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News Roundup: DoT Says No On Etisalat-Allianz Merger

09 October, 2009

Pantaloons To Sell Stakes In Three Arms To PE – Kishore Biyani-led Pantaloons Retail (India) plans to raise Rs 500 crore by selling minority stakes in its three subsidiaries — Future Logistics Solutions, Future Learning & Development (FLDL) and Future Knowledge Services (FKS) — to private equity investors. The fund will be used to enhance its expansion in several other verticals. (Financial Chronicle)

Essar Considers Selling Unit Stakes – Essar Group, which runs India’s second-largest private refiner, might sell stakes in its oil and shipping units as part of a global expansion plan. Essar is buying oil refineries, steel plants, and coal and iron ore mines in Australia and Canada as part of the expansion. Company CEO Prashant Ruia said that the company would like to go to the market to raise funds at the right time. (Business Standard)

Bharti Axa To Infuse Rs 645 Cr – Bharti Axa General Insurance Company is planning to infuse Rs 645 crore of capital in the next five years. It is also looking at expanding its network and planning to add 500 agents during the current year. Bharti AXA General is a joint venture between Bharti Enterprises and AXA Group. Bharti has a 74% stake in this JV and the remaining 26% is with AXA. (BS)

DoT Says No On Etisalat-Allianz Merger – The government has blocked the proposed merger between Etisalat DB Telecom and Allianz Infratech citing the three-year lock-in requirement under the current rules. The duo, which has entered the local telecom market only in last year, approached the Department of Telecommunications (DoT) in April this year seeking approval for a merger. DoT, in its ruling on October 7, has informed that the merger cannot be permitted before the lock-in period of three years. (DNA)

PTC Fin Arm Raises Rs 100 Cr – PTC India Financial Services (PFS), an arm of Power Trading Corp, has raised Rs 100 crore by issuance of bonds. The proceeds of the bond will be used for the growth of PFS. The company invests in power exchange, wind turbine manufacturing units and power projects based in coal, biomass, wind and solar. It is engaged with various power projects totaling over 7000 Mw power generation capacity.(BS)

Jet CEO Quits; To Join BMI –  India’s largest private airline, Jet Airways, has undergone top-level changes with its CEO Wolfgang Prock-Schauer quitting the airline to join British Midland Plc (BMI) airline as CEO.  Prock-Schauer will be leaving the airline on October 15. Jet’s former CEO Nikos K Kardassis has appointed as the acting CEO. ()

CLB Orders Stay On Zenotech Board Meet – The Company Law Board (CLB) has stopped Hyderabad-based Zenotech Laboratories from holding its board meeting on Friday. The ruling comes after Ranbaxy Laboratories, which holds 47% in Zenotech, opposed the recent appointment of two board members in the company. The dispute over these appointments is an offshoot of the larger battle between Daiichi Sankyo, which owns majority stake in Ranbaxy and minority stakeholder Zenotech over open offer price. (ET)

 


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News Roundup: DoT Says No On Etisalat-Allianz Merger

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