Satyam To Define Bid Process Soon – The board of Satyam Computer Services would soon define the process for inviting proposals from prospective buyers, Chairman of the board Kiran Karnik has said. The investment bankers Avendus and Goldman Sachs will make the process of inviting bids from prospective buyers transparent and investor friendly. Engineering major Larsen & Tubro, BK Modi’s Spice Group and Hinduja group have shown interest in acquiring fraud-hit Satyam. (Economic Times)
Lenders Want Review Of Subhiksha Books – Lenders led by ICICI Bank are looking to restructure the debt of Subhiksha. They have sought a review of the books of Subhiksha Trading Services after taking up the cash-strapped retailer’s case for debt restructuring. This comes on the backdrop the Chennai-based retailer saying that 600 of its stores have been vandalised. The lenders may look at options like increasing the repayment period and convert a part of debt into convertible instruments. (Business Standard)
As Yashraj Fires 20, Warner To Outsorce To India – US entertainment major Warner Bros is planning to outsource jobs to India. The company is planning to outsource about 200 positions to India and Poland, as it cutting about 10% of its 8,000 strong workforce. On the other hand, Yash Raj Films (YRF), India’s leading production house, has decided to lay off about 20 employees. (BS)
Piramal Denies Sellout – Mumbai-based generic drug maker Piramal Healthcare has denied reports that it is being acquired GlaxoSmithKline. Others who are reported to be interested in the firm are Sanofi-Aventis SA of Paris. Piramal has a market capitalisation of $830 million, and its valuation could go upto $1.5 billion in an acquisition. ()
Arshiya Rail In Talks With PEs – Container rail service provider Arshiya Rail Infrastructure is in talks with private equity players to raise around Rs 100 crore. The firm plans to sell 15-18% stake and expects to finish the process by September-October. The funds will be used to part-finance the second-phase expansion of the container railway infrastructure project. Arshiya Rail Infrastructure is a wholly-owned subsidiary of the listed Arshiya International. (ET)
Coal India To Acquire Indonesia Mines – Public sector unit Coal India (CIL) may soon complete the acquisition of mining assets in Indonesia. Due to the current economic meltdown valuations of mining assets abroad have gone down by as much as 60-70%. Also as CIL has a navratna status it can go for acquisitions on its own. CIL is interested in acquiring three mining blocks with estimated reserves of over 120 million tonnes in Indonesia to enhance the supply of dry fuel for its consumers in India. (Hindustan Times)
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