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News Roundup: Schroders Set To Buy 30% In Axis AMC

14 March, 2012

Schroders To Buy 30% In Axis AMC – Schroders, the UK-based asset management giant that manages close to $291 billion in assets, is set to acquire nearly 30 per cent stake in Axis Asset Management Company. The transaction will help Schroders revive its India presence and end Axis Asset Management Company’s search for a strategic partner in the mutual fund business. A senior management team from Schroders London headquarters is scheduled to visit Mumbai next week to finalise the transaction. (Business Standard)

CLB Asks Unitech To Buyout Telenor Or Exit – The Company Law Board (CLB) today asked real estate company Unitech to decide by Monday if it wanted to buy its joint venture partner Telenor’s 67 per cent stake in telecom company Uninor or sell its 33 per cent stake to the Norwegian firm. Unitech and Telenor had moved the CLB separately against each other, to protect their investments and rights in their joint venture, Uninor, whose licences have been cancelled by the recent Supreme Court judgment. (Business Standard)

HCC Puts Assets On Black To Enter CDR – A consortium of 27 banks will soon decide on Hindustan Construction Company’s request to be allowed to restructure its loans, under the corporate debt restructuring (CDR) process. In a meeting last week, HCC offered to liquidate the company’s land banks in the Vikhroli (Mumbai) and Pune areas. Reports suggested HCC could also be looking at selling its Mumbai headquarters premises, valued at almost Rs 1,000 crore. (Business Standard)

Vijay Mallya Pumps $32M In Force India – Sahara Force India team principal Vijay Mallya has pumped in $32 million into his Formula One team ahead of the season opener in Melbourne on Sunday. Watson, the personal investment company used by the liquor baron, has loaned Force India nearly $10 million. (DNA Money)

Ashok Aram May Join Anshu Jain In Deutsche Top Deck – When India-born Anshu Jain takes over the reins of Deutsche Bank from CEO Josef Ackermann at the end of May, it is likely that his compatriot Ashok T Aram may also join the top leadership of Germany’s largest bank. He is a candidate for the management board’s Group Executive Committee (GEC), which will be expanded from 12 to 17 members. (Economic Times)

Mahindra Systech Starts Merger Process With Mahindra Forgings – Mahindra Systech, the holding firm for the slew of 16 component businesses in the $14.4-billion Mahindra & Mahindra Group, will start the process of reverse merger of various companies with Mahindra Forgings, its listed entity by April. (Economic Times)


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News Roundup: Schroders Set To Buy 30% In Axis AMC

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