Infrastructure and construction company NCC Ltd. is on course to slashing its corporate debt of INR 3,900 crore ($700 million) by about 50% during the current financial year. This would be through a phase of consolidation, divestment of stake in two road assets, for which negotiations are under way. The company is at advanced stage of finalising a strategic stake sale deal with an overseas investor for the 1,320-MW power plant which it is executing in Krishnapatnam through a joint venture. (Business Line)
Star Dental to invest INR 150 crore in 3 years to open 300 clinics: US-based Star Dental is planning to invest INR 150 crore ($27 million) over the next three years to open around 300 clinics across India by 2017. The company, which started operations in the country last year, has eleven dental clinics across Delhi National Capital Region (NCR) under the brand name ‘Clove’. The firm is also looking to raise funds through individuals as well as institutional investors for capital expansion. (The Economic Times)
JSW Steel eyeing coal mines in Africa, US and Canada: JSW Steel Ltd is looking at acquiring coal mines in Africa, US and Canada. The company is looking at acquiring iron ore and coal mines in both India and abroad as it looks to increase self-sufficiency in feeding its steel plants. In the domestic market, the company plans to bid for iron ore mines in Karnataka after Supreme Court lifted the ban. The company made a huge investment in Karnataka due to iron ore mines, but the state government failed in its obligation of allotting the mines to the company. (The Economic Times)
Bengal government plans to buy two closed Saradha TV channels: West Bengal Chief Minister Mamata Banerjee today announced that the state government would acquire two of the closed television channels Tara News and Tara Muzik owned by the Sudipta Sen-promoted Saradha Group that went bust recently, leaving hundreds of employees of the channels jobless. The government will also pay an ex gratia of INR 16,000 to each of the 168 employees of the two channels in lie of May salary. However, the government would not take the liability of the channels, which amounted to INR 6 crore. The two Bengali channels were bought by Saradha Group in early 2011. (Business Standard)
Shantivijay Jewels plans to sell stake: Mr. Pradeep Kumar Godha and Mrs. Rajrani Godha, inter alia the promoters of Shantivijay Jewels Ltd. are planning to sell 4,45,000 equity shares by way of offer for sale through the exchange. The company would sell the shares to meet the minimum public shareholding norms. (BSE)
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