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News Roundup: Tata, JSW, Essar Steel in Fray to Buy Shree Precoated

09 July, 2009

A-I Pondering JVs for Key Strategic Business Units – The restructuring plan under discussion to bring National Aviation Company of India Ltd (Nacil) back on track may include getting joint venture partnerships for its key strategic business units. That includes cargo, engineering and maintenance, repair and overhaul (MRO), as well as ground handling and airport services, and shifting employees to these JVs. About half the employees will shift to these JVs, which will be clearly focused on the areas of operation and will have to make money. (Business Standard)

Tata, JSW and Essar Steel in Fray to Acquire Shree Precoated – Tata Steel, JSW Steel, Essar Steel and Uttam Galva Steels are bidding to acquire a majority stake in Ajmera Group’s Shree Precoated Steel. All the four interested parties in the fray have done due diligence and the valuation offered by them ranges between Rs 700 and Rs 800 crore. The Ajmera Group has been mulling to sell off its majority stake in Shree Precoated Steel for two years now but it did not materialise owing to differences in valuation with the interested parties. (Business Standard)

UTI AMC Seeks Foreign Ally for PE Fund – UTI Asset Management Company (UTI AMC), the country’s oldest mutual fund, is on the lookout for another foreign partner to float its first-ever infrastructure focused private equity fund. The AMC is seeking another partner as Shinsei Bank of Japan, with whom UTI AMC had signed a deal along with HSH Nord Bank of Germany in 2007, has suffered heavy financial losses. (Business Standard)

Saudi Firm to Invest in Telecom, Healthcare – Saudi Arabia-based investment company Excab International Holding Company for Trading Development (EXSAB) is planning to invest in Indian unlisted companies. The investments would be in sectors such as telecommunications, healthcare and manufacturing. The company is in talks with three telecom companies and would enter into a deal shortly. The company has also signed a memorandum of understanding with Icra Management Consulting Services (IMaCS), a wholly owned subsidiary of Icra for setting up a joint venture company. The company would service in West Asia and North Africa. (Business Standard)

Aegis Set to Acquire South Africa’s CCN for Rs 90 Crore – Aegis, the BPO arm of the Essar Group, is close to acquiring South Africa-based firm Call Centre Nucleus (CCN) for about Rs 90 crore (ZAR 150 million). This is in line with the group’s intention to expand its business in the African continent. Aegis BPO has acquired 12 firms worldwide in the last three years. Latest to come into its fold is an Australian BPO service provider, UCMS Group, which it bought for AUD 45 million this year. (Business Standard

 


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News Roundup: Tata, JSW, Essar Steel in Fray to Buy Shree Precoated

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