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News Round Up: PFC To Raise $500Mn in ECB; Emami Exits Realty Business

25 October, 2008

 

M&As

RCOM In Negotiations With Healthcare Magic: ADAG group firm Reliance Communications is in advanced stage of talks with Bangalore-based Healthcare Magic to launch India’s first ‘doctor-on-call’ service for providing medical consultation and referrals. The service expected to be launched by December, will provide live consultation with doctors across the country. The tie-up will entail developing infrastructure and network as well as revenue sharing.

 

PVR Approves Merger Of Sunrise Infotainment With Itself: PVR Ltd has approved the merger of Sunrise Infotainment Pvt. Ltd, its wholly owned subsidiary with itself. Sunrise Infotainment operates the six screen multiplex at Oberoi Mall in Mumbai. Post merger, PVR will have three subsidiary companies namely PVR Pictures, C R Retail Malls (India), and PVR bluO Entertainment Limited. Sunrise Infotainment had been granted 100% entertainment tax exemption for first three years by the Maharashtra state government.

Emami Exiting From Real Estate Business: FMCG firm Emami from the real estate business by selling 100% stake of its wholly-owned subsidiary, Emami Realty Ltd. It is talking with other parties for selling its stake in its realty arm. The buyer could be one of the various group companies of Emami, or any other entity outside the group.

 

Public Equity

PFC To Raise $500 Mn Through ECB: Power Finance Corporation (PFC) is planning to borrow $500 mn from the overseas markets after the relaxation of norms for external commercial borrowings (ECB) by the government. It had earlier got the central bank’s approval for $300 mn ECB but could not borrow due to the ongoing financial crisis.

 

 

Others

 

IMF Funds Pakistan With Conditions: The economic assistance of $9.6bn to Pakistan from the International Monetary Fund (IMF) to avoid defaulting on its debt obligations has brought with it many harsh conditions. Pakistan will have to cut its defence budget by 30% in the next four years to become eligible for the bailout package. Sanctioned at a mark-up rate of 16.7% per annum the bailout also requires Pak to reduce the number of posts entailing pension in the government and semi-government departments from 350,000 to 120,000.

Dabur Pharma Rechristened As Fresenius Kabi Oncology: Dabur Pharma along with its wholly-owned subsidiaries as Fresenius Kabi Oncology Ltd. Fresenius Kabi is the wholly-owned subsidiary of Fresenius Kabi AG, headquartered in Bad Homburg, Germany. In April this year, Fresenius Kabi had acquired 73.27% stake in Dabur Pharma from its promoters and certain other shareholders.


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News Round Up: PFC To Raise $500Mn in ECB; Emami Exits Realty Business

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