News Roundup: Tata Coffee To Spend Rs 500Cr On European Buy

12 August, 2011

Tata Coffee To Buy European Firm – Tata Coffee Ltd, Asia’s largest publicly traded grower of the bean, plans to spend more than Rs 500 crore ($110 million) to acquire an instant coffee maker in Europe seeking to add more profitable customers. The company is planning to increase its instant coffee production by 75 percent to 14,000 metric tons in the next four years in part by acquiring a plant in Europe. Tata Coffee, which supplies beans to Starbucks Corp. the world’s largest coffee-shop operator, is also boosting production of the arabica variety. (Bloomberg)

Adani To Buy 20% In Green Gas – Gujarat-based Adani Gas, an arm of Adani Enterprise, will pick up 20 per cent equity in Green Gas Limited, a joint venture between Gail and the Indian Oil Corporation (IOC). Green Gas supplies city gas and compressed natural gas in Agra and Lucknow in Uttar Pradesh. Gailand IOC hold 22.5 per cent each in the company, while Uttar Pradesh State Industrial Development Corporation holds five per cent. Aditya Vikram Birla Group and financial institutions IDFC and UTI together hold 50 per cent stake in Green Gas. (Business Standard)

Govt To Sell 10% In NBCC – The Government has cleared a proposal to sell 10 per cent of its stake in National Buildings Construction Corporation Ltd (NBCC) through an initial public offer that is likely later this fiscal. The Centre currently holds 100 per cent of the equity in NBCC, the country’s largest state-run construction company. (Business Line)

Piramal Eyes More Investments – Piramal Healthcare, sitting on a cash pile of Rs 10,000 crore, plans to invest across sectors apart from its core business of pharmaceuticals. On Wednesday, Piramal Healthcare had announced acquisition of a 5.5 per cent stake in Indian joint venture Vodafone-Essar for $640 million (Rs 2,900 crore). Piramal said the company will look at picking up minority stakes in companies without operational management roles. (Business Standard)

Provogue To Demerge Realty Biz – Apparel firm Provogue India today said it would demerge its real estate business into a newly incorporated entity. As a part of a corporate restructuring plan, the company will also merge its subsidiary Prozone Enterprises with the new entity. The proposed restructuring was discussed at the meeting Provogue’s board of directors on Thursday. (Business Standard)

Raichem To Merge With Shilpa Medicare – Raichur-based Shilpa Medicare has informed BSE that the board of directors of the company at its meeting held on August 11 has subject to necessary approvals, decided to merge M/s Raichem Life Sciences Private Limited, a 100% subsidiary of Shilpa Medicare Ltd., with the company to have cost synergies and other operational benefits. (Business Line)


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News Roundup: Tata Coffee To Spend Rs 500Cr On European Buy

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