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News Roundup: Govt. Clears 26 FDI Proposals Worth Rs 1042 Crore

27 March, 2009

Govt. Clears 26 FDI Proposals Worth Rs 1042 Crore – The government today approved 26 foreign direct investment proposals that will bring in Rs 1,042.91 crore into the country. A proposal from NSK Holdings to pump in Rs 214.49 crore to make downstream investment has been cleared, while Samvardhana Motherson Finance’s plan to invest Rs 208.53 crore to increase equity participation also got approval. John Deere Construction will bring in Rs 84 crore to set up a joint venture to carry out the manufacturing, marketing and distribution activities. (Business Standard)

Godrej Looks at Acquiring Sara Lee’s Stake in JV – The Godrej Group is understood to be exploring the possibility of acquiring Sara Lee International’s stake in Godrej Sara Lee (GSLL) following the foreign company’s decision to exit its household and personal care business globally. Sara Lee Corporation has a 51% stake in Godrej Sara Lee, while the balance is held by the Godrej Group. Currently, the Godrej Group is aggressively scaling up its FMCG business and is looking for possible acquisitions in the domestic and global markets. The $12 billion Sara Lee International has reportedly hired Goldman Sachs to look for possible buyers for its European household and personal-care business as the parent company looks to focus on the core food and beverage businesses. (The Economic Times)

Sistema-Shyam to List in 18 Months, to Invest $5 Billion in India in 5 Years – Shyam Sistema Teleservices, the joint venture between Kolkata based Shyam group and Russian diversified company Sistema, announced that they would get themselves listed in India in a year and a half. Launching its CDMA mobile prepaid services only in the unified circle of Tamil Nadu, Chennai and Pondicherry on Thursday under Sistema’s MTS brand, the company committed to invest US $ 5 billion, primarily in telecom infrastructure development in India, over the next 5 years. (The Economic Times)

Telecom Sector Witnesses Major Inbound Deals in India – The telecom sector has witnessed major inbound deals in the country led by the Japanese telecom major NTT DoCoMo’s 26%  stake buy in Tata Teleservices. Asia Pacific accounted for the lions’ share of over 63% in the global telecom M&A pie, as this region attracted telecom M&As worth USD 6.6 billion. The largest inbound announced deals during the first two months have been from the telecom sector, including Bahrain Telecommunications Co’s acquisition of 49% stake in S Tel Ltd for an announced value of USD 225 million and BIC Group’s acquisition of 40% stake in Cello Group amounting to USD 175.56 million. (The Economic Times)

Riverbank Developers to Raise Rs 240 Crore – Promoters of Riverbank Developers Ltd, a joint venture between Bata India Calcutta Metropolitan Group (CMG), will seek debt of Rs 240 crore from banks through lease discounting, for the construction of a mall and a hotel at the proposed township at Batanagar, in South 24-Parganas district. The construction work for the hotel and the mall is expected to be completed by the middle of next calendar year. For completing the mall, the Riverbank will require Rs 100 crore debt, and for hotel about Rs 140 crore. (Business Standard)

 


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News Roundup: Govt. Clears 26 FDI Proposals Worth Rs 1042 Crore

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