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News Roundup: BSNL Gets Govt Nod For 10% Stake Sale

07 January, 2010

BSNL Gets Govt Nod For 10% Stake Sale – State-owned telecom operator BSNL has got government approval for a 10% disinvestment. A meeting chaired by Prime Minister Manmohan Singh also discussed the challenges and expansion plans of telecom PSUs BSNL and MTNL, who have been posting losses. Others at the meeting were Telecom Minister A Raja, BSNL Chairman and Managing Director Kuldeep Goyal, MTNL Chairman and Managing Director R S P Sinha and Telecom Secretary P J Thomas. The disinvestment had been delayed due to the opposition from the PSU unions. (BS)

RIL To Unload More Treasury Shares – Mukesh Ambani’s RIL is looking to sell more treasury shares after raising over $1 billion through such sales. Bankers like Citigroup and Morgan Stanley have approached large institutions for a further stake sale of close to Rs 2,800 crore. RIL has sold shares worth Rs 5,868 crore through sales on September 17, 2009 and January 4. (DNA)

Lafarge Plans Consolidation In India – Cement manufacturer Lafarge plans consolidation in India and has set the time frame to do the same in the next five years. The company is confident about the delivery of its investments in India and is open to seizing new opportunities. Lafarge India currently produces 6.5 million tonne of cement annually from its four cement plants – two in Chhattisgarh and one grinding plant each in Jharkhand and Mejia in West Bengal. The company is evaluating four greenfield cement projects in Karnataka, Rajasthan, Meghalaya and Himachal Pradesh. (HBL)

Mangalore Developer To Raise Rs 200 Cr – Mangalore’s Plama Developers has lined up close to 12 projects to come up over the next two years for which it plans to raise Rs 200 crore. Plama specialises in residential projects and plans to raise Rs 100 crore from foreign investors and another Rs 100 crore through debt. It has earlier raised Rs 25 crore from a UK-based investor, who holds a 26% stake in Plama. The company plans to set up three residential projects in Bangalore, two in Kerala, one in Chennai and the rest in Mangalore. (BS)

Piramal Eyes Acquisitions – Piramal Healthcare is looking to acquire companies in areas like over-the-counter (OTC) drugs, patented drugs, contract research and research molecules. The company is also planning to raise Rs 1,000 crore within the next 6-8 months, which will also have a debt portion. Piramal is also setting up a contract research plant in Hyderabad at a cost of Rs 70 crore. (DNA)

Ideal Energy May Dilute 30% Stake To PE – Ideal Energy Projects, which is setting up a 540-MW plant near Nagpur, is hoping to rope in a private equity partner to pick up a 30% stake in the project. The company plans to implement the project in two phases of 270 MW each, the first phase is expected to be completed by 2011 and the second in 2012, for a total expenditure of about Rs 2,800 crore. It has already infused some capital through debt and equity in the project. (HBL)

Unitech Corp Parks’ Portfolio Value 19% – The portfolion valuation of Unitech Corporate Parks (UCP), the London-listed commercial property leasing firm, has dropped by 18.8% to £310 million at present from £382 million in March due to weak commercial leasing market. It believes the decline is largely because of an increase in weighted average cost of capital, weak demand, oversupply of office space and extension of the Software Technology Park Scheme till fiscal 2012, which would negatively impact the movement of tenants from IT Parks to special economic zones. (DNA)

Spice Finance To Buy Broking Firm, AMC – Spice Investments & Finance Pvt Ltd, a wholly owned subsidiary of BK Modi Group’s Spice Global, is in advanced stage of acquiring an asset management company (AMC) and a broking and distribution company. Both the transactions are likely to be concluded by March this year. The company is sitting on a cash pile of nearly Rs 3,000 crore raised through the sale of its stake in mobile services company Spice Communications. (BS)

ONGC Exits Trinidad And Tobago Block – Oil and Natural Gas Corporation (ONGC) has been forced to exit from a gas block in Trinidad and Tobago after its partner Lakshmi N Mittal walked out of the project. ONGC-Mittal Energy Ltd (OMEL) — the joint venture of ONGC Videsh Ltd and Mittal Investment Sarl (MIS) — had in 2007 won the offshore block North Coast Marine Area-2 (NCMA-2), that is estimated to hold in-place reserves of two trillion cubic feet, beating Britain’s Centrica Plc. MIS decided to exit the project possibly because of global economic downturn. (BS)

IVR Prime Plans Merging Of Group Cos – IVR Prime Urban Developers Ltd plans an amalgamation of three group companies. It will happen between IVR Strategic Resources & Services Ltd, and IVRCL Water Infrastructures Ltd and IVR Prime Urban Developers Ltd. The company has convened a meeting of company shareholders on January 22 to take up the decision. It also plans to change the name of the new merged entity as IVRCL Assets Holdings Ltd. (HBL)

GMR Airport Division To Become Hotel Entity – The hotel division of the GMR Hyderabad International Airport Ltd (GHIAL) is being spun off into a wholly-owned subsidiary. The GMR Hotels and Resorts Ltd (GHRL) would, through a Court process, be created as a separate entity. The board has approved a scheme of arrangement that involves vesting of the undertaking of the hotel division of GHIAL into its wholly-owned subsidiary GHRL. (HBL)

Aegis Logistics May Spend Rs 25Cr In Shell Gas Acquisition – Aegis Logistics Ltd, a Gujarat-based logistic company, will invest around Rs 25 crore in acquiring Shell Gas (LPG) India Pvt. Ltd, which has a gas infrastructure facility at Pipavav Port and an LPG filling plant in Gujarat. Shell Gas (LPG) India carries out import and marketing of wholesale LPG. The board of members will meet January 28 to discuss the issue, Aegis said in its filing to the stock exchange. (Team VCC)

 


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News Roundup: BSNL Gets Govt Nod For 10% Stake Sale

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