GM Close To Stake Sale Deal With SAIC – General Motors India could be readying to offload as much as 50% equity stake to Chinese truck maker SAIC Motor Corp. SAIC has been eyeing entry into the Indian light commercial vehicles market for some time and speculation has been rife about the Chinese company picking up minority stake in GM India in return for getting ready manufacturing facilities for its products. GM India is expected to announce the stake divestment and subsequent formation of a joint venture to employees over the next few days. (DNA)
ITI Units Set To Be Hived Off – State-run telecom equipment manufacturer Indian Telephone Industries (ITI) has invited bids from Indian and global telecom majors to set up joint venture companies with ITI. The government believes the initiative will help in reviving loss making ITI. In the proposed JV, ITI is likely to hold minority stake of about 26%, while the rest will be owned by the JV partner. The JVs have been proposed at Rae Bareli, Naini and Bangalore. (Business Standard)
United Bank Plans IPO By January – Public sector lender United Bank of India has received RBI nod to go for initial public offer. Post the IPO, the government stake in the bank will be reduced to 16%. The bank would file the offer document for the same by November-end and the issue is likely to hit the market by January 2011. It expects to receive the government approval in the next 10-15 days. (BS)
Stan Chart Considering India Listing – UK-based banking major Standard Chartered is actively considering a listing of its shares in Indian stock exchanges via an issue of Indian Depository Receipts (IDRs). The company is working with the Indian authorities and expecting a decision on timing in due course. It is also exploring the possibilities to list its shares in China. (DNA)
Ranbaxy Eyes Acquisitions – Ranbaxy Laboratories Ltd, India’s biggest drug maker which is now controlled by Japan’s Daiichi Sankyo Co, is scouting for acquisitions in India to trigger its growth momentum. The company CEO Atul Sobti said that they plan to be very aggressive in India to be a leader at home. It is very active in its plan and decided to go inorganic. Ranbaxy targets around 20%-plus growth in going forward, which was around 14% in last year. (Mint)
M&M To Raise Rs 400Cr For Navistar JV – Auto major Mahindra & Mahindra is looking to raise Rs 400 crore over the next 3-6 months for the Mahindra Navistar Automotive Ltd (MNAL) joint venture. MNAL will roll out medium and heavy trucks in the fourth quarter from the Chakan plant. The debt to equity ratio for the JV stands at 0.7:1. M&M will also roll out its own light commercial vehicle from its plant at Zaheerabad in Andhra Pradesh some time during the current quarter, and needs another Rs 900 crore for Mahindra & Mahindra Vehicle Manufacturer Ltd. (DNA)
Shriram Life To Infuse Rs 40Cr In Insurance Biz – Shriram Life Insurance, a joint venture between the Shriram group and South Africa-based Sanlam Life Insurance, is likely to invest Rs 40 crore in expansion. The insurer plans to use the fund to expand presence in north, east and west regions. As part of the plan, the company is opening new branches, launching new distribution channels and partnering with corporate agents and brokers. It targets around 31 offices by the next financial year. (BS)
Bharti Airtel Says May Look At Zain : Bharti Airtel will look at Zain if there is an opportunity, director Akhil Gupta told reporters on Friday in response to a question whether the top mobile operator was interested in the Kuwaiti operator. “But there is nothing on the horizon now,” Gupta told reporters. (Reuters)
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