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News Roundup: Ministry Panel For 49% FDI In Multi-Brand Retail

22 October, 2010

Ministry Panel For 49% FDI In Multi-Brand Retail – An internal committee set up by the Ministry of Finance is learnt to be in favour of allowing FDI up to 49% to begin with in multi-brand retail. The FDI into the sector could be gradual process with a cap of 49% on such investments initially. International retail giants such as Walmart, Carrefour and Tesco have been lobbying for foreign investment in multi-brand retailing. (Indian Express)

Reckitt Benckiser Joins Race For Paras – UK-headquartered Reckitt Benckiser has joined the host of global consumer and pharma companies to bid for Ahmedabad-based Paras Pharma, the maker of over-the-counter (OTC) brands like Moov, DermiCool, Livon, Krack. Reckitt has appointed JP Morgan to advise it on the transaction. Others like Procter & Gamble and Colgate Palmolive have also joined the race. (Business Standard)

Gee Pee Mobiles In Talks For Rs 100Cr PE Funding – Low-cost handset maker Gee Pee Mobiles is seeking private equity capital of Rs 100 crore to set up a new assembly unit and expand retail networks. The firm plans to offload 20% of promoters’ holding to private equity firms before the end of this year.  (Economic Times)

HCL Eyes Acquisitions – HCL Infosystems is scouting for acquisitions worth up to $100 million in emerging markets like Africa and Middle East to expand its footprint globally and strengthen its services portfolio. The company is looking at services acquisition of $50-100 million, while a geography-centric acquisition could be of the size of $6-10 million. (BS)

Goldman Considers Repaying Buffet’s Investment – Goldman Sachs Group Inc is considering repaying the $5 billion investment it received two years ago from Warren Buffett’s Berkshire Hathaway Inc. A repayment isn’t likely to happen imminently because the bank requires approval from the Federal Reserve. (BS)

Ambience To Go For Rs 1,293Cr IPO – Realty firm Ambience today said it plans to launch its proposed initial public offer (IPO) by February next year to raise up to Rs 1,293 crore. Ambience plans to dilute between 10 and 15% through the maiden public offer. (ET)

Polaris Software Scouts For Acquisitions – Polaris Software Lab, the Chennai-based mid-cap financial software solution firm, is scouting for acquisitions to give the much needed traction to its business through the inorganic route. The firm has a war chest of Rs 500 crore. (Financial Express)

Sumitomo To Take 40% In Bhushan Steel Plant – Japan’s third-largest steelmaker, Sumitomo Metal Industries, will acquire a 40% stake in Bhushan Steels’ six-million tonne steel plant project in West Bengal. Sumitomo would hold 40% in the special purpose vehicle and the balance would be with Bhushan Steels. The six-million tonne steel plant is likely to entail an investment in excess of Rs 20,000 crore. (BS)

Sonalika Eyes Rs 200Cr Expansions, European Acquisitions – Auto maker Sonalika Group, backed by PE firms like CVCI and 3i Group, is eyeing acquisition in Europe. The group, which handles farm equipment business through International Tractors Ltd (ITL), has earmarked Rs 200 crore over the next 2-3 years for its overall expansion plans. (BS)

CCCL Infrastructure To Raise Rs 250Cr PE Funding – Consolidated Construction Consortium Limited (CCCL) is planning to raise around Rs 250 crore from a private equity (PE) fund for its infrastructure arm CCCL Infrastructure Ltd. Currently, the company has 10 railway station projects in Chennai and the Kolkata metro depot, worth around Rs 160 crore. In addition the company also bagged six power plant projects. (BS)


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News Roundup: Ministry Panel For 49% FDI In Multi-Brand Retail

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