News Roundup: Kolkata’s Jain Group To Buy Rajasthan Royals For $200M

20 March, 2012

Kolkata’s Jain Group To Buy Rajasthan Royals For $200M – A little-known Kolkata-based businessman is close to buying a majority stake in Rajasthan Royals for around $200 million, making it the first time an IPL team could change hands in the format’s brief yet eventful five year history. Mannoj Kumar Jain, who heads the obscure Jain Group of Industries with interests in infrastructure, steel, energy and real estate, has offered to buy out a majority of team’s shareholders. (Economic Times)

Morgan Stanley Unit May Invest $200M In Continuum Energy – A proprietary investment arm of Morgan Stanley is in advanced talks to invest about $200 million, roughly Rs 1,000 crore, for 51% stake in Continuum Energy Pte Ltd (CEPL), a Singapore-based holding company developing wind power assets in India. Continuum Energy, co-founded by former investment banker Arvind Bansal and others, is a two year-old start-up which is building a portfolio of wind farms through acquisitions and green field development. (Times of India)

FMC Nixes Bajaj Holdings’ Stake Buy In MCX – Rahul Bajaj-promoted Bajaj Holdings & Investment’s plan to buy a little over 3% in commodity bourse Multi-Commodity Exchange (MCX) from hedge fund Passport Capital has hit a regulatory roadblock after the buyer failed to provide Forward Markets Commission (FMC), Sebi’s counterpart in the commodity futures market, with documentation required for approval of the stake transfer. Passport Capital had entered into an agreement to sell 1.56 million MCX shares at Rs 800 a piece a few days before the MCX maiden equity issue opened for subscription. (Economic Times)

Sebi Lifts Ban On Welspun, Hubtown Promoters – The Securities and Exchange Board of India (Sebi) has lifted the ban imposed earlier on several promoter entities, including those of Welspun Corporation and Hubtown Ltd. The ban related to a manipulation case in 2010. In December 2, 2010, Sebi had banned the promoter entities of four companies and Sanjay Dangi and Ashika group entities for their alleged role in stock manipulation. (Business Standard)

Gunit Chadha Becomes Deutsche’s Asia co-CEO – Gunit Chadha, country head and CEO of Deutsche Bank in India, will join the top leadership of Germany’s largest bank when India-born Anshu Jain takes over as its co-chairman at the end of May. Deutsche Bank’s supervisory board on Friday appointed Chadha as a new member of the highly-influential Group Executive Committee (GEC). (Business Standard)


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News Roundup: Kolkata’s Jain Group To Buy Rajasthan Royals For $200M

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