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News Roundup: Bajaj Auto to Raise Stake in Austria’s KTM

14 July, 2009

Bajaj Auto to Raise Stake in Austria’s KTM – The equity holding of Bajaj Auto, India’s premium bike manufacturer, in Austria’s power bike company KTM Power Sport AG will be scaled up in the coming years to leverage on the foreign company’s superior expertise in technology and brand name. Bajaj Auto, through its 100 per cent Dutch subsidiary, Bajaj Auto International Holding BV, will buy the additional stakes in the Vienna Stock Exchange-listed KTM on-behalf of the company. The Pune-based company has so far spent Rs 700-800 crore (£119.62 million) in buying 31.72 per cent stake in KTM. Rajiv Bajaj, managing director, Bajaj Auto has already secured a seat on the KTM Board. (Business Standard)

Hi-Tech Infra to Invest Rs 600 Crore in Coimbatore SEZ – Hi-Tech Infrastructure Private Limited, promoted by Coimbatore-based KG Information Systems Limited (KGISL), plans to invest around Rs 600 core over the next two years in building a township at a special economic zone (SEZ), the first SEZ for IT and ITeS sectors being developed at Saravanampally in Coimbatore. The company is developing the SEZ on 150 acre, of which 65 acre had already been allotted to Robert Bosch India, Cognizant and Perot Systems. Bosch is setting up a research and development centre in the SEZ with an investment of around Rs 250 crore. (Business Standard)

IIFCL Meets Today to Decide on Rs 10,000 Crore Unused Fund – The board of India Infrastructure Finance Company Ltd (IIFCL) is meeting tomorrow to look at ways to create demand for the Rs 10,000 crore that it had raised earlier this year to refinance highways and port projects. The New Delhi-based financial institution has not received a single proposal for the fund. The board will look at options of how this money can be deployed more efficiently. These include taking up projects approved before January 2009 or covering projects other than roads and ports. (Business Stnadard)

OVL in Race for Ghana Fields – State-run Oil and Natural Gas Corporation (ONGC) has joined the race to buy a 30% stake in Jubilee oil fields in Ghana from the US-based Kosmos Energy. ONGC Videsh (OVL), the overseas arm of the country’s largest oil explorer, has initiated the due diligence process and is expected to put in a formal bid this month. OVL has visited the data room that Kosmos Energy opened for potential bidders. OVL is likely to team up with a foreign company to put in a bid, which could be in the range of $3-4 billion. (The Economic Times)

Sterlite to Raise Funds Through QIP Route – Sterlite Industries India, a Vedanta Group firm, on Monday said it is planning to raise funds through the issue of securities under Qualified Institutional Placement (QIP) route. Shareholders of the company have approved the resolution to issue appropriate securities to Qualified Institutional Buyers (QIBs) on a private placement basis. Further, the mining firm’s shareholders have also approved the raising of funds through the issue of securities in the form of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and foreign currency convertible bonds (FCCBs). ()

Ramky Group Plans IPO for Rs 500 Crore – Hyderabad-based Ramky Group is planning an initial public offering (IPO) for its infrastructure firm Ramky Infrastructure in the present fiscal year. The co-mpany, which was supposed to go public last year, is looking to raise $100 million (approximately Rs 500 cr) from the equity markets. Ramky Infrastructure would be using the money to fund its existing projects. The company, at present, has an order-book of Rs 7,000 crore. It sees this figure going up to about Rs 10,000 crore to Rs 12,000 crore by the end of this fiscal. (Mydigitalfc.com)

 


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News Roundup: Bajaj Auto to Raise Stake in Austria’s KTM

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