Government Imposes 5% Import Duty on Iron and Steel : The government imposed 5% import duty on specified iron and steel products and 20% duty on crude soyabean oil to safeguard and protect the domestic industry. The government had earlier cut indirect taxes to stimulate the economy in the budget, which lead to a downslide in its customs and excise duty collections. This move is expected to give a marginal relief to the declining government revenues as well.
Parmar Bids For 20% in Bhilwara Spinners
Pune-based high networth individual Ashok Kumar Parmar made an unsolicited bid to acquire to 20 per cent of Bhilwara Spinners, a Delhi-based company of the LN Jhunjhunwala group. Parmar had earlier attempted to purchase large stakes in a Videocon group company.
Hyderabad MFI Spandana to Raise Rs 100-cr Through The PE Gateway
The Hyderabad-based microfinance institution, Spandana, is on track to raise Rs 100 crore from a private equity investor by off-loading a 10-12% stake. It is understood to be in talks with US-based Valiant Capital Partners for the second round of capital infusion.
DLF Runs Helter Skelter To Contain The Liquidity Squeeze
The liquidity crunch led slump in demand has forced real estate leader DLF to lay off some employees, put a number of projects on hold and yearn for 7 per cent home loan rates. Unitech had also announced that it would hold talks with private equity firms to sell off its hotels to sustain the current liquidity squeeze.
Ess Dee Aquires 90% Stake In India Foils For a Consideration of Rs 120 Crore
ESS DEE Aluminium has acquired Kolkata-based aluminium foils maker India Foils from the Anil Agarwal controlled Vedanta group. In this BIFR-sanctioned deal Ess Dee would pay Rs 120 crore for acquiring 90% stake in India Foils. Of this, 45% stake would be acquired through subscription of fresh shares, while the remaining 45% would be by direct purchase of Malco’s equity. Vedanta group entity Malco is the promoter of India Foils.
RIL SEZ To Lay Off Employees
Reliance Haryana SEZ, a joint venture between Reliance Ventures and the Haryana State Industrial and Infrastructure Development Corporation, which is developing a 5,000-hectare special economic zone in Gurgaon and Jhajjar districts of Haryana, has retrenched some of its contractual staff and employees.
Pantaloon Moves Out Of Its Alpha JV
Pantaloon Retail today said it has moved out of its joint venture with UK’s Alpha Group, Alpha Future Airport Retail, a 50:50 joint venture, which is engaged in airport retailing in the country. The JV company was incorporated in November 2006 and is currently involved in the retailing of consumer products, foods and beverages.
Government To Inject Rs 50,000 cr In Indian Infrastructure
The government has decided to inject Rs 50,000 crore for funding Indian infrastructure projects. Put forward by Minister of State for Industry Ashwani Kumar, the plan will spend on projects that would be built through the public-private partnership (PPP).
Aloula Geojit Starts Its Operation In Saudi Stock Exchange
Aloula Geojit Brokerage Company, a joint venture between Geojit Financial Services and Saudi Arabia’s Al Johar group,the first trade in Tadawul, the Saudi Stock Exchange on November 10. It would strengthen their presence in the Gulf while providing Saudi investors and the large NRI population with a range of financial solutions that will fulfill their financial goals.