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News Roundup: DLF To Sell Hotel Unit For Rs 550Cr

12 December, 2011

DLF To Sell Hotel Unit For Rs 550Cr – DLF Ltd, the country’s largest real estate company, is set to sell its hotel subsidiary to Kolkata-based Square Four Housing & Infrastructure Private Ltd for Rs550 crore, its third divestment in the last three month as it disposes non-core assets to pare its Rs22,500 crore debt. The Delhi-based real estate company had acquired Hilton International’s 26% stake in DLF Hotels & Hospitality for Rs 120 crore and is now the sole owner of the hotels unit. (Economic Times)

Fortis Intra Group Deal Under Corporate Governenace Lens – Since Fortis Healthcare India announced it was buying the overseas healthcare business of its promoters, Malvinder and Shivinder Singh, its stock price has tumbled 25% in a market that is down 3.5%. Investment analysts have expressed concerns over this $665-million intra-group transaction, notably fairness of pricing for shareholders of the listed company, basis of valuation, standard of disclosures and related-party dealings. (Economic Times)

UFO Moviez Eyes More Acquisitions – Mumbai-headquartered digital cinema distribution firm – UFO Moviez India, promoted by the Valuable Group, is scouting opportunities for acquisitions in the domestic as well as overseas markets, particularly Europe. UFO plans to acquire companies complementing its current digital infrastructure business. (Business Line)

Tesco Puts India Cash & Carry On Hold – Tesco Plc, the world’s third largest retailer which had been looking at entering India for some time, has put off its plans to set up cash-and-carry (wholesale) stores in the country for now. The UK’s largest retailer is currently focusing on its existing franchise agreement with the Tata-run Trent. (Business Standard)

Future Supply Chain Acquires Transmart  – Future Supply Chains Solutions, the logistics and supply chain arm of Kishore Biyani’s Future Group, has bought the warehousing business of Transmart India, including a 2,00,000-sq ft distribution centre on the outskirts of Mumbai and more than a dozen clients, for an undisclosed amount. Transmart has assets worth $6 million and, according to industry sources, its clients include Johnson & Johnson and Amway. (Economic Times)

Gayatri Projects Plans Rights Issue – Gayatri Projects Ltd has approved a revised rights offer of equity shares in the ratio of one equity share for each share held by the company’s shareholders on a record date to be announced later. (Business Line)

RIL To Enter Fast-Food Business – Reliance Industries, a $50-billion-plus oil and gas giant, will enter the fast-food business with its own brand next year, opening yet another front to do business directly with India’s growing young population after retail and 4G wireless services. Mukesh Ambani has roped in Rishi Negi, COO of multiplex operator Fame India, which is partly owned by his younger brother Anil Ambani, to develop a quick service restaurant (QSR) concept within 3-4 months. (Economic Times)


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News Roundup: DLF To Sell Hotel Unit For Rs 550Cr

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