SAIC Pays $500M For GM India Stake - Detroit-based General Motors, which entered into a 50:50 joint venture with China’s Shanghai Automotive Industry Corporation Group (SAIC) earlier this month to manufacture cars for both the Indian and export markets, has sold 50% of its Indian operations to SAIC for $500 million. The new company, with an equity base of $100 million (Rs 470 crore) will utilise GM’s Talegaon (in Maharashtra) and Halol (in Gujarat) plants to first manufacture cars and utility vehicles for the domestic market. (BS)

OBC To Acquire A South-based Bank - State-owned Oriental Bank of Commerce (OBC) has begun the hunt for another lender to expand its footprint in South India. The bank has earlier acquired Hyderabad-based Global Trust Bank in 2004. The move is part of company’s plan to bring synergies in its business and expand business in the southern region. The bank has opened a representative branch in Dubai in March this year, making its overseas presence for the first time after being established in Lahore in 1943. (BS)

Captain Gopinath Taps PEs For Cargo Biz - Captain GR Gopinath, the pioneer of low-cost flying in India, is understood to be resuming talks with private equity players to part finance his latest venture, airline cargo business. Gopinath is learnt to be seeking Rs 200 crore for a 25% stake in his new cargo company named Deccan 360. Talks are on with an European private equity and two US-based firms, putting the enterprise valuation of the cargo company at Rs 800 crore. Gopinath had postponed similar talks in September due to low valuations. (ET)

Sistema's Russian Equity Plan May Hit Roadblock - Sistema Shyam Teleservices’ (SSTL) attempt to secure equity infusion from the Russian government could hit a roadblock, as the existing rupee-rouble debt agreement between India and Russia does not permit such deals. The Russian government was looking to buy a 20% stake in SSTL for over Rs 3,000 crore. The agreement, which was renegotiated in 2007, allows the debt funds to be used by the Russian government or Russian companies for investments in India. The funds available to the Russian government, however, cannot be used for buying shares and capital market transactions. (ET)

Sebi To Make Mandatory Open Offer For 100% Stake – Corporate acquisitions in India could become costlier, with market regulator Securities and Exchange Board of India (Sebi) mulling making it mandatory for acquirers to make an offer for up to 100% stake in any listed company. As of now, an open offer for a minimum of 20% in the target company is required to be made by any entity that has purchased 15% equity, either from the promoters or the open market. The changes are expected to take effect from the next financial year only. (BS)

Thyrocare To Raise Funds Through Stake Sale - Thyrocare Technologies Ltd, a Mumbai-based diagnostic company, is planning to raise funds through stake sale as part of a plan to scale up its business. The company is already in talks with SRL, a unit of Ranbaxy, and US-based Quest Diagnostics to offload its stake. The funds would be used for expansion of business. Thyrocare has mandated global professional services firm Deloitte to suggest possible suitors. (ET)

Gallantt Ispat Plans To Raise $8.5M Via IPO - Steel producer Gallantt Ispat Ltd is planning to raise $8.5 million through initial public offering (IPO). The company has filed draft papers with the capital market regulator SEBI. The funds would be utilised to set up integrated steel plant and a flour mill. Anand Rathi Advisors Ltd was appointed as a sole lead manager to the issue. (BS)

Government To Sell Stake In NMDC - The government of India is planning to raise approximately $4.9 billion by diluting 8.4% stake in NMDC Ltd, a leading iron ore producer and exporter in India. The follow-on offer (FPO) would take place in March 2010.  The government currently holds about 98.38% stake in the firm, and about 1.62% holding has already been made public. (ET

Shriram Transport Finance Plans More Acquisitions - Shriram Transport Finance Co. Ltd. is aggressively planning for more acquisitions. The company is already in talks to acquire the assets of Citi Financial. Shriram Transport Finance Co. Ltd. is engaged in the hire purchase, lease financing and financing commercial vehicles to small road transport operators. The company has recently acquired the assets of GE Transportation Financial Services, a part of GE Capital. (DNA)

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