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News Round Up: SBI, IFC Ink JV For Infra PE; Chola DBS CEO To Resign

27 October, 2008

 

SBI Forges JV With IFC, Macquarie For PE Fund: State Bank of India (SBI) has signed a JV with Macquarie and International Finance Corporation (IFC), the World Bank’s private equity arm, to set up an infrastructure private equity fund. The MoU for the the JV agreement was signed on April 16 this year.

Chola DBS CEO Being Pressured To Step Down: Atul Pande, CEO and MD of Cholamandalam DBS Finance is supposedly stepping down following mounting pressure from the board of directors. The Murugappa group promoted company has suffered its first loss in 30 years of existence. The board expressed its views to Mr Pande who will resign within the next few days, after discussing the financials at the meeting last week. Pande has earlier worked for Citi and GE.

V-Guard Shelves Amusement Park Plans On Hiked Realty Prices: The V-Guard group, a power stabilizer maker, has dropped its plans for two amusement parks with an investment of about Rs 1,200 crore owing to land acquisition problems. The company operates two amusement parks — ‘Wonderla’ in Bangalore and ‘Veegaland’ in Kochi and was planning to set up a new theme amusement park along the Mumbai-Pune highway and and a major expansion exercise in Kochi, including a convention centre and a hotel, at a cost of Rs 200 crore and Rs 1,000 crore respectively. V-Guard will now sell off the already acquired property and shift the project to Tamil Nadu.

Pennar Plans Rs 105 Crore Project In Andhra: South based Pennar group is setting up Pennar Engineered Building Systems Limited (PEBSL) at a cost of Rs 105 crore, in association with My Home group. The 60,000-tonne per annum capacity project, at a 28-acre site at Sadishivpet in Medak district is expected to commence commercial production by June 2009. Pennar will have a 73% stake and My Home the remaining 27% holding in the new project, which will have initial stakes of Rs 42 crore. The balance amount will be raised through debt or term loans.

NASA Plans R&D Centre At Pune: US-based National Aeronautics and Space Administration (NASA) is on the verge of finalizing to set up its largest non-US centre near Pune, which is going to be a huge theme park. The project, kept under heavy confidential barriers by NASA and its Indian-partner for this theme park, the Lavasa Corporation, is expected to come up within an year over a sprawling area of more than 300 acres. With this NASA has made its entry into India, where it can leverage its expertise of two decades in global aerospace research, execution and management projects.


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News Round Up: SBI, IFC Ink JV For Infra PE; Chola DBS CEO To Resign

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