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News Roundup: JSW Steel plans to bid for Karnataka iron ore blocks

26 April, 2013

JSW Steel Ltd plans to bid for iron ore mining blocks in Karnataka that could go up for auction after a Supreme Court order last week. JSW and rivals such as Essar Steel have been forced to import iron ore due to a ban on mining in two states of India. The company already has an iron ore joint venture in Karnataka with a production capacity of 2.5 million tonnes per year. ()

HP eyes $1bn sale of MphasiS stake: Hewlett Packard (HP) has formally started work to sell IT services firm MphasiS Ltd with Citigroup managing the process. The PC maker owns 60% stake in Bangalore-based MphasiS, which is worth $900 million (INR 4,853 crore) at current market value. HP would expect a premium to the prevailing price, pushing the deal value to over $1 billion (INR 5,392 crore). Citigroup has been selected to run the sale process after HP had direct talks with a few private equity firms in recent months to ascertain their interest. (The Times Of India)

Tata Sons plans to raise at least 3 billion rupees via bonds: Tata Sons, the holding company of India’s Tata Group, plans to raise at least INR 300 crore ($ 55.17 million) via two separate bond deals. The firm will issue 5-year and 10-year bonds at 8.85%. ICICI Securities Primary Dealership is the arranger to the deal. ()

Windsor Machines plans for acquisition: Windsor Machines Ltd. is looking to acquire Italian company, Italtech through a joint venture firm Wintech S,r.l. The company also incorporated a wholly owned subsidiary, Wintech B.V. in Netherlands, which holds 80% stake in Wintech S,r.l. and the remaining 20% stake would be held by Italian partner Geoplast S.p.a. (BSE)

Courtesy: VCCEdge


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News Roundup: JSW Steel plans to bid for Karnataka iron ore blocks

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