Religare In Race For ING Asia Assets – Eyeing a global expansion, financial services firm Religare Enterprises has submitted a non-indicative bid to buy the Asian private banking
assets of ING. Others like Credit Suisse and a couple of Singapore banks are also in the race. The Dutch insurance and banking major manages assets Rs 75,250 crore under the business. (Economic Times)
Axis Bank Stake Sale – State-owned Special Undertaking of UTI (SUUTI), which owns 27% stake in Axis Bank, is looking to offload 17% stake for Rs 6,000-7,000 crore. Axis bank is India’s third-largest private sector lender. SUUTI plans the sale in next four months and has started talks with investment bankers like JP Morgan and Citi Group. (ET)
Tommy Fame Murjanis In Split– The Murrain Group, which heralded international fashion brands for the first time in India in 2004 with Tommy Hilfiger, witnessed split in management between father and son – Mohan and Vijay. The Murjanis have termed it as “restructuring” and denied the possibility of any split in the group. The group holds perpetual rights for Tommy Hilfiger in India and licensing deals with brands like FCUK, Calvin Klein and Gucci. (ET)
Tata Steel To Sign JVs in Vietnam, South Africa – Steel major Tate Steel is scouting for iron ore and coking coal mines worldwide to support its global operation and is in talks with two mining firms in Vietnam and South Africa for joint ventures. Tata Steel will also take a minority stake (30%) in an iron ore mine named Thach Khe in Vietnam to feed its proposed JV steel unit there. <
Hunt For CCI Director General Continues – The search for a permanent investigating officer of country’s competition and anti-trust regulator Competition Commission of India (CCI) is still on that began seven months back. The government has now once again issued an employment notification to fill up the vacancy for the post of director general, CCI after failing to select an eligible candidate in its earlier attempt. The position of director general in the CCI is crucial as it leads the regulator’s investigation work in cases of complaints of alleged cartel and anti-competitive behaviour among companies. (ET)
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