the government plans to infuse Rs 20,000 crore over the next two financial years to enhance the loan disbursement capacity of banks. (Business Standard)

RCOM Starts GSM Services in Mumbai – Reliance Communications, led by Anil Ambani, has launched GSM services in Mumbai and offered free talk-time worth Rs 900 spread over three months. This move can trigger another tariff war among mobile operators. New subscribers would get Rs 10 talk-time every day for the first 90 days. The company is working out various other pre-paid tariff plans and would announce them during the next three months. (The Economic Times)

Parle Products to Challenge HC Judgment on Trademark War

Parle Products, controlled by Vijay and Arup, Chauhan has decided to contest a Bombay high court judgment which allows Parle Agro to use the Parle trademark on its range of confectionary items. Parle Agro is run by another branch of the Chauhan Family. While Parle Products owns confectionary brands like melody, Mango bite, Parle G, Monaco, Krackjack; Parle Agro’s flagship brands include Frooti, Appy, Mintrox, buttercup etc. (The Economic Times)

Lotto Sports to Open 300 Stores Across India – Lotto Sport Italia plans to open 300 stores in India in then next 5 years. The Italy Based company also plans to foray into the innerwear category.  The company is expected to open 50 stores in the northern region of India by 2010. currently, the company has 10 exclusive stores across the country. The company is expecting a turnover of Rs 50 crore by 2010. (Business Standard)

TCS Looks At Tier II Cities for Future Growth – In order to drive its future growth in the domestic market, Tata Consultancy Services (TCS),  the software services giant,  is eyeing tier II cities such as Pune, Nagpur, Gandhinagar, Kochi and Chandigarh. While the centres in Pune and Gandhinagar are expected to be operational by the end of this year, the proposed centres in Chandigarh, Nagpur and Kochi are scheduled for the second phase. (Business Standard)

Third Nagarjuna Director Arrested on Fraud Charge – The Hyderabad police on Sunday arrested G S Raju, a director of Nagarjuna finance Ltd (NFL), in a case of cheating depositors. He is third Nagarjuna director to have been arrested. Raju was produced before a local court today which remanded him to 14-day judicial custody. The police has issued alert notices for nabbing 16 others involved in this case. (The Economic Times)

 


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News Round UP: British Airways Eyes 25% Stake in GoAir

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