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News Roundup: M&M May Buy Out Partner in Mahindra South Africa

11 June, 2009

L&T to Exit UltraTech as Birlas Give No-Objection – Larsen & Toubro will sell its 11.49% stake in the Aditya Birla Group-owned UltraTech Cement in the open market, after the latter waived its first right of refusal to buy the stake. L&T has already initiated the process to exit UltraTech and is offering to sell 10.3 million shares, equivalent to an 8.3% stake in the company. The shares are being offered at Rs 720-735 a piece, a discount to UltraTech’s closing price of Rs 763 on the Bombay Stock Exchange today. The stake will be valued at Rs 757 crore at the upper end of the range and is expected to be completed tomorrow. The remaining 4 million shares are also expected to be sold within a week. (Business Standard)

Kingfisher Airlines May Roll Over Rs 800 Crore Debt – Kingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks. The airline, owned by Indian billionaire Vijay Mallya’s liquor-to-airlines UB Group, is understood to be finalising the details of the rollover of debt that is due this fiscal.According to data from Kingfisher Airlines, the company has short-term debt of around Rs 2,500 crore and a third of that is due for repayment this fiscal. (Business Standard)

M&M May Buy Out Partner in Mahindra South Africa – Leading Indian utility vehicle (UV) player Mahindra & Mahindra (M&M) is likely to buy out its local partner in Mahindra South Africa (Mahindra SA), which is currently a 92% subsidiary. The company is also evaluating the possibility of starting a local completely knocked down (CKD) assembly unit there. A decision on buying out the stake of its local partner is likely to be taken in a month’s time. The 8% stake is held by African Automotive Investments Corporation, a subsidiary of African Resources and Logistics Corporation. (Business Standard)

Tatas to Launch GSM Services This Month – Code Division Multiple Access (CDMA) telecom operator Tata Teleservices (TTSL) has announced the launch of its services in GSM platform in partnership with Japanese firm NTT DoCoMo. The firm would invest $2 billion this fiscal to roll out operations across the country. The service, which would be branded ‘Tata-DoCoMo’, would be rolled out by this month-end in the southern region, followed by western and northern regions. NTT DoCoMo had acquired 26% stake in TTSL for $2.7 billion last year. (Business Standard)

BSNL to Invest Rs 15,000 Crore in FY10 – Public sector telecom giant Bharat Sanchar Nigam Limited (BSNL) will invest Rs 15,000 crore this fiscal to upgrade its infrastructure and roll out new value-added services. BSNL will use the investment for mobile expansion and for services like 3G, broadband, wireless broadband, IPTV, WiMAX, mobile commerce (m-commerce), value-added landline, Enterprise Resource Planning (ERP) and others. It is aiming to add 35 million telephone lines by the end of this fiscal across the country and to commission fresh 3G network. (Business Standard)

Japan’s Suntory Leads Race for A Majority Stake in Indage Vintners – Japan’s Suntory is the suitor for a majority stake in Indage Vintners (IVL), the oldest and possibly the largest domestic winemaker. Suntory is holding due diligence on Shamrao Chougule family-controlled entity to pick up a 51% stake in IVL’s de-merged Indian wine operations. Investment bankers had sounded out several potential suitors for a possible deal, but it is Suntory that is moving closer to a transaction. E&Y is advising Suntory on the deal. (The Economic Times)

NMDC to Acquire Stake in Kudremukh Iron Ore – State-owned NMDC Ltd will acquire a majority stake in Kudremukh Iron Ore Co Ltd (KIOCL), federal steel minister Virbhadra Singh said on Wednesday. This partnership acquisition is expected to ensure continuous supply of iron ore to KIOCL from NMDC.  KIOCL will also acquire a stake in NMDC. (Reuters)

 


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News Roundup: M&M May Buy Out Partner in Mahindra South Africa

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