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News Roundup: Tata Motors To Sell Stake In Tata Cummins JV

12 April, 2010

Tata Motors To Sell Stake In Tata Cummins JV – Ratan Tata-led India’s largest commercial vehicle manufacturer Tata Motors is planning to sell part of its shareholding in Tata Cummins, a diesel engine joint venture company. This is part of company’s plan to raise money to repay debt by divesting its non core assets. The company plans to sell 24% of its stake in Tata Cummins to raise about Rs 500 crore. Last month, the company has sold one fifth of its stake in another non-core company, Telco Construction Equipment Company, to raise Rs 1,159 crore. Tata Motors had a consolidated debt of Rs 23,100 crore as of December 2009. (ET)

SpiceJet Stakeholders Reject ADAG Offer – The key shareholders of low-cost airline SpiceJet have rejected an offer by the Reliance ADA Group to pick up a 51% stake in the airline for Rs 40-45 per share. The offer was made last week. According to a Business Standard report, the price offered by Reliance is about a third lower than the prevailing market price at which the company’s shares closed at the Bombay Stock Exchange on Friday. ADAG had approached private equity investor W L Ross India as well as the Kansagara family to buy out their stakes. (Business Standard)

Radcliffe Foundation To Raise PE – Radcliffe Foundation, a New Delhi-based educational trust operating in the K-12 (kindergarten to 12) segment, is in talks with private equity players to raise funds. The company, which runs business and schools for technical education, plans to spend around Rs 300 crore for setting up a nation-wide network of 150 schools in the next five years to expand its operations in the K-12 segment. The company is also looking for options to raise some of its funds required for the total capital expenditure through debt. (BS)

Pfizer Investments Ups Stake In Pfizer Ltd – Drug-maker Pfizer Ltd said that Pfizer Investments Netherlands B.V. along with Pfizer Inc has raised stake in the company to 70.75% from  41.23% earlier through an open offer. The financial details of the transaction were not disclosed. (Reuters)

ADF Foods Eyes Overseas Buy – ADF Foods, a venture started as a small retail store selling dry fruits & nuts and later diversified into food processing and manufacturing of ethnic Indian pickles, is gearing up to acquire firm overseas. The company is targeting acquisitions in the range of Rs 50-100 crore, in the US, UK and Australia. It will fund the acquisitions through internal accruals. ADF is headquartered in Mumbai and offers brands including Ashoka, Camel, Aeroplane, Khansaama and Truly Indian. (PTI)

Sebi Approves Glenmark Generics IPO – Market regulator the Securities and exchange Board of India (SEBI), has approved the initial public offering (IPO) of Glenmark Generics, the wholly-owned subsidiary of listed Glenmark Pharmaceuticals. The company plans to raise Rs 630 crore by offering 12-15% post-issue equity in the company, including a green shoe option. It plans to utilise majority of the IPO proceeds to reduce debt, while the rest will be used for expansion of US operations. (ET)

BILT To List Sabah’s Holding Overseas – Ballarpur Industries Ltd (BILT), part of the $3 billion Avantha Group and India’s largest manufacturer of writing and printing (W&P) paper, is planning to list Sabah’s Dutch holding company overseas in the next 12 moths. BILT owns 80% stake in Dutch holding company that owns Sabah. It had acquired Sabah Forest Industries for $261 million in 2006. Sabah Forest Industries is Malaysia’s largest pulp and paper mill. (Moneycontrol)

Videocon To Buy Philips’ Consumer Electronics Biz – Videocon Industries Ltd, one of the leading electronics goods manufacturing companies globally, is planning to acquire the consumer electronics business of Philips India, excluding the lighting and healthcare products businesses. Reportedly, the due diligence process has already begun for the acquisition. Videocon had earlier tried the Finland-based consumer electronic maker Elcoteq, but failed to strike the deal. (BS)

Reliance Asset Management Starts Advisory Operations from Dubai – Reliance Asset Management (UK) Plc, a wholly owned subsidiary of Reliance Capital Asset Management (RCAM), has commenced operations from the Dubai International Financial Centre after receiving a license from the Dubai Financial Services Authority (DFSA). It will provide full range of wealth and investment advisory services to professional investors and institutional clients in the region. RCAM and its subsidiaries manage over $30 billion across mutual fund, provident fund, pension fund, managed accounts and hedge funds, according to a company statement. (Team VCC)

Munish Randev To Join Avendus As Executive Director – Avendus Capital, arguably India’s most prolific IT dealmaker over the last decade, is in its expansion spree and has been hiring aggressively in top executive posts. It has hired Munish Randev of US asset manager Fidelity, who will join Avendus on April 12 as executive director and wealth-management product head. Earlier, it has appointed Deepak Yachamaneni, a former chief executive of a real-estate family office in Mumbai, to head its real estate product function. The firm has recently made some other key hires and poached Nikhil Kapadia and Kartik Kini from Deutsche Bank and Ritu Jain from Morgan Stanley. (Asia Investor)

Enkei Castalloy To Acquire Two Firms In Europe – Enkei Castalloy Ltd, a company engaged in manufacturing aluminium alloy die castings, is acquiring two companies in Europe, to explore the business opportunities for alloy castings in this region. As part of the plan, the company has set up a subsidiary in Austria, which will be used as Special Purpose Vehicle (SPV) to acquire the assets and businesses of the two proposed firms, it informed the stock exchange. Enkei Castalloy, which is a JV between Rai and Associates of India and Enkei Corporation of Japan, will be investing Euro 2.0 million in the initial stage.  It produces cylinder heads, intake manifolds, engine support brackets, compressor housings and alloy wheels for vehicles. (Team VCC)


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News Roundup: Tata Motors To Sell Stake In Tata Cummins JV

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