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News Roundup: T Rowe Price Set to Buy 26% in UTI AMC

10 July, 2009

Essar Power Takes Debt Route for Expansion – Essar Power, part of the Ruia family-controlled conglomerate, has firmed up plans to invest Rs 20,000 crore to scale up its power generation capacity by 4,800 mw to 6,000 mw in three years to cater to the growing demand for electricity in the country. The company is in the process of raising Rs 15,000 crore in debt for financing four power projects – three thermal plants and a co-generation plant — that the group will build by 2012. (The Economic Times)

T Rowe Price Set to Buy 26% in UTI AMC – US-based investment management firm T Rowe Price is set to buy a 26% stake in UTI Asset Management Company (UTI AMC) for Rs 650-700 crore. The deal, if it were to finally go through, would value India’s oldest mutual fund house between Rs 2,500 crore and Rs 2,800 crore, or roughly 4-5% of its assets under management. The sale of this 26% stake will not involve issue of fresh equity. UTIMF’s four stake holders – State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank – which hold a 25% stake each, will sell 6.5% of their holdings. (The Economic Times)

Wadia Looks to Sell Stake in GoAir – Nusli Wadia, the corporate samurai of the 1980s, believes that airlines is not the “right business to have gotten into”, and that the Bombay Dyeing Group is looking to sell a stake in GoAir, the group’s airline venture. He blamed Go Air’s poor performance on industry overcapacity, government rules and high taxation. (The Economic Times)

Govt Clears Michelin’s Rs 11,000 Crore FDI Proposal

The government has cleared a Rs 11,000-crore foreign direct investment (FDI) proposal of French tyre giant Michelin to set up a manufacturing facility in Tamil Nadu. The Foreign Investment Promotion Board (FIPB) had cleared the proposal under which Compagnie Financiere Michelin (CFM) plans to set up a wholly-owned subsidiary to make radial tyres, tubes and ancillary tyre-related products at the plant. The company has proposed an investment of Rs 4,000 crore over a period of seven years and intends to make a further infusion of Rs 7,000 crore over a period of three years after the completion of the initial funding, depending on the progress of the project and demand of the tyre market. (Business Standard)

Coal & Oil Group Makes Rs 1,470 Crore Buyout Plans – The Coal & Oil Group is planning to invest $300 million (around Rs 1,470 crore) in buying new ships and acquiring coal mines. The company is planning to invest the money to support its customers’ coal requirements in India and to meet its captive requirement for the upcoming Rs 4,300-crore power project at Tuticorin. The company is looking at acquiring six panamax vessels with an investment of $200 million. These ships will be deployed to carry coal from various mines in Indonesia and South Africa to India. The company is also planning to acquire coal mines and is negotiating with mine owners in Indonesia. (Business Standard)

 


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UTI AMC In Talks To Divest 26% To Strategic Buyer

UTI AMC In Talks To Divest 26% To Strategic Buyer

TEAM VCC 9 years ago
UTI Asset Management Company (AMC), India’s oldest fund house with assets...
FinMin to give in-principle approval for UTI MF IPO soon

FinMin to give in-principle approval for UTI MF IPO soon

PTI 3 years ago
Country oldest fund house UTI Mutual Fund may revive its initial public offer ...
It's A Deal; T Rowe Price To Pay Rs 650 Cr For 26% In UTI AMC

It’s A Deal; T Rowe Price To Pay Rs 650 Cr For 26% In UTI AMC

Madhav A Chanchani 8 years ago
Update: It is official. State Bank of India (SBI), Bank of Baroda (BoB) and...
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News Roundup: T Rowe Price Set to Buy 26% in UTI AMC

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