BSNL, MTNL Join Zain Bid Consortium – State-run telecom companies Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) have agreed to join the consortium for bidding Kuwait-based Zain Telecom. Both the companies have written a joint letter to the Vavasi group, which has initiated the Zain acquisition talk, expressing their keenness for a joint bid. BSNL and MTNL are interested to participate in the proposal for buying up to 46% of Zain’s shares from the Kharafi group. (Business Standard)
RIL, Nova Proposed JV Called Off – Mukesh Ambani led Reliance Industries Ltd’s (RIL) proposed joint venture (JV) with Nova Chemicals, the Canadian chemical and plastics major, for foraying into construction and building materials will not take off, as the latter’s new owner, International Petroleum Investment Company (IPIC), has decided not to pursue the project. Both RIL and Nova were planning a 51:49 JV in India to leverage Nova Chemicals’ green building and construction technology to design, engineer and build a range of high-efficiency structures for the Indian sub-continent. (BS)
Max Healthcare To Buy Hospitals In Delhi – Hospital chain Max Healthcare is looking at acquisitions in the Delhi region to strengthen its presence there. Company CEO stated that they are open to acquire single unit hospitals in the city. The company is also negotiating with GE Capital and two other funds to raise as much as Rs 300 crore by selling shares, to chase the acquisitions. (Hindu Business Line)
Goair Not Ready To Buyout Or Stake Sale – Mumbai-based budget air-line GoAir stated that it has no plan to sell stake or merge with any air-carrier. The board has taken a decision to not to pursue any such proposal. It will focus on its business plans and enhance its market share. Earlier, it was reported that Chennai-based Paramount Airways was looking to acquire GoAir in a cash and stock deal. (DNA)
Adhunik Metal Subsidiary Looks At Funding – Orissa Manganese, a wholly owned subsidiary of Adhunik Group, would invest around Rs 700 crore in two years for iron-ore benefaction and pelletisation plant at Jharkhand. It also plans a 30-MW power plant for ferro alloy facility at Orissa. Out of the proposed Rs 700 crore investment, the company plans to raise Rs 450 crore through internal accruals, while remaining Rs 250 crore will be raised through debt, private equity or an IPO. (DNA)
ArcelorMittal May Abandon Its $20B Steel Project – Steel major ArcelorMittal is close to pulling out of a $20-billion plan to build two steel plants in India due to difficulties in buying land. The company found it difficult to persuade farmers and others to sell land for the development in the states of Jharkand and Orissa. It will now look for places in other parts of India for its expansion. (Reuters)
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