Dubai Firm To Buy BCCL’s TimesofMoney – Dubai based Network International LCC, one of the largest of payment solutions providers, was set to buy TimesofMoney, the digital payment services provider and remittance company of Bennett, Coleman and Co Ltd (BCCL), India’s largest media house and popularly known as the Times group. The talks have been on for a while and the formal announcement is due within the next fortnight. The business is currently valued at around Rs 700 crore and BCCL is exiting at a premium of close to Rs 800-1,000 crore. (Business Standard)
Bata Exits Real Estate Venture – Bata India Ltd has exited its real estate joint venture project at Batanagar in the southern fringes of Kolkata. The integrated township project, was a joint venture between the shoe-maker and Calcutta Metropolitan Group. Bata has received Rs 100 crore upfront in cash for future transfer of shares in the JV company, Riverbank Developers (RDPL), and for development rights. (Business Line)
Aurobindo Pharma Restructures Board – Drugmaker Aurobindo Pharma has restructured its board replacing its both chairman and managing director with senior officials in the firm. The development comes in the background of two promoters being named in the ongoing investigation against YSR Congress President YS Jagan Mohan Reddy and the company’s poor performance in the latest financial year.
ICICI Prudential Life Fined By Insurance Regulator – India’s insurance regulator imposed a record Rs.1.18 crore penalty on the nation’s second-largest private life insurer ICICI Prudential Life Insurance Co. Ltd for violations that include paying agents and brokers commissions exceeding the permissible limits. The penalty is the highest imposed by the Insurance Regulatory and Development Authority (Irda) on a life insurer. (Mint)
Ashok Leyland Shuts Down Third UK Plant – Ashok Leyland’s UK subsidiary Optare has closed its Blackburn facility. The move is part of the company’s restructuring plan, which started in August 2009. The Blackburn facility is Optare’s third factory to down its shutters.Ashok Leyland, along with its group companies, had in 2010 acquired a 26 per cent stake in UK-based bus manufacturer Optare. It had further increased the stake to 75.1 per cent last year. (Business Standard)