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News Roundup: Sunil Mitra Appointed New Disinvestment Secretary

22 July, 2009

Government To Sell Stake in MOIL, NMDC – The ministry of steel has initiated steps to sell stakes in profit-making state-run firms –  Manganese Ore India Ltd (MOIL) and NMDC.

The ministry is selling a 10% stake in MOIL through an IPO, it is also evluating a proposal to divest 8-20 % stake in listed NMDC. (Economic Times)

Telenor India To Raise $2 billion – Norwegian telecom group Telenor’s India arm is planning to raise up to Rs 10,000 crore to fund the rollout in the country’s fast-growing market. Telenor, which has a 49% stake in Unitech Wireless, is also set to pick up another 18.25% stake. Telenor plans to get project financing of $1.5-2 billion by next year. It plans to approach a consortium of six public sector banks as well as several other banks and institutions for raising debt. (Economic Times)

MCX-SX in Talks With PE Funds – MCX-SX, the third Indian stock exchange that is awaiting regulatory approval, has started talks with private equity and foreign funds for stake sale. The exchange is selling stake in order to meet the Securities and Exchange Board of India (Sebi) guidelines, which prohibit promoters to hold not more than 15 per cent in an exchange. The company has already sold a 7.69% stake to Union Bank of India, Bank of India and Andhra Bank. (Financial Chronicle)

Kingfisher To Raise Rs 500 Cr – Kingfisher Airlines, owned by UB Group, is planning to raise up to Rs 500 crore through an equity issue. The funds maybe raised through a follow-on public or rights issue. Kingfisher, which acquired Deccan Aviation, has a debt of around Rs 6,000 crore on a base of Rs 270 crore, a leverage of 22 times. (Business Standard)

Sunil Mitra Appointed The New Disinvestment Secretary – West Bengal Power Secretary Sunil Mitra will be the new Disinvestment Secretary, replacing Rahul Khullar, who has moved to take charge as Commerce Secretary. Mitra, an IAS of 1975 batch, was earlier pivotal in formulation of disinvestment policy for 26 public sector undertakings in West Bengal as Secretary for Public Enterprises and Industrial Reconstruction. The Economic Survey has recommended that the Government should look at Rs 25,000 crore from disinvestment in a year. (BS)

Reliance Infra Acquires 51% in Group Firm – Anil Ambani-led Reliance Infrastructure has acquired 51% of Reliance Cementation from its group company Reliance Natural Resources Ltd. Reliance Cementation is engaged in manufacturing and exporting cement. (Economic Times)

Jaiprakash Associates To Enter Edible Oil Market – Construction and hydroelectric power firm Jaiprakash Associates plans to process and market edible oil under its own brand in a foray into the agribusiness segment. The firm will invest Rs 80 crore initially in the venture that will process soya and mustard oil and produce oil cakes and is targeting annual revenue of Rs 400 crore from the business by FY12. (ET)

Matrix Partners Raising Special Opportunities Fund – US-based venture capital firm Matrix Partners, which has a $400 million India fund, is raising Matrix Partners Special Opportunities Fund, targeting $150 million. The investment focus of this fund is not known. It is nearing its final close. (peHUB)

Khosla Venture To Close Two Funds – Khosla Ventures, the venture capital firm floated by prominent investor and entrepreneur Vinod Khosla, is close to announcing two new funds with money from outside investors. Khosla has raised $250 million for seed-stage investments and a $750 million fund for larger deals. (Forbes)

 

 


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News Roundup: Sunil Mitra Appointed New Disinvestment Secretary

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