Belgian Firm Forms JV with Forbes Marshal – Eyeing the Rs 1,000-crore biomass energy-plant market in India, Forbes Marshall and Belgian energy-solution giant Vyncke Energitechniek announced an equal joint venture on Wednesday. The newly formed company, Forbes Vyncke, has set up a manufacturing unit in Pune and has already completed installations worth Rs 16 crore in India over the last eight months. The newly-floated company plans to get clients from food processing, pharmaceuticals, textiles, breweries, dairy and rubber industries. Forbes Vyncke will undertake manufacturing and installation of industrial boilers and energy converter with a per-hour-biomass-burning-capacity of 15 tonnes, which can go up to 100 tones as per the requirement. The firm plans to hit revenues of Rs 100 crore within the next 3 years. (Business Standard)
iFast Acquires ING Platform Services – iFAST Corporation, the holding company of iFAST Financial (HK) and Fundsupermart HK, has entered into a pact with ING Insurance Asia Pacific for the acquisition of 100 per cent interest in ING Platform Services. The acquisition is funded by iFAST Corp’s internal resources. ING Platform Services is a Hong Kong-based platform and the service provider of I-WRAP Private Portfolio Service in Hong Kong and Singapore. (Business Standard)
Star Union Dai-Ichi Life to Infuse Rs 100 Crore Capital – Star Union Dai-Ichi Life Insurance Company Limited, a joint venture life insurance company promoted by Bank of India, Union Bank of India and Dai-Ichi Mutual Life Insurance Company, Japan, is planning to infuse Rs 100 crore capital to support its expansion plan and meet the target of Rs 500 crore premium in 2009-10. the additional capital of Rs 100 crore would take up the total capital of the company to Rs 250 crore. the company would target 50 million bank customers of the two promoters, Bank of India and Union Bank of India, across the country.Apart from the Mumbai and Chennai offices, the company plans to set up 20 more regional offices in different states. These offices would become functional by the end of 2009-10. (Business Standard)
SKS Microfinance Plans to Raise Rs 500 Crore Through Rated Bonds – Hyderabad-based SKS Microfinance is planning to raise Rs 500 crore through rated bonds next fiscal. It has also firmed up plans to raise Rs 25 crore through issuance of commercial paper (CP) in the next few days. SKS will be the first non-banking finance company (NBFC) in the micro finance space to use CP for fund raising. This fiscal, SKS expects to disburse a total of Rs 4,500 crore, with a total portfolio outstanding of Rs 2,500 crore. Next fiscal, it plans to disburse a total of Rs 8,750 crore, with a portfolio outstanding of Rs 5,000 crore. Besides this, SKS will raise Rs 500 crore through securitisation deal with financial institutions. (Business Standard)
Hiranandani Group to Invest Rs 640 Crore for Development of Five Hotels
City-based real estate developer, Hiranandani Group is looking to collectively invest over Rs 640 crore towards development of five new hotels which will add more than 550 rooms over a period of next 2-3 years. The company is in talks with about eight international hotel brands for management contracts that will come up in metros like Mumbai, Bangalore, Chennai and Hyderabad. Some of the hotels with which Hiranandani is in talks with include Accor Hospitality, InterContinental Hotels Group, Global Hyatt Corporation and Hilton Hotels among others. The company plans to fund the expansion programme through debt and reserves in an equal manner. The firm is confident if raising debt for its projects. ()
Vishal Retail May Shut Down More Stores – New Delhi-based Vishal Retail may need to shut down more stores to conserve cash and carry inventory in the next two quarters, as sales are slowing. The company is in talks to roll over more than Rs 90 crore of debt owed to banks. According to company sources, the retailer is not generating enough cash. The company has not been able to generate positive cash flows in the first two months of this quarter. The company’s third-quarter profit dropped 86 per cent to Rs 2.15 crore. Vishal has dropped expansion plans for the next two quarters for want of capital. The company has 300 million sq ft of retail space at present. (Business Standard)
Allcargo Global Logistics Acquires 5.97% stake in Gateway Distriparks – Logistic services provider Allcargo Global Logistics has Allcargo Global Logistics acquired a 5.97% stake in Gateway Distriparks through open market transactions. Sealand Terminals, a wholly-owned subsidiary of Allcargo Global Logistics, has acquired 60.95 lakh shares representing a 5.97% stake in Gateway Distriparks from the open market, the logistics firm said in a filing to the Bombay Stock Exchange. However, Allcargo Global Logistics didn’t disclose any financial details in this regard. Gateway Distriparks provides port-related logistics support services. (Business Standard)
Riche to Acquire Genentech for $ 46.8 Billion – Switzerland’s Roche said on Thursday that it has agreed to buy all the remaining shares in Genentech for $ 46.8 billion in a takeover described as the largest in the Swiss history. The deal approved and recommended by gebetech’s board, offers $ 95 for each outstanding Genentech share. Roche Holding, which already owns 565 of the stock of the South San Francisco based company, had increased its bid to $ 93 per share last Friday. (Times of India)
Gokaldas to Shut 3 Units in Bangalore, Lay off 3000 – Blackstone owned garment firm Gokaldas Exports, which reported its first ever loss in the last quarter, has unleashed a fresh restructuring exercise slashing 3000 jobs and shutting three of its unit in Bangalore. Sources suggest that the exporter is also considering a possible 30% pay cut for the middle and senior level management staff as the company battles the impact of global recession. However according to the Gokaldas officials, though the firm is looking at cost cutting measures it hasn’t yet spoken of salary cuts. The exporter’s number of factories is also expected to come down from the current 43 to 40. (The Economic Times)
Sunil Nayak to Be New RKHS-Sodexo Entity CEO – French major Sodexo plans to consolidate its Indian operations by merging Radhakrishna Hospitality Services (RKHS) with its wholly-owned Indian subsidiary dealing in food and facilities management. Sodexo’s other wholly-owned subsidiary which deals in vouchers, will continue to remain as a separate legal entity. RKHS will be merged with Sodexo India. For this, the company plans to set up an integration team, with a steering committee to be headed by Sunil Nayak, current RKHS CEO, and Yann Coleou, CEO, Sodexo UK & Ireland, and president, India. Nayak is slated to be the CEO of the new entity, while Raju Shete, promoter of RKHS, will be the non-executive chairman of the combined entity. (Times of India)
ICICI Ventures Petition Hints at Lapses at Subhikska – Private equity firm ICICI Ventures, which has 23% stake in the troubled retail chain Subhiksha, has hinted at lapses in corporate governance on the part of Subhiksha founder and managing director R Subramanian, in its court filings against the company. Meanwhile, Mr Subramanian has maintained that ICICI Ventures was also in control ever since it took the stake in Subhiksha. The court filing also alleges lapses in the area of corporate governance by the management, apart from worries over Subhiksha’s financial health and liabilities. Another allegation is that Mr Subramanian failed to implement the decisions taken at the Board Meeting held on 22 November 2008. The Board wanted the management to – conduct an independent review of the company operations, including the financial position by KPMG and appoint a CFO. (The Economic Times)
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