Tricon to Enter Into JV with German Firm Rohlig – Chennai-based multi-modal freight and logistics company, Tricon, has entered into a 50-50 joint venture with its German partner Rohlig. The two companies are entering into a joint venture to explore European markets better with a strong brand backing. Through the joint venture, Tricon expects to multiply its turnover by four times in the next five years. Rohlig has a JV with another transport and logistics company – Gebruder Weiss, which will hold a 25% stake in the Tricon-Rohlig JV. While Rohlig will hold a 25% stake, Tricon will be the majority stake holder with 50%. (The Economic Times)
Wockhardt to Raise Rs 500 Crore, Increase Share Capital to Rs 175 Crore – Pharmaceuticals Giant Wockhardt is planning to raise funds up to Rs 500 crore through issuing redeemable preference shares. The fund would be raised fro the redemption of its foreign currency convertible bonds (FCCBs). The decision was approved at an extra Ordinary General Meeting (EGM), which also gave it approval to increase the existing authorised share capital of the company from Rs 125 crore to Rs 175 crore by creating 10 crore preference shares of Rs 5 each. (The Economic Times)
Tata Communications to Raise Rs 250 Crore from Bond Issue – Tata Communications (TCOM) is planning a Rs 250 crore bond issue ahead of the WiMax spectrum auction this quarter. TCOM is raising money in anticipation of the auction. The latest issue will open on Tuesday, when the company will issue five-and-a-half-year bonds with a coupon rate of 11%, and seven-year bonds at 11.20%, accrding to sources. TCOM has also announced a $500 million investment in expanding its wireless broadband network. (The Economic Times)
Balaji Promoters Will Not Buy Star’s 26% Stake – The principal promoters of Balaji Telefilms have decided not to buy Star India’s 26 per cent stake in the Balaji Telefilms owing to the sharp decline in its share price. The principal promoters of balaji telefilms include Jeetendra Kapoor, Shobha Kapoor, Ekta Kapoor and Tushar Kapoor. The Kapoors had agreed, in August 2008, to buy the Star stake at Rs 190 per share by January 18, 2009. The buying of the stake would have increased their stake in Balaji Telefilms to 66% from 40%. (Business Standard)
Kouton Retail Promoters Pledge Additional Shares – The promoters of Kouton Retail, the apparel retailing chain, have pledged additional shares with a local lender to make up for a shortfall in the value of the collateral. Kouton promoters, including Bhupinder Singh Sawhney, Davinder Pal Singh Kohli and Gurmeet Singh Sawhney, pledged an additional 607,000 or 1.99 per cent shares, of the company with Crossborder Investment India Pvt, a unit of Edelweiss Capital to cover the shortfall in the value of shares pledged earlier. The founders of the company borrowed Rs 27 crore from Edelweiss between February and October 2008. They originally pledged 15,54,000 shares of Kouton Retail as security for a loan of Rs 10 crore each. (Business Standard)
M&M Enters Retail Space with the Launch of Mom & Me Stores – Auto company Mahindra & Mahindra (M&M) has entered the retail sector with the launch of its infant care and maternity products speciality format, Mom & Me. The company had launched two outlets in Ludhiana and Ahmedabad. The company has invested close to Rs 100 crore in the venture. Mahindra Retail is a part of Mahindra Intertrade, a fully-owned subsidiary of Mahindra and Mahindra. The company had announced its plans of entering the retail space more than a year ago. (The Economic Times)
Vedanta Terminates Contract with Maytas Infra – Vedanta Alumina has terminated its contract with Maytas Infra, the infrastructure Firm owned by Satyam’s disgraced founder, B. Ramalinga Raju’s son. The contract was for developing an integrated township in Orissa. The final settlement with Maytas will be done in about 2 days. The integrated township is proposed to be spread over about 70 acres and accommodate about 700 families. ()
Sicom Offloads Unitech Shares Worth Rs 55 Crore – Sicom, the Maharashtra government-owned non-banking finance company (NBFC), has sold shares of Unitech worth Rs 55 crore, as the promoters of the company failed to repay loans raised against pledged shares. Sicom sold 8.12 million shares of Unitech at Rs 27.24 each on the National Stock Exchange and 12.2 million shares at Rs 26.72 each on the Bombay Stock Exchange. The sold shares are about 1.25 per cent of the company’s shares outstanding. (Business Standard)
Dhunseri Scouts for PE Funds for Haldia Project – South Asian Petrochem Limited (SAPL), promoted by the Kolkata based Dhunseri Group is looking for private equity partners for its newly formed subsidiary company Dhunseri Polycarbonate. Dhunseri Polycarbonate is setting up a Rs 2500 crore polycarbonate mega project in Haldia. The company has 98 acres of land in Haldia and is trying for financial closure as soon as possible. SAPL will be holding almost 50 percent stake of the newly formed company and the rest will be divested through the private equity route. (Business Standard)
West Bengal Govt. to Raise Green Power Share to 10% – The West Bengal government is planning to raise the minimum off take limit from renewables for its distribution company to 10% from 4.8%. The West Bengal government is banking on the Rs 5,000 crore worth investments in renewable energy sector projects by 2012. Currently, around 20,000 million units of power is available with the West Bengal State ELectricity Distribution Company Ltd (WBSEDCL) for distribution. 4.8% of this has to come from renewable sources if the power is available in the market. Generation from renewable energy sector projects is around 64 million units now and nearly, 80 per cent of this is pumped into the grid. (Business Standard)
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