News Roundup: JFE To Buy About 10% Of JSW Steel


  • 19 Nov 2009

Petronet May Acquire Upto 10% OPaL Stake - Liquefied gas importer, Petronet LNG Ltd (PLL), is keen to acquire up to 10% stake in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up a chemical complex at Dahej SEZ in Gujarat. ONGC holds 26% stake in OPaL, which is also looking to hit the capital market in the next year but has yet to decide on the amount of stake to be made public.  (BS)

IIFCL Gets $700M Loan - Asian Development Bank (ADB) has sanctioned a loan of $700 million to state-owned India Infrastructure Finance Company (IIFCL). Following this transaction, ADB’s exposure in the state-owned lending company will increase to $1.2 billion as the Manila-based multilateral development agency had already sanctioned $500 million earlier. The fund will be utilised in infrastructural developments through public-private partnership (PPP) initiatives in India.  (ET)

Sebi Approves ABG Shipyard’s Open Offer - Private shipbuilder, ABG Shipyard, has received market regulator Sebi's approval for its open offer for Great Offshore. It is understood that the market regulator has allowed ABG Shipyard to go for an open offer in December this year.  (PTI)


Ruchi Soya Merges Group Co With Itself - Ruchi Soya Industries, Mumbai-based importer of vegetable oils, intends to boost its dominance in the oil palm plantation sector and to integrate raw material supplies by merging a group firm, Mac Oil, with itself. This is a part of its overall strategy for integrating the supply chain as well. The company believes the acquisition will de-risk existing operations and streamline the sources of supplies of this volatile commodity. (ET)

Blackstone Plans To Delist Gokaldas, In Buyback Talks - US-based private equity firm Blackstone is planning to delist Bangalore-based textile exporter Gokaldas Exports. Blackstone owns a 68.27% stake of the company’s equity, while the two other minority partners are Madanlal Hinduja family and Jai Corp chairman Anand Jain with 20% and 6.6% stake respectively. A buyback offer is on cards with Blackstone to buyout the remaining minority shareholders. Blackstone is in talks with merchant bankers to launch the buyback offer. (ET)

JFE To Buy About 10% Of JSW Steel - Japanese steelmaker JFE Holdings will buy a stake of about 10% in India's JSW Steel for $337 million-$449 million. The Japanese steelmaker aims to build a supply base for Japanese carmakers such as Toyota Motor Corp and Nissan Motor Co, which plan to start manufacturing in India. (Reuters)


Sebi Wants Listing Within 7 Days Of IPO - Market regulator Securities and Exchange Board of India (SEBI) wants to bring down the time required for IPO processing to seven days from 20 days at present over the next one year. Sebi chairman stated that shorter gestation period would unlock money invested in IPOs faster, and that can be productively employed. The regulator said that the primary issuance process in India is not as efficient as the secondary market and that timely settlement of transactions continue to be a challenge in the system. ()

RIL Mulls Entry Into Low-cost Housing – Diversified business group Reliance Industries Ltd (RIL) plans to foray in low-cost housing. The initiative is likely to kick start by 2010. It plans to do large projects and at multiple locations, and could be putting that to commercial use for mega housing projects in the no-frills category. (BS)

ISBians To Evaluate Biz Plans For VCs - The students of Indian School of Business (ISB) will do due diligence of a few business ideas for venture capitalists. The exercise is part of the Venture Capital Investment Competition (VCIC), a 12-year-old contest hosted by Kenan Flagler Business School at the University of North Carolina. The competition will help students get a first-hand experience in doing venture capital deal. It will also give entrepreneurs an opportunity to revise their business plans based on the feedback from the students. (BS)


Telenor Trims Capex Estimates By Rs 3,500Cr - Norwegian mobile operator Telenor, which has picked up a majority sake in Unitech Wireless, has trimmed its capital expenditure estimates by Rs 3,500 crore over the next five years. It had earlier earmarked a capex of Rs 15,500 crore for the same period. The company plans to launch telecom operations later this year under the brand name Uninor, and eventually increase its shareholding in its Indian venture to 67.25%. (ET)

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