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News Roundup: Goldman, Credit Suisse Seek Banking Licence

29 September, 2009

Goldman, Credit Suisse Seek Banking Licence – Banking majors Goldman Sachs and Credit Suisse are seeking a banking licence in India to increase their product offering. Both already have merchant banking licences in India. The licence from RBI will help Goldman and Credit Suisse offer products like derivatives, forex services, fixed income, etc. (Economic Times)

Murugappa To Buy 37.5% DBS Stake – Chennai-based Murugappa Group is in talks to buy the 37.5% stake held by its partner DBS Group Holdings Ltd in their financial services joint venture Cholamandalam DBS Finance Ltd. It currently has an equal stake in the non-banking finance company (NBFC), with the remaining 25% held by the public. The joint venture between the Murugappa Group and Singapore’s largest bank was formed in 2005. (Mint)

Nitesh Estates Promoter To Dilute 35% Stake – Nitesh Estates, a Bangalore-based real estate firm, plans to dilute around 35% stake of the company for Rs 550 crore. Of the 35% stake, 10% stake would be diluted through a pre-IPO placement and 2% would be awarded to senior and mid level managers in the company. Private equity player Och-Ziff, which has invested $51 million for 15% stake in the company, will also dilute 5% stake after the IPO. Post the IPO, the promoter holding in the company will come down to 53-57%. (ET) 

Gujarat Foils To Invest Rs 350 Cr – Gujarat Foils Ltd (GFL), a Gandhinagar-based aluminium rolled products manufacturer, is planning to set up a backward integration project with an investment of Rs 350 crore. The proposed investment would be met through debt and equity in the proportion of 70:30. The company is in talks with private equity players to meet the fund requirement. (Business Standard)  

Tata Power Scouts For Coal Blocks Abroad – Power producer Tata Power is scouting for coal mines abroad, including Australia and Mozambique, to meet demand for its upcoming projects. The company is looking at mines in Australia, Mozambique and some smaller ones in Indonesia, that could give it around 2-3 million tonnes of coal. Tata Power has 30% ownership in a block in Indonesia and the company is able to meet 50% of its coal requirement from this property. (BS)  

NEPC To Invest Rs 2,000 Cr – Natural Energy Processing Company (NEPC) India Ltd is planning to set up a special economic zone (SEZ) at Palladam near Coimbatore with an investment of around Rs 2,000 crore. The company is planning to set up solar and photo voltaic plant in the SEZ, and is in talks with private equity investors to fund the project. (BS) 

Kavithalaya In Talks With PE Funds – Chennai-based Kavithalaya productions is in talks with private equity (PE) funds to support its proposed investment plan of Rs 100 crore in producing content over the next three years. Besides, the company is also planning to launch a venture capital fund to support upcoming directors in the film industry. The company is in film production since 1981 and later added television content into its bouquet. (BS)

Overseas Insurers Court Axis – Global health insurance majors have started courting Axis Bank for an joint venture in India. The country’s third-largest private lender has also been approached for a JV in life insurance. US health insurer Cigna is said to be one of the parties that has approached the bank. (Economic Times)

BSNL To Outsource Tower Management – Bharat Sanchar Nigam (BSNL) plans to outsource the management and maintenance of its passive infrastructure. The state-owned firm has more than 50,000 towers and over 1 lakh km of optic fibre cable. The outsourcing deal could be worth more than Rs 5,000 crore ($1 billion) over five years. (ET)

 


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News Roundup: Goldman, Credit Suisse Seek Banking Licence

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