ICICI To Announce Kamath’s Successor – ICICI Bank may soon announce a new MD & chief executive to succeed KV Kamath, whose term comes to an end next April. Chanda Kochhar, the joint MD & CEO, is the frontrunner for the top post, ICICI Prudential Life Insurance’s MD & CEO, Shikha Sharma, has also been shortlisted. The bank’s board will consider the succession issue at its next meeting on December 19. Kamath is now expected to become the non-executive chairman.
Travel Agents May Not Sell Kingfisher Tickets – After their decision to stop selling tickets of Jet Airways, the travel agents are now planning to stop selling tickets of the second-biggest – Kingfisher Airlines. They may stop selling Kingfisher Airlines tickets from December 15. Travel Agents Association of India (TAAI) is expected to meet today to take the final decision. Travel agents account for 85% of tickets sold in India while the remaining 15% are sold directly by
Wockhardt’s Talk With PE Funds In A Jam – Wockhardt Hospital’s talks to raise funds from private equity players has failed over valuations. PE firm General Atlantic had reached advance stages to pick up around 20% but the two companies could not agree on the valuations of the healthcare firm. Wockhardt Hospital had withdrawn its IPO to raise around Rs 700 crore by diluting 24% stake due to adverse market conditions earlier this year. Wockhardt also
rejected the UK-based Apax Partners and Advent International’s proposals because both the PE firms valued the company at around $300 million. Wockhardt Hospital plans to invest around Rs 1,000 crore to increase its bed strength to 4,000 from the current 1,500 in the next three years.
LIC Lends Rs 1,000 Cr To Tata Motors – India’s largest auto maker has raised at least Rs 1,000 crore Life Insurance Corp. of India to part-refinance loans that funded the acquisition of Jaguar-Land Rover (JLR). Tata Motors raised the funds last month at an interest rate of
11% from various divisions of LIC. LIC’s unit-linked insurance plan division pooled in at least Rs 300 crore and the life insurance division contributed a large portion.
SME Exchange By March 2009 – Capital markets regulator Securities and Exchange Board of India (Sebi) is in the process of finalising the guidelines and procedures for setting up of smaller exchanges which would cater to the financial requirements of SMEs. The exchange is
expected to be set up by end of this fiscal year. The new exchange will be modeled on Alternate Investment Market in London. In the initial phase, 3-4 licences will be provided to the companies with a net worth of Rs 100 crore.
JetLite Reports Rs 273 Cr Q2 Loss – Jet Airways’ low-cost airline JetLite has incurred a loss after tax of Rs 273 crore for the second quarter ended September 30, which made the accumulated losses of the erst-while Sahara Airlines exceed its net worth. Jetlite’s loss after
tax increased over three-fold for the second quarter to Rs 273 crore from Rs 86.27 crore in the year-ago period.
RIL Not To Reopen Petrol Pumps – Reliance Industries Ltd, has put on hold plans to reopen its retail fuel outlets following the Union government’s decision last week to cut petrol prices by Rs 5 per litre and diesel by Rs 2 per litre. RIL has 1,432 pumps across the country and it exited the business in March this year as it had sell fuel below the cost price. But last month reports surfaced that it is keen to re-enter the business.