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News Roundup: Jet to Raise Rs 750 Crore to Meet Working Capital Needs

By TEAM VCC

  • 19 Jan 2009

Unitech Rolls Over Rs 500 Crore Borrowed Through FMPS - India’s second-largest listed realty company, Unitech Ltd, has rolled over around Rs 500 crore out of Rs 900 crore that it borrowed through the fixed maturity plans (FMPs) of about half a dozen mutual funds. According to an agreement with the funds, Unitech has repaid almost Rs 400 crore and is rolling over the remainder for three months at 14 per cent interest. Out of Rs 1400 crore that the company raised through FMPs, around Rs 900 crore was slated to mature on January 19. According to sources, Unitech has paid Rs 400 crore through a combination of internal accruals and fresh credit limits from banks. (Business Standard)

Jet to Raise Rs 750 Crore to Meet Working Capital Requirements - India’s largest private carrier, Jet Airways has decided to raise Rs 750 crore to meet its working capital requirements. This round of fund raising will be in addition to the Rs 1,250-crore fund that the company had raised in the past two months. Jet would raise funds from two nationalised banks. Jet has set a target of raising Rs 2,000 crore to meet its working capital requirements by the end of the current fiscal. Reports suggest that a part of the fund raised may be used to finance the capital requirement of JetLite, the company’s wholly-owned subsidiary. (The Economic Times)

Tata Motors May Seek Roll Over of Rs 9,200 Crore Bridge Loan - India’s largest commercial vehicle manufacturer, Tata motor may seek to roll over a part of the Rs 9,200-crore bridge loan it took to buy the Jaguar, Land Rover brands of cars in June from Ford Motor Company. The company is still short of over Rs 4500 crore to refinance the debt which is due before June 2 this year. (Business Standard)

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FIPB Rejects WWIL’s Fund Raising Plan - Foreign Investment Promotion Board (FIPB) has rejected a proposal of Wire and Wireless India (WWIL), promoted by Subhash Chandra. The company had sought permission to issue partly paid-up equity shares, pursuant to its rights issue. The shares were to be issued to non-residents including FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore. WWIL is in the cable network business. (Business Standard)

JSW Aluminium Receives Financial Closures for Rs 4,000 Crore Alumina Plant - JSW Aluminium has achieved financial closure for its proposed Rs 4,000 crore alumina plant in Vizianagaram district. While Rs 1,000 crore would be met through internal accruals as promoter’s equity, the remaining Rs 3,000 crore would be raised from financial institutions. ICICI is JSW’s lead bank and has lined up 10-12 other banks for funding. The company is setting up a 1.5 million tonne capacity alumina refinery at S Kota near Visakhapatnam. (Business Standard)

L&T Says It Has Plan to Save Satyam - Engineering firm Larsen & Toubro (L&T) remains interested in acquiring Satyam computer services. The company, which owns 4% in Satyam, is believed to have approached top government officials saying it has an action plan to save Satyam. According to sources, L&T’s chairman, AM Naik has sought an appointment with Prime Minister Manmohan Singh to convince him that L&T is best suited to take over Satyam, provided the government took care of Satyam’s liabilities. (The Economic Times)

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Bharti Airtel to Launch IPTV Services in India - India's largest private telecom firm Bharti Airtel is all set to start IPTV (Internet Protocol on Television) in India. Sources suggest that the launch of IPTV will be announced in the next one or two weeks. Airtel has already tested IPTV services through its soft launch in some of the cities, according to the sources. Besides Airtel, other telecom operators like MTNL, RCom and HFCL have already started IPTV services in various parts of the country. (The Economic Times)

HPCL Takes Over Sick Sugar Mills in Bihar - State-run Hindustan Petroleum Corporation Limited (HPCL) has signed an agreement with the Bihar government to acquire two sick sugar mills. The move will revive and expend the agro- based industries in the state.  The MOU was signed between HPCL and the Bihar government for the takeover of Sugauli sugar mill in East Champaran and Lauriya Sugar Mill in West Champaran, for 60 years lease. These mills would start functioning in next two years. (The Economic Times)

Paramount Airways Promoters Plan to Hike Their Stake to 100% - The promoters of the Coimbatore-based, Paramount Airways are planning to increase their stake in the airline to 100% by buying back about 5% stake held by others. While the promoters currently hold 95% stake, Kotak Mahindra and Bennet & Coleman hold the remaining 5% stake. The company had divested the share as a relationship building exercise. However, now the promoters of the airline have announced that they are ready to buy back the stakes of the other share holders provided the stake holders agree to sell their stakes. (Business Line)

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UTI AMC to Dilute 26% Stake to Strategic Partner, Defers IPO Indefinitely - UTI AMC, the mutual funds giant, is looking for a strategic partner. The company will be roping in a strategic partner by diluting up to 26% stake and is in talks with a few firms for the same. UTI AMC's four promoters, State Bank of India, LIC, Punjab National Bank and Bank of Baroda, will each divest 6.5% of their holdings. The company has also deferred indefinitely its plans for an IPO owing to the unfavorable market conditions. (The Economic Times)

GCPL Eyes Acquisitions of Up To Rs 500 Crore - Godrej Consumer Products (GCPL), the FMCG firm, is planning to acquire companies in the FMCG sector in India and abroad and is willing to spend up to Rs 500 crore for the buyouts. The company is targeting larger firms as it plans to expand its presence in the international market and its product portfolio. GCPL is looking at consolidating its presence in South Africa, the UK and the Middle East where it has a reasonable presence instead of jumping in a new market. Entry in a new geography would only be through an acquisition or a new line of products. (Business Standard)

Nalco to Pic Majority Stake in Indonesian Mining Firms - State-owned aluminium producer Nalco is close to picking up majority stakes in two Indonesian mining firms at an estimated investment of Rs 300 crore. According to sources, the deal would allow the PSU to get ownership of coal blocks with estimated reserves of over 300 million tones. The deal is likely to be closed in about four months. the 300-million-tonne coal block in Indonesia, once bought will be used by Nalco for its proposed smelter in Indonesia. It will also used for import to India. (The Hindu)

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