Tata Motors Laying Off 3,000 Jobs In Pune Factory : Tata Motors, India’s largest commercial vehicle maker, is shedding up to 3,000 temporary jobs at its Pune factory, weeks after its decision to cut production and dismiss a similar number of temporary workers at its Jamshedpur plant. The latest cuts could take the overall layoffs to around 6,000 workers.
Unitech To Raise Rs1500 Crore Via Sale Of Assets : Unitech expects to raise Rs 1,500 crore through the sale of offices, land and a hotel in the next three to four months to tide over the current liquidity crunch and pay off debt. The company is in talks with private equity funds to sell stake in four to five residential projects to raise over $100 million. Unitech’s share price touched an all-time low of Rs 25.90 on Wednesday on the BSE, down 9.28% over the previous close. Since January, the company’s shares have lost over 95%.
Spandana Gets $75 M Credit Line From ICICI Bank : Spandana, the country’s second largest micro-finance institution (MFI) by assets, has secured a Rs 300 crore ($75 million) line of credit (LoC) from ICICI Bank in what is being touted as the largest securitisation deal in the microfinance space. It is also in talks with HDFC Bank for another such structured deal for around Rs 150 crore. The move is expected to help the MFI absorb the burden of rising interest costs, diversify its ability to raise more debt and make better use of capital.
Dubai International Capital’s Assets Down By $3bn : Dubai International Capital, Dubai Holding’s international investment arm, may have seen as much as $3bn wiped from its investment portfolio amid the world financial crisis, the firm’s chief executive said yesterday.
“In the past we talked about $12bn-13bn in assets but now it’s hard to tell. We’ve been affected, it could probably be around $10bn,” Sameer al-Ansari, executive chairman and chief executive of DIC told reporters on the sidelines of a Dubai conference. “The largest portion of our portfolio, 70%, is private equity, which is hard to be evaluated at the current market conditions,” al-Ansari said.
Indian Arms Of Global Investment Banks Laying Off Smartly : The Indian arms of global investment banks have started laying off employees. Those drawing annual salaries of over a crore, are the first to go. Merill Lynch has laid off 15 people from its proprietary desk. Also 25 employees at Goldman Sachs have been asked to go.Moreover, Morgan Stanley has laid off 20 employees from its investment banking and institutional equities division.Even Citibank, UBS, Macquarie, Credit Suisse and Credit Lyonnaise have asked employees to start looking out.
Suzuki To Buy Out Indian Partner’s Stake In Its Bike JV : Suzuki Motor Corporation is considering to buy the stake owned by Managing Director of Suzuki Motorcycles India Ltd (SMIPL), Mr Satya Sheel, in its Indian two-wheeler subsidiary. Suzuki Motorcycles India Joint Managing Director, Mr Katsumi Takata, confirmed the same at a press conference.
Mahindra & Mahindra Owned Movie Production House To Raise Money From PE Players: Mahindra & Mahindra-owned movie production house Mumbai Mantra will raise money from private equity players to fund expansion. The company will invest Rs 400 crore in the next 3-4 years in movie production and plans to use a mix of private equity fund, debt and internal accruals for the same. It is finalising plans to enter the television content space too.