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News Roundup: Govt tweaks FDI Rules, Wholesalers Gain

30 September, 2010

Indigo Plans IPO In 6-7 Months – InterGlobe Aviation Pvt Ltd is planning to raise funds through an initial public offering over the next 6-7 months. The company has hired Citigroup, Credit Suisse, Morgan Stanley, UBS and JM Financial to arrange the planned offering. The funds would be used for buying additional aircrafts. expand international routes and set up engineering infrastructure.

Tech Mahindra, Satyam Merger Decision After Nov. 15 – Mahindra Satyam will take the decision to merge the company with Tech Mahindra after November 15, 2010. The merger of the two companies remains high on the management’s priorities but the process of merger of the two companies can only start once Mahindra Satyam accounts are upto date. Mahindra Satyam reported a consolidated loss of Rs 124.60 crore for the year ended March 2010. (Indian Express)

Anand Jain’s Urban Infra Fund Offers Buyback – Urban Infrastructure Venture Capital (UIVC), the investment manager to Anand Jain-promoted Urban Infrastructure Opportunities Fund, has decided to offer its contributors a partial repurchase of their units. The firm had originally planned to list the units on the exchanges after three years of the fund’s life, but that has not been possible since Sebi has not framed the guidelines. (Financial Express)

Etisalat In Talks With RCom – UAE’s Emirates Telecommunications or Etisalat, is in discussion with Reliance Communications (RCom) for a possible merger or acquisition. The company is studying opportunities for M&A with RCom, Etisalat’s chairman, Mohammed Omran said. Etisalat already holds a licence in India and offers mobile services in 15 circles under joint venture Etisalat DB. (Business Standard)

ITC To Subscribe EIH Rights Issue – ITC, which has a 14.98% stake in EIH Ltd, is planning to subscribe to the upcoming EIH rights issue. This ends speculation that it might pull out after Reliance Industries Ltd (RIL) picked up a stake in EIH. (Business Standard)

Haldia Sets Up US Unit For Buys – Haldia Coke and Chemicals Pvt Ltd (Haldia Coke), a Shriram Group Company, has floated a new company ‘Shriram Mineral Inc’ to acquire coal mines in the United States. The new company already acquired two coal mines for $23 million (Rs 105.8 crore) and planning to invest another $25 million (around Rs 115 crore) to acquire some more mines. Besides, the company also said it may look at reverse merger of Haldia Coke with Ennore Coke or an IPO. (BS)

Govt tweaks FDI rules, wholesalers gain : In a move seen as benefitting wholesalers such as Bharti Wal-Mart, the government on Wednesday allowed retailers to sell goods sourced from their foreign investment-funded wholesale ventures by removing the stipulation that such sales should be for internal use. However, the 25% limit on such sales remains, implying that bulk of the goods will have to be sourced from outside the group. (ET)

 

 


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News Roundup: Govt tweaks FDI Rules, Wholesalers Gain

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