Bharti Airtel Alcatel-Lucent Enter into Network Management JV – Bharti Airtel and Alcatel-Lucent, one of the world’s largest manufacturers of fixed-line phone equipment, announced a joint venture to manage the Indian telecom major’s fixed-line and broadband internet businesses. While Alcatel-Lucent will hold 74% in the JV, Bharti Airtel will hold the remaining 24%. Bharti has also signed a five-year $500 million managed services deal with the new company for five years. Alcatel Lucent will run the joint venture. The bulk of the 4,000 staffers for the JV will come from Bharti Airtel and the rest from Alcatel-Lucent. The joint venture will not, however, entail an asset transfer from Bharti and the subscribers and their revenues will be on Bharti Airtel’s books. (The Economic Times)
JSPL in Talks with Hudson Resources for Coking Coal Exploration JV – Jindal Steel & Power (JSPL) is in advanced talks with New South Wales-based mining firm Hudson Resources to form a joint venture for exploration and mining of coking coal in Australia. The JV is expected to absorb investments of $100 million, once mining commences in the proposed coal block. The coal mines are located in Maryborough Basin of Queensland with estimated recoverable reserves of 20 million tonne (mt), which could go up to 200 mt, if explored further. JSPL will hold 15% equity in the proposed JV during the exploratory stage, while ASX-listed Hudson Resources will hold a majority stake. (The Economic Times)
RIL Acquires Chevrons 5% Stake in RPL – Reliance Industries (RIL) has scaled up its shareholding in Reliance Petroleum (RPL) to 75.38% by purchasing US major Chevron’s 5% stake for Rs 1,350 crore. RIL bought 22.50 crore shares from Chevron India Holdings on Wednesday for Rs 60 a share. The acquisition has been undertaken via inter-se transfer of shares amongst the promoters. Chevron had become a joint promoter of RPL by buying a 5% stake for $300 million three years ago with the option to scale up its holding to 29%. (The Economic Times)
India to Soon Get its First Fine Art Fund – The UK-based Fine Art Fund Group, headed by art investor and collector Philip Hoffman, is waiting for the market to ‘stabilise’ before launching its Indian Fine Art Fund. The fund, which is tipped to be structured as a 5-year close-ended product pegged at $15-25 million, will focus on parking funds in ‘high quality’ modern and contemporary Indian art, Indian miniatures and Anglo-Indian paintings. (The Economic Times)
Mayfield to Invest in 5 Indian Firms – Mayfield Fund, a Silicon Valley-based venture capital fund focusing on the US, China and India with $2.8 billion assets under management, is looking at parking its investments in about five Indian companies this year. The fund will invest in the 5 companies from its $110 million (around Rs 550 crore) India-dedicated fund this year. The fund is looking at three main themes – infrastructure and ancillaries, consumer and globally-competent Indian companies in the IT, ITeS and manufacturing space – to invest in India. The funds initial investment is between $5 million (Rs 25 crore) and $15 million (Rs 75 crore) with the typical holding period being three to five years. (Business Standard)
Leave Your Comment
5 years ago
Four years after outsourcing its fixed line and broad services management...
9 years ago
Inflation rate down on higher base effect : The annual Wholesale Price-...
5 years ago
Future Group will list Future Lifestyle Fashions on the stock exchanges next...