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News Roundup: Larsen & Toubro, EADS Unit Form Defence JV

05 May, 2009

 

Larsen & Toubro, EADS unit form defence JV : Indian engineer Larsen & Toubro and EADS Defence & Security said on Tuesday they had formed a joint venture to make defence electronics in India. By 0530 GMT, Larsent & Toubro’s shares were up 3.5 percent in a steady Mumbai market.

 

Suzlon to Recast $500 Million FCCB Terms – Suzlon Energy, the world’s fifth-largest wind turbine maker, will have to revise the terms of its $500-million foreign currency convertible bonds (FCCBs) maturing in October 2012, after a proposal to restructure them was rejected by investors. The Tulsi Tanti-controlled Suzlon is being forced to revise the terms on these bonds at a time of tight liquidity conditions and when it has to pay 175 million euros (nearly Rs 1,313 crore) this month to raise its stake in subsidiary REpower Systems. It is evaluating options to change the terms of the convertible bonds. Holders of one tranche of the five-year bonds issued in June 2007 passed the amendment resolution at a meeting on April 29, while investors in bonds issued in October 2007 did not approve the proposal. (The Economic Times)

DLF May Sell 50% in New Saket Hotel for Rs 75 Crore – In line with its stated strategy of disposing of hotel projects to raise cash, DLF, country’s largest property company, is close to selling off 50% of its soon-to-be-opened 120-room hotel at Saket, New Delhi, for around Rs 75 crore to a wealthy individual, who is not involved with any hotel chain. DLF’s 120-room hotel has a management contract with international hotel chain Hilton and will sport Garden Inn brand name. The construction is almost complete and the hotel is due to open in the current quarter. According to sources, an understanding has been reached, but a final agreement is yet to be signed with the buyer and no money has changed hands yet. (The Economic Times)

Rakesh Mohan Quits RBI to Join Stanford University – In a surprise move, the deputy governor of the Reserve Bank of India and one of India’s senior-most economic policymakers, Rakesh Mohan, quit on Monday, a full year before his tenure comes to an end. Mr Mohan will take up a teaching assignment at Stanford University.  At Stanford he will guide doctorate students and be associated with Stanford’s Centre for International Development. There had been speculation about his departure ever since he lost out in the race for the top job at the RBI in September last year. (The Economic Times)
Goldman Sachs to Train 29 Indian Women Entrepreneurs – As part of its focus on developing startups across the world, Goldman Sachs is looking at training and development of around 29 select women entrepreneurs in India. The effort is part of Goldman Sachs ‘10,000 Women’ initiative, founded on the basis of a research conducted by the World Bank, Goldman Sachs, and others, which found that educating women is one of the most effective ways to increase economic growth and improve living standards in developing economies. Under the initiative, Goldman Sachs is selecting specific women entrepreneurs around the world including developing countries like India and Latin American countries. (Business Standard)
Sobha Developers to Raise Rs 750 Crore – Sobha Developers is looking to raise up to Rs 750 crore to retire part of its Rs 1,850 crore debt. The real estate developer is considering options like raising money from the markets, selling around 200 acres of its 3,000 acre land bank, and roping in investors at various projects. The company is also negotiating with 12 financial institutions to restructure the debt. The board of directors on Monday cleared a proposal to raise money through various options. The real estate firm had an outstanding debt of Rs 1,850 crore as on March 25, 2009. (DNA Money)
Rajeev Uberoi  Quits Standard Chartered to Join IDFC – Rajeev Uberoi, regional head, operational risk & assurance, India & South Asia, Standard Chartered Bank is moving on to infrastructure finance company IDFC as group head legal and compliance and general counsel. At Standard Chartered Uberoi spearheaded American Express Bank’s integration with Standard Chartered operations in India. An MBA and law graduate, Uberoi has 30 years of banking experience with State Bank of India, Citibank and Standard Chartered. He also has a stint with the RBI. (DNA Money)
LIC Housing Plans to Raise Rs 500 Crore Via Public Deposits – LIC Housing Finance, the home loan arm of Life Insurance Corp, aims to raise Rs 500 crore through public deposits in 2009-10. The move is part of it strategy to shed dependence on the wholesale funding market. The company last year received permission from the Reserve Bank of India to raise deposits from the public and raised Rs 170 crore. The company plans to offer rates at least 10 basis points higher than rates in the market to attract customers. (DNA Money)

FIPB Asks Barclays Investments to seek RBI Views On New Biz : The Foreign Investment Promotion Board (FIPB) has asked Barclays Investments & Loans (BILL) to seek the Reserve Bank of India’s views on whether or not certain proposed activities such as collections and recovery services, estate and trust planning services fell within the permitted 18 non-banking finance company (NBFC) activities.( Hindu Business Line

 


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News Roundup: Larsen & Toubro, EADS Unit Form Defence JV

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