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News Roundup: Tata Chemicals sets up Singapore holding company

23 July, 2012

Tata Chemicals Sets Up Singapore Holding Company – Tata Chemicals, the world’s second-largest soda ash manufacturer and India’s largest branded salt maker, is creating a holding company based out of Singapore to park all its natural resources in the US, the UK and Africa. Tata Chemicals Asia Pacific will act as a global headquarters for the Rs 14,000-crore Tata Chemicals and could also be listed in Singapore through an initial public offering or seek investments through a strategic investor. (Financial Express)

Aditya Birla Group To Buy Terrace Bay Pulp – Aditya Birla Group has beaten back a legal challenge from a Chinese company, with a court in the Canadian province of Ontario approving the former’s plans to acquire an idled pulp mill. The Superior Court of Justice here approved the transaction on Thursday. The Indian company will pay $27 million to purchase the assets of Terrace Bay Pulp Mill in northwestern Ontario. (Business Standard)

JSPL To Buy CIC Energy For Rs 600Cr –  Steel major JSPL is likely to acquire Canadian coal firm CIC Energy for about $115 million (over Rs 600 crore) and a binding agreement for the acquisition will be signed in next few weeks. The deal value is about $115 million and it is outright purchase of CIC Energy, amounting to 100 per cent stake. (Business Line)

DLF Gets Shareholders Nod To Sell Wind Energy Biz –  Debt-ridden real estate firm DLF Ltd has said that it has received shareholders approval to sell its wind energy business. he sale is part of DLF’s ongoing exercise to exit non-core businesses and generate cash for its core business of property development, as also to reduce debt.

DLF is in the process of reducing its mounting debt, which stood at Rs 22,725 crore as on March 31, 2012. (Business Line)

A Mahendran Set To Take Over As Godrej Hershey MD – A Mahendran, managing director of Godrej Consumer Products (GCPL), is all set to take charge as the new managing director of Godrej Hershey replacing the current incumbent Matthew Lindsay, once the $3.3 billion Godrej group completes the buyout of The Hershey Company’s controlling 51 per cent stake in the venture. IL&FS Private Equity is working with the Godrej group to buy out Hershey’s stake in the venture.

RCom Puts IPO of Undersea Cable Unit On Hold – Reliance Communications on Friday put on hold the $1-1.5 billion initial public offering of its underseas cable unit Flag Telecom in Singapore, in the wake of adverse market conditions. The IPO was put on hold on a day when institutional book building was to close. RCom was looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore stock exchange. (Financial Express)

Hindujas Foray Into Realty Business – The Hinduja Group, with a global presence in core sectors like oil and gas, automotive, power, information technology (IT), banking and finance, on Sunday announced a major foray into the real estate sector in India, involving an investment of up to $15 billion. The Group has acquired a landbank of over 3,500 acres in metros like Mumbai, Chennai, Hyderabad and Bangalore for development of integrated residential and commercial townships, SEZs, with hospitality, healthcare and related facilities. (Business Standard)

Hindujas Foray Into Realty Business – The Hinduja Group, with a global presence in core sectors like oil and gas, automotive, power, information technology (IT), banking and finance, on Sunday announced a major foray into the real estate sector in India, involving an investment of up to $15 billion. The Group has acquired a landbank of over 3,500 acres in metros like Mumbai, Chennai, Hyderabad and Bangalore for development of integrated residential and commercial townships, SEZs, with hospitality, healthcare and related facilities. (Business Standard)


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News Roundup: Tata Chemicals sets up Singapore holding company

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