L&T Looks To Buy Entire Stake In JV With Flowserve – India’s biggest engineering and construction conglomerate Larsen and Toubro Ltd (L&T) is planning to acquire the entire stake of US-based Flowserve Corp. in their 50:50 joint venture (JV) Audco India Ltd. The $12.8 billion (Rs. 71,170 crore) engineering company simultaneously wants to exit from L&T Komatsu Ltd, a 50:50 JV, and disband its business agreement with Swedish truck maker Scania AB. The management perceives these businesses to have lost their potential to become core to L&T.
Wipro To Acquire Two Furniture Business – Wipro Furniture, a part of Wipro Consumer Care and Lighting Group (WCCLG), may be considering at least two acquisition targets—a Bangalore-based furniture brand and another overseas chain—to strengthen its presence in the office furniture market. These acquisition targets are below $25 million. (
Orbit Corp To Exit Projects To Pare Debt – Luxury real estate firm Orbit Corp. Ltd wants to sell multiple projects planned in Mumbai to raise money and reduce debt. The company wants to raise about Rs 400 crore initially— Rs 300 crore by exiting a slum redevelopment project in suburban Santacruz and Rs 100 crore by selling its plots of land in Tardeo, Worli and Lalbaug in central Mumbai to other developers. The company may also sell all or some of its stake in the Kilachand bungalow in south Mumbai later. Cairn India Buys 60% In South Africa Gas Block – In its first deal since being acquired by Vedanta Resources, Cairn India has acquired a 60 per cent stake from PetroSA in an oil and gas exploration block on the west coast of South Africa. With this, Cairn India’s presence abroad would now be extended beyond Sri Lanka. The block comprises an existing gas field, discovered in 1987. Cairn India would conduct seismic surveys and carry out initial exploration drilling. (Business Standard)
ONGC To Sell 26% In KG Block To Inpex – State-run Oil and Natural Gas Corporation (ONGC) will shortly farm out nearly 26 per cent stake in its KG-DWN-2004/6 block in the Krishna-Godavari basin to Japan’s Inpex Corporation. Inpex Corporation is a Japanese company engaged in the energy supply business on a global scale. ONGC has been trying to involve international exploration and production companies in its operations. The company is looking at selling stakes in other blocks as well. (Business Standard)
KSL & Industries Settles Rs 500Cr FCCB Dues – KSL & Industries has settled a court dispute with holders of its foreign currency convertible bonds (FCCBs). Days before it was required to reply to a winding-up petition in the Bombay High Court from these bondholders, KSL bought back FCCBs worth $90 million (around Rs 500 crore). KSL had defaulted on repayment on these FCCBs, due for redemption on May 19. Following this, Bank of New York Mellon, trustee for the bondholders, moved the winding-up petition against KSL. (Business Standard)
Saregama To Exit Film Production Business – India’s oldest music company, Saregama India, is gearing up to rebrand itself. Through a more digital focus, an aggressive entry into television soap operas and an exit from the “not so lucrative” film production business, the RP-Sanjiv Goenka Group company is likely to come up with a new logo and strategy in a month. (Business Standard)