Godrej To Buy Hershey's Stake In JV - US-based chocolate and confectionery major Hershey's and the Godrej Group have called off their joint venture in India following management differences in running the entity. Both sides mutually agreed to call off the partnership following which Hershey's will sell its 51% stake to Godrej Consumer Products Ltd (GCPL). Lazard Capital has been entrusted with the task of handling the deal which marks the end of the JV signed in 2007. The Godrej Group was impatient with the slow progress of the Rs 450-crore Godrej Hershey. (Economic Times)
Macmillan Group To Sell BPO Arm - Global publishing giant Macmillan Group is set to sell its Indian technology solutions and BPO firm MPS. Macmillan holds 61% stake in MPS, which is listed on the domestic bourses. The Bangalore-based MPS employs around 1,000 people and undertakes publishing services work for the UK-based parent as well as third party clients. Ernst & Young has been mandated to find a suitor for MPS. (Times of India)
SRK Buys 26% In Kidzania - Bollywood star Shah Rukh Khan has acquired 26% strategic stake in the Indian franchise of KidZania, an international chain of family entertainment centres. The $3.5-billion Comcraft Group, which holds the franchise for Kidzania in India, had been scouting for a significant minority investor to add value to the Indian project and decided to bring the Bollywood star on board. (Economic Times)
RBI Breather For CSB To Trim Stake - The Reserve Bank of India (RBI) has given one more year to Thailand-based businessman Sura Chansrichawla—the single largest shareholder of Catholic Syrian Bank Ltd (CSB)—to pare his stake to 10%. Chansrichawla, who now holds around 18% of the shares of CSB, had sold close to 5% stake in the bank to Edelweiss Capital Ltd in September, and 1% to Muthoot Pappachan Group subsequently.
Saregama Buys 10% In Timbre - Saregama India Ltd has purchased 10% stake in Timbre Media Pvt Ltd, a company set up by ex-Worldspace Satellite Radio employees, to bring back its genre-based programming through direct-to-home TV channels as well as mobile phone radio. Both the companies are already in talks with leading mobile phone service providers as well as DTH TV service providers to launch the service. (Business Standard)
JSPL Ups Stake In Rocklands - After extending the open offer deadline twice, Jindal Steel and Power Ltd (JSPL) has managed to grab 4.66% share of the Australian coal miner Rocklands Richfields. With this, the company has increased its shareholding in the Australian coal miner from 14.73% to 19.39%. Rocklands, which is in talks with Jindal Steel to set up a $10 million coal-brick project at Jindal Steel’s Raigarh plant, is vehemently opposing the takeover bid. (Business Standard)
Shailendra Bhandari, Chitra Ramakrishna In Race For UTI AMC Top Job - The current joint managing director of the National Stock Exchange (NSE), Chitra Ramakrishna and ING Vysya Bank’s managing director and chief executive officer Shailendra Bhandari, are front runners for the post of chairman of UTI Asset Management Company (AMC). The position has been left vacant UK Sinha left in February to take charge of market regulator Sebi. (Business Standard)
Mukesh Ambani Eyes Sale Of Gas Pipeline Biz - Indian billionaire Mukesh Ambani is looking to sell Reliance Gas Transportation Infrastructure Ltd., a business that builds pipelines to carry natural gas across the fast-developing country Ambani, chairman of Reliance Industries, has contacted bankers to help him sell the business. The process is at an early stage and a sale may not take place. Privately-owned gas pipeline business, known as RGTIL for short, could be worth around $1 billion. (Wall Street Journal)
Analjit Singh May Become Vodafone India Chairman - Global telecom major Vodafone’s minority partner in India, Analjit Singh, may take over as the chairman of the group’s Indian operations, after Essar group exits the venture.Vodafone has bought the 33 per cent stake of the Essar Group at about $5.46 billion, following which Ravi Ruia has quit the chairmanship of Vodafone Essar. (Business Standard)
Montblanc To Take Over India Ops - Montblanc, one of the first luxury brands to be sold in India through the organized retail format in the post liberalization period, is evaluating steps to wrest control of its Indian operations from Dilip Doshi-promoted Entrack International, its Indian distributor. Montblanc is expected to take over the operations of the 17 stores that Entrack runs in India and enter this time through a majority-owned subsidiary. Dilip Doshi may get anywhere between $25 and $50 million to cede control. (Times of India)
