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News Roundup: CCEA Approves NTT DoCoMo Proposal to Buy Stake in TTSL

24 February, 2009

CCEA Approves NTT DoCoMo Proposal to Acquire Stake in TTSL – The Cabinet Committee on Economic Affairs (CCEA) on Monday approved the proposal of Japanese telecom major NTT DoCoMo to acquire 27.31% equity capital of Tata Teleservices for about Rs 12,924 crore. It also approved the Japanese company’s proposal to acquire 20.25% stake in Tata Teleservices (Maharashtra) Ltd for about Rs 949 crore and converting the Indian entity into an operating-cum-holding company. The twin investment by NTT DoCoMo is one of the largest FDI to flow into the telecom sector in last one year. (The Economic Times)

Govt. Clears Proposals for 10 More SEZs, Allows 3 SEZs to Merge – The UPA government has cleared 10 more proposals for SEZs, taking the total number of SEZs in the country to 714. The board of approval (BoA) for SEZs, on Monday, also gave its approval for an application to merge three notified SEZs of the Adani group—4,846 hectare (Mundra Port SEZ I) and 1,074.17 hectare (Mundra Port SEZ II), as well as 293.88 hectare Adani Power SEZ – taking the total area of the combined zone to 6214.05 hectare. The total investment proposed for this SEZ is Rs 100,000 crore. The zone is expected to provide employment to 5 lakh individuals over the next 10 years. (The Financial Express)

Max New York Considers Raising Stake in Satyam – Private life insurer Max New York Life will evaluate hiking its stake in Satyam Computer Services after a strategic investor buys the software firm. Max New York had sold a large chunk of shares when Satyam aborted its bid to buy Maytas Infra and Maytas Properties. The firm will consider hiking its stake in Satyam only if the situations improve. The company, which is a joint venture between the US based New York Life International and Max India, holds around 6,000 shares in Satyam. The Insurance Regulatory Development Authority’s regulations allow insurance firms to invest up to 10% of their portfolio in a single company. (The Economic Times)

PWC Appoints Karve as Assurance Head – PricewaterhouseCoopers has appointed veteran insider Sharmila Karve as the Assurance Head, days after Thomas Mathew stepped down from the position. Sharmila Karve has an experience of over 25 years in auditing and has also managed the audits various multinational as well as local PWC clients. Mathew had stepped down last month after the two partners of the audit firm were arrested in relation to the corporate fraud inequity at Satyam Computer Services. Mathew would, however, continue as a partner of PWC. (The Economic Times)

FDI Inflows to Exceed $25 Billion in 2008-2009 – The government on Monday said despite the financial meltdown hitting the global economy, India will receive more foreign direct investment during the current fiscal, surpassing $25 billion that came in during 2007-08. Joint Secretary in the Ministry of Commerce and Industry N N Prasad has said that India has already received FDI totalling $25 billion and that the fiscal will end with higher inflows than what was received during 2007-08. (The Economic Times)

IDPL to Get Rs 761 Crore Revival Package – Chemical and Pharmaceuticals Minister, Mr Ram Vilas Paswan on Monday said a Rs 761 crore revival package has been prepared for the state-run pharma firm IDPL that would soon be presented before the cabinet for approval. The central government has already revived Hindustan Antibiotics and the Bengal Chemicals and Pharmaceuticals with an estimated cost of Rs 550 crore and the govt. is working towards rejuvenating the other PSUs as well. ()

US Company GAC Abandons Plans to Buy Gujarat Firm  – The US-based Geneva Acquisition Corporation (GAC) has terminated its plan to acquire Global High-Tech Industries (GHIL), the Gujarat-based sponge iron and billets producer, following adverse market conditions. GAC, engaged in inorganic investments, recently announced it would not seek its shareholders’ approval for the merger of Global. GAC was unable to attract the necessary support from investors to execute GHIL’s growth plans and merge with GAC. As per the earlier plan, the transaction was supposed to conclude by mid-February. (Business Standard)

Godrej Consumer Products Appoints Dalip Sehgal as MD – Godrej Consumer Products has effected a top-level management rejig and appointed Dalip Sehgal as the managing director with a basic salary ranging between Rs 300,000 and Rs 700,000 per month. The company has redesignated Adi B Godrej as chairman, who was earlier chairman and managing director. Also, the incumbent Executive Director and President H K Press has been made the Vice-Chairman with effect from April 1. (Business Standard)

Suzlon to Set Up Power Plant in Karnataka – Mumbai-based Suzlon company will set up a 1000 Mw wind power generation unit in Bagalkot district of Karnataka. The unit would come up on 1000 acre area between Kulageri and Kerakalamatti villages. The project has been approved by the state government. (Business Standard)

Aircel to Invest Rs 1,100 Crore in Karnataka – Into the second phase of its expansion in Karnataka, telecom operator Aircel will invest Rs 1,100 crore over the next year to set up base stations across thestate. Aircel marked its formal entry into the state by launching GSM mobile services in Bangalore on Monday. The company has so far spent Rs 550 crore as start-up investments in Bangalore. The Chennai-based firm plans to set up 1,200 new base stations in Karnataka over the next two months, from the 500 base stations it has employed currently to start operations in Bangalore Urban and Rural districts. (Business Standard) 

Heads of Sun Pharma and Taro Meet for Out of Court Settlement – Sun Pharmaceutical Industries and Israel based Taro Pharmaceutical have started fresh rounds of negotiations to settle their differences over a takeover by the Indian company out of court. Sun Pharma Chairman and Managing Director Dilip Shanghvi and Taro Chairman Barrie Levitt met in Israel last Thursday to discuss a compromise. Shanghvi and Levitt, who traded charges until last month on terms and conditions of the takeover, met in the offices of advocate Ram Caspi, who is mediating the compromise. According to sources, the lawyers of both the parties are also in discussions to resolve the dispute. (Business Standard) 

 


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News Roundup: CCEA Approves NTT DoCoMo Proposal to Buy Stake in TTSL

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