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News Roundup: Analjit Singh To Become Co-promoter In EIH

15 October, 2009

Suzlon Energy Sells Rs 250-Cr Wind Power Assets – The Tulsi Tanti family, promoters of wind turbine company Suzlon Energy, has sold its wind power firm Super Wind Projects to Kolkata-based Techno Electric and Engineering Company for around Rs 250 crore.  The firm, which was commissioned a few months ago, has a power generation capacity of 45 MW. Techno Electric & Engineering had recently informed BSE about its move to acquire 100% ownership of Super Wind Project. (Economic Times)

Vavasi To Partner China Mobile For Zain Bid – After India’s two state run telcos intended non participation in the consortium led by Delhi-based Vavasi group for bidding Kuwait-based Zain Telecom, Vavasi is now eyeing new partners. The company has sent feelers to China Mobile for a possible joint bid for Zain. The Vavasi group has a four-month exclusive agreement with the Kharafi group, which holds over 32% in Zain Telecom and is looking to exit. The agreement ends on January 2010. (Business Standard)

Intel Capital In Talks To Invest In Analogics – Analogics Tech India, which manufactures hand-held banking device, is in talks with Intel Capital, the venture capital arm of Intel, for diluting its holding in Analogics. The company plans to raise money to fund its expansion plans. It is setting up a mass manufacturing plant in Hardware Park in Hyderabad and proposed an investment of Rs150 crore. It has posted revenue of Rs 50 crore last year and expects to double it by the end of the current fiscal. (Mydigitalfc.com)

Future Group, Clarks In JV For Footwear Retail – Kishore Biyani-promoted Future Group has entered into a 50:50 joint venture deal with UK-based footwear retailer Clarks to launch the brand in India by 2011. The group has signed the agreement through its subsidiary Winner Sports. Both the companies have already started research and development process for customising the British brand’s range to suit Indian customers tastes and needs. (BS)

Analjit Singh To Become Co-promoter In EIH – Max India chairman Analjit Singh is buying some additional stake in EIH that will result in joining him in the company as co-promoter and vice-chairman, owning a little over 26%. A deal is likely to be finalised early next month. Oberoi family, which owns 43% in EIH, will sell a little over 17% to Singh for up to Rs 1,250 crore, valuing the company at more than Rs 7,200 crore. Singh and EIH chairman PRS Oberoi have already signed a non-disclosure pact, with due diligence for a final deal currently under way. Post the development, Singh and the Oberoi family together hold a 52% stake in EIH. (ET)

Crisil To Sell 7% In NCDEX – Rating agency Crisil Ltd, the Indian subsidiary of US-based Standard and Poor’s, plans to reduce its stake in the National Commodity and Derivative Exchange Ltd (NCDEX), the country’s second largest commodity exchange, from 12% to 5%. The company has engaged investment bank JM Financial Consultants to find a buyer. The department of industrial policy and promotion (DIPP) had introduced some changes on foreign investment in domestic company that restricts Crisil in holding more than 5% in NCDEX. (Mint)

Surana Tele To Merge Solar Biz With Group Firm – Chennai-based Surana Telecom and Power Limited has received approval to demerge its solar business and consolidate it with group company Surana Ventures Limited. The boards of both the companies agreed the same at their respective meetings held on October 13. Post this demerger, Surana Ventures will issue shares to the existing shareholders of Surana Telecom and Power Ltd and plans listing on the BSE and the NSE. (BS)

 


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News Roundup: Analjit Singh To Become Co-promoter In EIH

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