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News Roundup: Inox India Acquires Majority Stake In US Firm

29 December, 2009

Ennore Coke To Raise Rs 125Cr Via PE – Haldia Coke and Chemicals Ltd, a group company of Ennore Coke, a Chennai-based met coke and power producer, is planning to raise Rs 125 crore through private equity. The money will be used to buy a 90% stake in an Australian mining firm Broughton for an estimated cost of around $15 million, and the remaining amount will be used to expand its facilities at Haldia and Orissa. The target company has reserves of 30 million tonnes of coking coal. (BS)

Unitech’s $700M FCCB Plan Hits Regulatory Wall – Construction major Unitech’s plan to raise $700 million through foreign currency convertible bonds (FCCBs) has run into trouble with the finance ministry and Reserve Bank of India (RBI) objecting to the developer’s request to exempt it from a three-year lock-in clause applicable to such investments in construction. Unitech is looking overseas to lower the overall cost of debt, at around 13%, though it said the FCCB money would be used to develop a township. (ET)

Inox India Acquires Majority Stake In US Firm – Inox India Ltd, India’s largest cryogenic engineering company and part of the $2 billion Inox Group having diversified interests in chemicals, engineering and entertainment, has picked up a majority stake in US-based Cryogenic Vessel Alternatives (CVA). The deal size is estimated at about $140 million. Inox has funded the transaction from internal accruals mostly with a small amount of acquisition debt. (BS)

Naresh Goyal To Dilute 10% Stake In Jet Airways – Naresh Goyal, promoter of Jet Airways, which recently got government approval to raise $400 million through a qualified institutional placement (QIP) from foreign investors, will be divesting just 10% stake in the company to raise the required funds for expansion and debt reduction. It said the percentage of stake dilution is much lower than what it would have been a few months back, when the whole process of fundraising from the overseas market was initiated. Goyal currently holds 80% stake in the airline through Tail Winds, that holds 79%, and 1% in his personal capacity. (DNA)

UTV, Sun In Talks For Tamil Movie Channel – Ronnie Screwvala-promoted UTV is close to partnering with Sun TV Network for a Tamil movie channel. Sources say the two will form a joint venture under which UTV will dub movies from Hindi, English and other languages. Sun Network is a leading entertainment company in the southern region with presence in television broadcasting, radio and direct-to-home (DTH) services. (BS)

Panel Proposes FDI Hike In Defence Sector – A high-level committee looking into defence expenditure has recommended a host of sweeping reforms, including a hike in the foreign direct investment (FDI) limit in the defence sector to 49% and divestment of defence public sector units (PSUs). The committee has also suggested that the government must encourage the private sector to take over foreign defence firms, and look at setting up a sovereign wealth fund to assist this activity. (DNA)

 


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News Roundup: Inox India Acquires Majority Stake In US Firm

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