Bharti hopeful of 50:50 JV with Wal-Mart for retail stores: Bharti Enterprises has started talks with Wal-Mart and is hoping to form a 50:50 joint venture to roll out retail outlets in India, a top company official has said.The two companies have an equal partnership in wholesale business and the Indian partner is hopeful of replicating it in the retail business, following government’s decision to allow up to 51% FDI in multi-brand retail. (Business Standard)
Religare sets price range for $448M Singapore IPO: Religare Health Trust (RHT), which will own hospital-related assets managed by Indian hospital group Fortis , plans to raise as much as S$550.5 million in a Singapore listing, according to its prospectus lodged on Friday.Religare Health, structured as a business trust, is the first such listing in Singapore of a trust with Indian healthcare assets. (Business Standard)
NTPC begins to search for a partner for electricity distribution: NTPC, the country’s largest power producer, is floating a joint venture as part of its plan to foray into electricity distribution.The company’s distribution arm, NTPC Electric Supply Co Ltd (NESCL), has invited bids from power distribution licensees with five years of experience. The JV may also bid for distribution licensee contracts of states. (The Economic Times)
Lanco willing to divest majority stake in Griffin Coal: Lanco Group, which owns Griffin Coal Mines in Australia, expects to achieve financial closure for its expansion programme by July 2013 and is also prepared to divest majority stake in the mines, a top official of the infra major said.Lanco Chairman L Madhusudhan Rao said the total investment that is needed for expansion of Griffin mines would be around $1.2 billion. (Business Standard)
Videocon tweaks plans to sell majority stake in Next: Durables to oil major Videocon group has tweaked its plans to sell stake in its electronics and durable retail chain Next. The group plans to sell 26% stake in the chain to pave the buyer to buy the majority, 51% eventually, after the government allowed 51% stake in the multi brand retail, said its chairman Venugopal Dhoot today. (Business Standard)
Govt may list Coal India subsidiaries: The government is planning to list Coal India ‘s subsidiaries South-eastern Coalfields (SECL) and Mahanadi Coalfields (MCL), reports CNBC-TV18 quoting government sources. It is learnt that the Prime Minister’s Office (PMO) is pushing for reforms in the coal sector and is also favouring Coal India rejig. (moneycontrol)
SmartTrak to treble production capacity: SmartTrak Solar Systems, a Hyderabad-based startup that manufactures solar tracking systems and solar weather stations, is looking at expanding the production capacity at its Hyderabad plant from the current 300 Mw to 1,000 Mw a year, according to director Bhagawan Reddy. (Business Standard)
We’re looking for buys in SE Asia,West Asia & Africa: Sunil Duggal, chief executive officer of Dabur India, is optimistic about the company’s performance in the financial year 2012-13. To sustain its growth momentum in the FMCG industry, the company is putting in place an action plan that includes new acquisitions, organic growth, rural initiatives and cost-cutting measures. Dabur India had posted a 21% jump in consolidated net sales to R1,461.97 in the first quarter of the current fiscal. (The Financial Express)
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