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News Roundup: Indian Hotels Buys 2.25 Million Shares of Orient Express

06 May, 2009

Indian Hotels Buys 2.25 Million Shares of Orient Express – Indian Hotels, owner of the Taj Group of hotels, has bought 2.25 million shares of the New York-listed Orient Express Hotels (OEH) at $5.75 a share, in a market transaction totaling $12.93 million (about Rs 64.65 crore). Indian Hotels’ subsidiary Samsara Properties raised a $51-million loan from the UK branch of ICICI Bank, to part fund the share purchase. The interest on the ICICI loan will accrue on a daily basis at a rate of Libor plus 4% per annum. According to sources, the Tatas will fund the remaining amount through internal accruals. Orient Express Hotels owns several luxury resorts, tourist trains and cruises. (The Economic Times)

Italian Cheese Maker Looks Collaboration in Indian Dairy Sector – Italy based Provolone Consortium, makers of popular Provolone cheese from Valpadana are looking at collaboration with Indian companies in the dairy sector. Though the company cannot make Provolone cheese in India, it is looking at creating new dairy products in collaboration with Indian companies owing to India’s abundant milk production. Provolone consortium produces as many as 21 varieties of cheese ranging from spicy to mildly spiced and even sweet. (Mydigitalfc.com)
New Regime for PE Investments Likely Soon – Financial sector regulators in India are working at clearly defining private equity (PE) investments and evolving a regulatory structure for facilitating inflows through this route. Senior officials from the finance ministry, ForeignInvestment Promotion Board (FIPB), the Reserve Bank of India, the Securities and Exchange Board of India (Sebi) and industry body India Venture Capital Association met in Delhi recently to discuss the issue. Regulators are also working towards forming an association similar to the Association of Mutual Funds of India (AMFI) for collating all data pertaining to PE investments in the country. (The Economic Times)
Maytas Infra to Raise Rs 800-1,000 Crore – Maytas Infrastructure Ltd, the listed company floated by the promoters of Satyam Computer Services, plans to raise Rs 800 crore to Rs 1,000 crore through asset sales plus loan and guarantees from banks to complete various projects, including the prestigious Hyderabad Metro, and to bid for some new projects that are coming up for auction. According to sources, the company had identified the 10-km Bangalore Elevated Tollway Ltd, the Cyberabad Expressway Pvt. Ltd and another project in north India for sale. (Business Standard)
 

 


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News Roundup: Indian Hotels Buys 2.25 Million Shares of Orient Express

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