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News Roundup: Foreign Firms May Buy UTI AMC’s 26% Stake

15 June, 2009

SCI, ONGC Plan Revival of JV for Vessel Operations – Shipping Corporation of India (SCI) and Oil and Natural Gas Corp (ONGC) are planning to revive a proposed joint venture (JV) for services related to vessel operations and are working on hiring a consultant for the purpose. Shipping Corporation of India (SCI) and Oil and Natural Gas Corp (ONGC) are planning to revive a proposed joint venture (JV) for services related to vessel operations and are working on hiring a consultant for the purpose. (Business Standard)

Zylog Lines Up Rs 200 Crore – Zylog Systems India Limited, a wholly-owned subsidiary of Chenna-based Zylog Systems Limited, is planning to invest around Rs 200 crore in setting up infrastructure to support its wireless internet service – Wi5 – over the next two years. The company has already launched Wi5 in Chennai and will now roll out the services in Bangalore, Delhi, Mumbai, Hyderabad, Kolkata and Pune by mid 2010. Around Rs 84 crore will be invested in Phase-I to create the infrastructure. The company targets Rs 500 crore in revenues in the next five years through the service. (

OGP Ties Up Rs 400 Crore for Six Power Plants – Oriental Green Power (OGP), a renewable energy generation company promoted by Chennai-based Shriram EPC, has achieved Rs 400-crore financial closure for six bio-mass based power plants. The company is planning to invest around Rs 1,100 crore in eight projects, of which financial closure for six projects has been achieved. Amajority of the lenders are public sector banks, with the only private sector bank being Yes Bank. ()

Foreign Firms May Buy UTI AMC’s 26% Stake – Three overseas financial giants have evinced interests to pick up 26% stake in UTI AMC, where four stakeholders including LIC and SBI have 25% stake each. However, no concrete decision has been taken yet. Life Insurance Corporation of India, State Bank of India, Bank of Baroda and Punjab National Bank hold equal stakes of 25 per cent each in UTI AMC, which has Rs 63,438 crore assets under its management as on May 31, 2009. ()

Datacom Row Ends as Nahata Agrees to Sell Stake to Dhoots – Mahendra Nahata of Himachal Futuristic Communications (HFCL) has finally agreed to sell his 36% stake in telecom service provider Datacom Solutions to the Dhoots of the Videocon Group to end a year-long corporate battle that had spilt over to lenders, regulators and even potential foreign investors. The Dhoot family, which owns a 64% in Datacom, is already negotiating with a European company to pick up a strategic stake in the company to bankroll its pan-India rollout plans. (The Economic Times)

MicroMax Looking to Dilute Minor Stake – MicroMax, the domestic mobile handsetmaker is planning to offload minor stake in the company through an Initial Public Offer or private placement of shares. Grand Thornton is acting as the strategic advisor to the company, which had also done the valuation of the company. Micromax will start talks with the PE firms after the third quarter for a minor equity sale. (The Economic Times)

Suzlon Seen in Talks to Sell Hansen Stake – Suzlon, the world’s fifth-largest wind turbine maker, is exploring the option of selling a large portion of its stake in Belgian company Hansen Transmissions, to raise money for retiring part of its Rs 12,000-crore debt. The company could also consider selling its entire stake in Hansen. The Tulsi Tanti-controlled Suzlon, which owns 61.28% in Hansen, has appointed a merchant banker to advise it on the deal. (The Economic Times)

 


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News Roundup: Foreign Firms May Buy UTI AMC’s 26% Stake

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