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News Roundup: Tata- Sasken JV Called Off

16 January, 2009

Lazard Asset LLC and Swiss Finance Sell Satyam Shares in Bulk Deals – Satyam computer services’ two major investors Lazard Asset management LLC and Swiss Finance, have sold shares in bulk deals in Bombay Stock exchange (BSE) and National Stock Exchange (NSE). US-based Lazard has sold 5.3 per cent out of the 7.34 per cent it held in Satyam. Swiss Finance Corporation (Mauritius) offloaded 6 million shares on the NSE at an average price of Rs 21.36 a share and 4.9 million on the BSE at Rs 21.58. (Business Standard)

Tata- Sasken JV Called Off – The Joint Venture between Sasken Communication Technologies and the Tata group, TACO Sasken Automotive Electronics (TSAE), has been called off. According to the sources, over 100 people working for the JV have been asked to quit. The JV was formed almost two years back in January 2007 with focus on automotive electronics products in the areas of telematics, infotainment and occupant convenience. However, source suggest that even after two years after its formation, the JV had hardly made any progress. (Business Standard)

Ranbaxy Laboratories to Exit JV with Nippon Chemiphar – Ranbaxy Laboratories is planning to exit its Japanese JV, Nihon Pharmaceuticals Industry (NPI) by selling 50% stake back to its Japanese partner Nippon Chemiphar.  The move comes post the Indian drug maker’s acquisition by Japanese drug major Daiichi Sankyo. Ranbaxy’s investment in the six-year-old joint venture, for the 50% stake, is estimated at Rs 30.5 crore. (Business Standard)

Tata Motors to Reset FCCB Conversion Price – Tata motors plans to reset the conversion price of its outstanding foreign currency convertible bonds (FCCBs) that were issued to raise $990 million (approximately Rs 4,855 crore). The bonds, which have been issued in various tranches, are currently quoted at a discount of 33-47%. According to banking sources, reset price would be 20-50% lower than the current conversion price. The price would be reset in view of the rights issue. Through rights issue, the company had raised Rs 4,145 crore in October 2008 to repay the bridge loan taken for the $2.3-billion acquisition of Jaguar-Land Rover. (Business Standard)

Cinemax to Invest Rs 250 Crore to Set Up 178 Additional Screens – Multiplex chain Cinemax India plans to invest Rs 250 crore to put up 178 additional screens across the country by 2012. The company at present has 20,700 seats and the tally would touch 200,000 seats post the expansion. The company is planning to tie up with multiplexes in south metros including Bangalore, Hyderabad and Chennai and tier-II and tier-III cities such as Vijayawada and Guntur. (Business Standard)

SELCO to Provide Renewable Energy to Low Income Indians – India-based social venture SELCO (Solar Electric Light Company) India has raised growth financing to expand its program to provide renewable energy to low-income homes and businesses in India. The funding was led by an equity investment by Swiss-registered nonprofit Good Energies Foundation, which shares ownership with global venture capital firm Good Energies. The Lemelson Foundation and nonprofit E+Co also contributed. However, the amount of funding has not been disclosed. )

Tata Power Plans Geothermal, Solar Technology for Gujarat  – Tata power, a Tata Group company, is planning to strengthen its renewables portfolio with a power plants using geothermal or solar technology. The projects would come under a partnership with the government of Gujarat. Last week, the Gujarat government announced a policy to encourage solar energy through March 2014 for projects between 5 and 500 MW. Gujarat plans to sign 25-year fixed-rate tariff contracts that exempt companies from paying an electricity duty on solar power sent to the grid or used on-site. ()

Gaiatech Fuels to Supply Biodiesel for Navi Mumbai Bus System – Hyderabad based Gaiatech Fuels plans to supply 1.6 million liters (423,000 gallons) of biodiesel to Navi Mumbai’s bus system under a one-year contract. The fuel is expected to be used in a B20 blend for the Municipal Transport system’s 261 buses, which together travel 40,400 miles a day. Gaiatech’s biodiesel comes from vegetable oils, fish oil and tallow, but the company has plans to partner with jatropha and pongamia plantations for feedstock. ()

Maytas Properties on The Verge of Shutting Down – Maytas properties is on the verge of shutting down. According to sources, 80% of the 500 strong staff of the private limited company  has been asked to leave as Maytas Properties has given up most of its projects. 20 staff members from the corporate strategy and learning and development team at the company have already been given pink slips along with three other top managers. Sources also suggest that all projects except the Maytas Hill County residential project and Hill County SEZ are being wound up. These two projects may also not come through. (The Economic Times)

KPMG Will Not Do Auditing for Satyam – Auditing firm KPMG has denied reports of it doing audits for Satyam KPMG is not registered with ICAI and hence cannot practice in India. India does not give recognition to foreign firms for doing auditing work in the country. But Deloitte is registered and thus free to do auditing. (The Economic Times)

Bharti Axa to Inject Rs 645 Crore Over Five Years – Bharti Axa General Insurance Co, a joint venture between the Bharti Group and Axa Group, is looking at a projected capital infusion of Rs 645 crore over five years time. The insurance company plans to increase its advisors/agency force from 400 to 4,000 over the next few months and also its employee strength to 1,900 by July 2009. the company has just infused Rs 60 crore to its equity capital which stands at Rs 190 crore.( DNA Money)

World Bank to Give Rs 5,000 Crore Loan to PGCIL – World Bank will give a loan of one billion dollars (about Rs 5,000 crore) to power transmission company PGCIL this year for developing infrastructure in the sector. The center has agreed to stand gaurantee for it. Upgradation of electricity transmission network of the country in the current Plan Period (2007-12), requires investment to the tune of Rs 70,000-75,000 crore and the World Bank loan would form a part of this investment. Out of the total investment the private players are expected to pump in Rs 20,000 crore and the rest would be spent by the public sector utilities including PowerGrid. (DNA Money)


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News Roundup: Tata- Sasken JV Called Off

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