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News Roundup: Ennore Coke To Buy 90% Stake In Australian Firm

18 December, 2009

John Distilleries Eyes PE Partners – John Distilleries, manufacturers of the Original Choice brand of liquor, is looking at private equity partners to raise close to Rs 200 crore to overhaul its capital structure, manufacturing capacities and branding. It is looking at finalising a deal in the first quarter of next fiscal. Currently, the company has presence in 14 states, and is looking at expanding its presence to 12 additional states in the next 9-12 months. (FE)

NPCIL Plans To Raise Rs 85K Cr – Nuclear Power Corporation of India (NPCIL)  has planned to raise foreign currency funds for part-financing its forthcoming atomic reactors. NPCIL plans to raise around Rs 85,000 crore to finance its projects including power generation, mining and forging through joint ventures with foreign and local companies. The company had earlier raised around Rs 2,800 crore through a mix of bond and debt. (ET)

Divestment Of Hindustan Copper Ltd In Next Fiscal – The divestment of government holding in the country’s sole integrated copper producer, Hindustan Copper Ltd, will take place only in the coming fiscal. HCL’s board has approved upto 20% disinvestment in the company. The state-owned company is part of a list of 60 companies on the government’s disinvestment list. (ET)

Ennore Coke To Buy 90% In Australian Firm – Ennore Coke, a Mumbai-based met coke and power producer, plans to buy a 90% stake in an Australian mining firm at an estimated cost of around $15 million. The target company, called Broughton, has a reserves of 30 million tonnes of coking coal. The company expects to complete the acquisition by mid-June 2010. Ennore is also looking at coking coal assets in New Zealand with minimum reserves of 30-40 million tonnes. (Reuters)

Apollo Invests Rs 120 Cr In City Hospital – Apollo Hospitals has invested Rs 120 crore in setting up a 300-bed multi-specialty hospital in Bhubaneswar. The hospital, spread over seven acres, is set to be functional from the middle of January 2010. As a part of its expansion plan, Apollo has lined up an investment of Rs 1,800 crore in setting up 16 more hospitals across the country. (BS)

AIG Asia Unit Listing To Raise Up To $20B – AIG is in advanced preparations to list its Asian life insurance unit, American International Assurance (AIA), to raise up to $20 billion. The company has planned to utilize the fund to repay its debt to the US government that totals over $80 billion. (BS)

Indowind Plans Acquisition Of 50MW Wind Farms – Windfarm operator Indowind Energy plans to acquire wind farms in India with capacity of 50 MW by the end of fiscal 2010. The company sees 70% revenue growth in FY10. It is likely that the recent government announcement to provide a power generation based incentive for wind electricity producers will spur fresh investments in this space. (Reuters)  

Kotak Life Insurance Appoints New CIO – Kotak Life Insurance, a leading life insurance company in India, has appointed Sudhakar Shanbag as new chief investment officer (CIO). Prior to his appointment, Shanbag was part of the treasury team at Kotak Mahindra Bank. He has also been a part of the Kotak Prime team for 11 years, and served the company as a chief financial officer (CFO) and chief operating officer (COO).

 


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News Roundup: Ennore Coke To Buy 90% Stake In Australian Firm

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