Ennore Port May Sell 10% Stake - Ennore Port Ltd may raise funds by selling stake of upto10% to institutions such as LIC and GIC. Ennore is the only corporatised port under the Centre’s jurisdiction. The proceeds of the funds will be used to part-finance a dredging project. Ennore Port posted a net profit of Rs 35 crore on revenues of Rs 128 crore for the fiscal FY08. (Hindu Business Line)
Hedge Fund To Sell 25% Stake in Sanghi Industries - Spinnaker Capital Group is in talks to sell its 25% stake in Hyderabad-based Sanghi Industries Ltd, which owns a 2.6 million-tonne cement plant at Kutch in Gujarat. The hedge bought the stake at a total cost of around Rs 75 crore in 2005. Spinnaker is in talks with MNCs and other funds to sell this stake. (Mint)
FIPB To Take a Call on ByCell - ByCell Telecommunications, a Switzerland-registered telco promoted by Russian businessmen, will make a representation against revocation of its FIPB approval this Friday in the finance ministry. The government had recently revoked the FIPB clearance that it had granted to ByCell for an inflow of $500 million (Rs 2,566 crore) over a period of 3-5 years and to offer mobile phone services across five circles. (DNA Money)
ATC Joins Race For Aircel Tower Biz - American Towers Comapny (ATC) is joining the fray to buy telecom company Aircel’s 12,000-plus towers. ATC will compete against
Tata-Quippo combine and a clutch of private equity players. Aircel has set July 24 as the deadline for all potential bidders to respond to its information memorandum. Aircel is majority owned by Malysia’s Maxis Communications Bhd. It has appointed Nomura, Rothschild & Standard Chartered as advisors for the transaction. (Economic Times)
Tata Steel, Suzlon To Raise Funds Through GDRs - After Sterlites $1.5 billion issue last week, Tata Steel and Suzlon Energy aim to raise up to $925 million by selling shares to international investors. The process began on Monday and is expected to be over by Tuesday. Tata Steel is planning to issue global depository receipts (GDR) upto $750 million, while Suzlon is looking to raise upto $175 million. (ET)
FDI Inflow in April May at $4.43 Bn - Foreign direct investment (FDI) in India fell by 47% to $2.1 billion in May as compared to the same month last year. In May last year the FDI stood at $3.9 billion. The government had scaled down the FDI target by $5 billion from $35 billion last fiscal. (ET)
UTV To Absorb AIM Subsidiary - Media and entertainment firm UTV Software Communications plans to acquire the remaining 23.18% stake in its UK subsidiary UMP Plc to consolidate its motion picture business. The company said that integrating UMP Plc and UTV Mauritius into UTV Software to reap the benefits of operational synergy and enhance shareholders value. (BS)
Reliance Capital To Enter I-Banking - Reliance Capital Ltd plans to enter the investment banking business over the next 12 months. The firm is part of the Anil Dhirubhai Ambani Group and has a presence in asset management, life and general insurance, private equity, etc. (WSJ)
GlobalLogic Hires Chief People Officer - GlobalLogic, a software product development firm, has appointed Milind Jadhav as its Chief People Officer. Jadhav will work directly with GlobalLogic's CEO, Peter Harrison, to advance the company's leadership in outsourced product development. Jadhav has earlier worked with Patni Computer Systems, Suzlon Energy, etc.
