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News Roundup: Govt May Raise FDI Cap in FM Channels, DTH Services

29 June, 2009

Land Rover to Make Inroads into India’s Defence Deals – Apart from its usual business proposition of selling high-end sports utility vehicles, which were launched today in India, UK automotive brand Land Rover is talking to the Indian government for supply of sophisticated and modern military vehicles to the armed forces. The company is developing a new model in its research and development centre in the United Kingdom, which will primarily address the defence needs of most countries around the globe, including India. (Business Standard)

Govt Looks to Raise FDI Cap in FM Channels, DTH Service Providers – The government is planning to raise foreign direct investment (FDI) limit in FM radio broadcasters and direct-to-home TV service providers. But several departments, including the Planning Commission, have expressed reservations. The Department of Industrial Policy and Promotion (DIPP) has proposed that FDI ceiling for FM broadcasters be raised to 24% from the current 20%, and to 74% from the existing cap of 49% in the case of DTH service providers. It has also proposed simpler FDI rules for internet service providers (ISPs). (The Economic Times)

ICVL to Buy Coal Property Abroad by 2011-12 – International Coal Ventures (ICVL), a special purpose vehicle created by five giant PSUs to buy coal assets abroad, has set a target of acquiring at least one such property by 2011-12. Created by sharing holding between NTPC, Coal India, NMDC, Steel Authority of India and Rashtriya Ispat Nigam, ICVL is scouting for opportunities in four countries — Australia, Mozambique, the US and Canada. (The Economic Times)

Vox Uses Cash Boost for India Expansion – A Dubai telecommunications services company will use a new infusion of private equity cash and expertise to grab a bigger share of India’s booming demand for new networks. Vox Spectrum, which has been active in the region in different forms for more than 25 years, works with telecoms companies, governments and private businesses to build communications infrastructure. The company received a US$7 million (Dh25.6m) investment from Delta Partners, a Dubai-based private equity investor focused on telecoms businesses in high-growth markets. The investment was a step towards a possible initial public offering (IPO) for Vox. (The National)

RINL May Buyback Shares from Government – State-owned Rashtriya Ispat Nigam Limited (RINL) is in favour of paring the high equity base to make valuations more attractive. The equity base of the company is Rs 5,000 crore. RNIL is looking to reduce the equity base by way of share buyback from the government. The amount of buyback is expected to be to the extent of Rs 2,000 crore spread over a period of five to seven years. For this, the company would have to build up reserves to meet the buyback expenses. At present, the government’s holding in the company is 100%. ()

Wipro to Have JV with Lavasa Corp – Wipro, the information technology major, is understood to be setting up a joint venture (JV) with Lavasa Corporation, a Hindustan Construction Company (HCC) firm. Lavasa is expected to 81% stake in the JV, while the rest will be held by Wipro. The JV will have an initial investment of Rs 100 crore. The JV is eying revenues of Rs 500 crore in the next 4 years. (Business Standard)  

IFCI Keen to Enter Banking, Open to Acquiring a Bank – IFCI is keen on entering the banking sector and is waiting for an opportunity to take the plunge. The 60 year old organisation claims to have sufficient capital to foray into the banking sector. IFCI is also looking at acquiring a bank to make its entry inot the sector. (Business Standard)  

 


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News Roundup: Govt May Raise FDI Cap in FM Channels, DTH Services

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