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News Roundup: RIL Says No To Assume LyondellBasell Debt

09 December, 2009

M&M To Consolidate Auto Components Biz – Mahindra Systech, the component arm of Mahindra & Mahindra (M&M), plans to consolidate its auto component units into a single entity. Companies like Mahindra Forgings, Mahindra Composites, Mahindra Castings, Mahindra Gears and Mahindra Ugine will all be wrapped up into one company Systech. M&M would hold 55-60% in the consolidated entity and the consolidation is likely to happen in less than 3 years time. (DNA

Alok Retail To Raise PE Fund – Alok Retail is in the final stages in raising finance from PE firms for it expansion plan. The fund will be raised in two tranches. The size of the fund and the names of the PE firms are yet not disclosed. The company is eying a 1,000-stores retail network in the next three year. (Business Standard)

Four Anchor Investors Bid For Godrej Properties – Godrej Properties’ IPO was subscribed by anchor investors JF India Fund, JF Eastern Smaller Companies Fund, Ward Ferry Management Ltd and The Royal Bank of Scotland for Rs 89.95 crore at Rs 530 a share. JF India Fund subscribed for 8.72 lakh shares, which is more than 51% of the shares on offer to the anchor investors. The Rs 500-crore issue of Godrej Properties will open on Wednesday and will close on December 11. (Hindu Business Line)

Essar’s MobileStore Buys X-Cite – The MobileStore, the Esaar group’s mobile phone retail chain, has acquired operations of Impact Retail Pvt Ltd for an undisclosed amount. The move is expected to help the company enter the Rs 80,000-crore consumer durable and infotech retail market. Impact Retail, a franchisee of the Al Ghanim group from Kuwait, ran its business under the brand X-Cite. The MobileStore will take over all the seven stores of X-Cite in cities such as Delhi, Gurgaon, Bangalore and Hyderabad. (BS)

KKR Lines Up Rs 550Cr For Analjit’s EIH Dream – Kohlberg Kravis Roberts & Co (KKR) may invest up to Rs 550 crore in the privately-held investment firms of Analjit Singh. Singh, who is the founder and chairman of Max India Ltd, strengthens funding to buy stake in hotel chain EIH. He plans to buy about 17% of EIH stake for up to Rs 1,250 crore from the Oberoi family and increase it to about 26% through purchases from minority holders. The KKR investment is the third fund-raising by Singh’s holding companies bringing the total amount raised in the past two months to Rs 1,700 crore. (Economic Times)

RIL Says No To Assume LyondellBasell  Debt – Mukesh Ambani-led Reliance Industries Ltd said it has no plans to take any of LyondellBasell Industries’s debt, refuting a media report the company would assume a portion of the liabilities as part of a deal to buy the Dutch chemical giant. It was reported that RIL could assume around a fifth of LyondellBasell’s $27 billion gross debt initially, and would be ready to make a $5 billion-$6 billion payment toward the liabilities to the creditors for gaining their support for its plan to acquire LyondellBasell. (WSJ)

Videocon Eyes PE In Retail Biz – Consumer durable major Videocon Group has planned to offload around 15-20% Next Retail stake to private equity players to raise funds for expansion. Next Retail is the retail arm of Videocon Group and has achieved break even last year. It currently operates 518 franchise and company owned stores. The company targets a turnover of Rs 1,500 crore this year. (Hindu Business Line)

HSBC Set To Buy RBS India Assets – HSBC is set to acquire the retail and small and medium enterprises business of Royal Bank of Scotland Plc (RBS) in India, China and Malaysia. The acquisition will depend on regulatory approvals in three countries. RBS has 31 branches in India and employs 10,000 people, following the acquisition of the Asian operations of ABN Amro Bank NV in 2007. (Mint)

Volkswagen To Buy Up To 20% Suzuki Stake – Volkswagen AG plans to take a stake of up to 20%, worth about 250 billion yen ($2.80 billion), in Suzuki Motor Corp providing Suzuki with a much-needed development partner and giving VW access to better small car technology.()

Alok To Wind Up Realty Foray – Textile major Alok Industries has decided to withdraw from the realty space by 2012 and concentrate on the core business. The company wants to bring back the investment made in realty to partly pay its existing debt, which is around Rs 7,000 crore. The company, through its subsidiary Alok Infrastructure, did a Rs 1,075-crore deal with Ashok Piramal group’s Peninsula Land in 2007 debuting into the realty space. (BS)

AI Gets Rs 800Cr Govt Equity – Air India will get an equity infusion of Rs 800 crore from the central government to the promise that the airline will generate Rs 2,000 crore through savings and revenue generation. This is in accordance with the government’s additional expenditure plans of Rs 25,725 crore in this fiscal. Officials said this was the first tranche of equity infusion, which could be between Rs 1,500-2,000 crore. (The Telegraph)

ADAG To Foray Into Food Biz – Anil Ambani-led ADAG plans to launch a food and beverage brand ‘Movie Munchies’ and mineral water brand ‘Spring’, later this month. The brands will be initially sold through ADAG’s 500-odd BIG Cinema outlets across India, Malaysia, Netherlands and the US. The company has tied up with VKL Spices and Mulshi Springs for developing the food and beverage and the bottled water brands. (BS)

 

 


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News Roundup: RIL Says No To Assume LyondellBasell Debt

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