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News Roundup: Tata Steel Posts Net Loss of Rs 2,209 Cr

28 August, 2009

MDH To Foray Into Ready-To-Eat Market, May Raise PE Funds – Delhi-based MDH plans to enter into the ready-to-eat food segment by offering continental cuisine such as noodles, pasta and vermicelli. The company plans to invest Rs 50 crore for this. MDH, which is known for blended spices, may look at private equity infusion, bank finance and even an IPO to raise more funds for this venture. (Economic Times)

Tata Steel Posts Net Loss of Rs 2,209 Cr – Steel major Tata Steel has witnessed net lost in the first quarter ended by June 2009 in Europe and the US market. It has reported a net loss of Rs 2,209 crore for the first quarter as against a net profit of Rs 3,901 crore for the same period last year. The company is now aiming to rationalise operations in Europe and sharpen its focus on cost management.  (DNA)

JSW Group To Acquire African Coal Mine – Sajjan Jindal led JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimated cost of about $350 million. The move is part of the group’s efforts to secure coal supplies for its forthcoming power projects. JSW Energy, part of the JSW Group, has scheduled an initial public offer to raise Rs 3,000 crore that will part-finance power projects with a total capacity of 3,000MW. (Economic Times)

Government of India Widens FVCFs Interest – The recent ruling of the Government of India has widened scope for foreign venture capital funds (FVCFs) in India. Reserve Bank of India (RBI) and the custodian banks of VC funds made it clear that barring a few sensitive sectors, an FVCF registered in India is now free to invest in almost any business in the country. FVCFs can now make investments in businesses like BPOs, telecom, media and entertainment among other segments, besides sectors like infrastructure, bio-technology, nano-technology, biofuel, IT-related activities for hardware and software development, which were open earlier. (ET)

KSK To Raise Rs 2,000 Cr – KSK Energy Ventures said it would raise Rs 2,000 crore through issue of securities in the international market. The funds could be raised by issuing Global Depository Receipts, American Depository Receipts and Foreign Currency Convertible Bonds, KSK Energy Ventures said in a filing to t he Bombay Stock Exchange.


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News Roundup: Tata Steel Posts Net Loss of Rs 2,209 Cr

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