Reliance Infratel To File For A Rs 5,000 Cr IPO – Reliance Infratel, the tower subsidiary of telecom service provider Reliance Communications (RCom), is planning to file a DRHP for its proposed Initial Public Offer (IPO) of around Rs 5,000 crore within a week. The company raised around Rs 1,400 crore through a round of private equity investment by selling a 5% stake. At the time, the company’s valuation was pegged at around Rs 28,000 crore. (Business Standard)
RIL Takes IL&FS On Board For Haryana SEZ – Infrastructure Leasing & Financial Services (IL&FS ) has picked up a significant minority stake in the Reliance Industries-promoted special economic zone (SEZ) project in Haryana. IL&FS would not just be a pure financial investor but be a co-promoter and play a lead role in the management of the $10-billion project, which spreads across 25,000 acres of land. RIL, which has held a 90% stake in the project, had also considered tie-ups with global firms such as Walt Disney, Time Warner or Universal to establish theme parks and entertainment centres. (Economic Times)
Modi Tyres Looking At Offloading Equity – Modi Rubber Ltd (MRL) is looking to divest an undisclosed equity stake to German technology partner Continental AG to fund expansion and as a strategic commitment. The company is chalking out plans to produce radial tyres from its Modinagar plant by the next fiscal year and is negotiating with Continental for the technology, which could entail an investment of Rs 200 crore. (ET)
Cinepolis To Invest Rs 800 Cr In South India – Mexican cinema chain Cinépolis will invest around Rs 800 crore in South India for setting up multiplexes across the four states. The company has lined up Rs 1,700 crore for its proposed expansion plan in the country and will fund the amount through internal accruals. (Business Standard)
Nokia Siemens Networks Appoints Rajeev Suri As CEO – The Nokia Siemens Networks board of directors has appointed Rajeev Suri as CEO. Suri replaces Simon Beresford-Wylie and will take charge on October 1, 2009. He will be based at Nokia Siemens Networks’ headquarters in Espoo, Finland. (Reuters)
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