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News Roundup: TTSL May Lose Controlling Stake To DOCOMO

29 January, 2010

TTSL May Lose Controlling Stake To DOCOMO – Japanese telecom major NTT DOCOMO could acquire a controlling stake in Tata Teleservices Ltd (TTSL) in which it has a 26% stake, if the latter is unable to meet some performance benchmarks. The shareholders’ agreement gives DOCOMO the right to increase its stake in TTSL to 35% by March 2012, and further to 51% by March 2015 by infusing fresh equity and subscribing new shares at fair market value. Currently, DOCOMO has a 26% stake in TTSL, which it bought in 2008 for $2.7 billion that valued the loss-making TTSL at over $10 billion. (ET)

Havells Buys Standard Electricals For Rs 120Cr – Electrical and lighting products maker Havells India has acquired Standard Electricals, a privately-owned promoter group firm engaged in electrical products for around Rs 120 crore. Standard Electricals will operate as a separate subsidiary of Havells India to maintain its brand identity. As part of the transaction, the promoters (QRG group) who currently hold 60% stake in public-listed Havells, will get additional 3.7% stake in Havells. (ET)

Srei-led Consortium Buys 57% In DPSC – The Srei-led consortium has bought the 57.17% stake in DPSC Ltd, a Kolkata-based power producer, for Rs 172 crore. The stake was jointly owned by Andrew Yule, LIC and United India Insurance. LIC and United India Insurance held 30.61% and 11.36% in DPSC, respectively, while Andrew Yule enjoyed a 15.2% stake. Andrew Yule will receive Rs 45 crore, while the rest will be divided between LIC and United India Insurance according to their stakes in DPSC. Srei has floated a special purpose vehicle, Orbis Power Ventures, which has participated in the disinvestment programme DPSC. (ET)

Govt Approves StanChart To Acquire 100% In Arm – The government of India has cleared a proposal from Standard Chartered Bank to bring in Rs 205.95 crore FDI. The bank wants to increase FDI from 74.9% to 100% in its arm engaged in equity broking investment banking and portfolio management. The government has approved 14 other proposals, which together bring in Rs 732Cr FDI in India. (Reuters)

Starbucks Revives Plan For India Entry – Starbucks, the world’s largest coffee retailer, has revived its plans for India and has begun talks with Shyam and Hari Bhartia-controlled Jubilant Group for a possible alliance. Jubilant Foodworks, part of Delhi-based Jubilant Group, is the India franchisee for Domino’s, the pizza chain. Starbucks had tried to enter India by striking an alliance with Kishore Biyani’s Future Group three years ago, but these plans were rejected by the Foreign Investment Promotion Board due to some regulatory benchmarks. (ET)

ONGC Bids For Venezuela Oil Block – Oil and Natural Gas Corporation Ltd (ONGC) has bid for Venezuela’s Carabobo oil auction along with Spain’s Repsol YPF SA and Petroliam Nasional Bhd of Malaysia. Other members of the consortium pieced together by ONGC Videsh – the overseas arm of state-owned firm, include Indian Oil Corporation and Oil India Ltd. The consortium is believed to have bid for Carabobo Norte I, one of the three blocks that were on offer. Each of the three blocks would require an investment of up to $30 billion and each winning bidder would form a joint venture with state oil producer Petroleos de Venezuela SA (PdVSA). (BS)

DLF To Raise Rs 1,250 Crore Via Exits – DLF Ltd, the largest real-estate developer in the country, is looking at raising Rs 1,250 crore by exiting projects, selling land plots and a refund from the Haryana government. The company is looking to divest assets at fair market value and has already realised about Rs 170 crore in the third quarter bringing the total to Rs 1,234 crore raised during the first nine months. It expects to raise Rs 1,000 crore as refunds from the Haryana government, resale of land plots from Gurgaon and exits from couple of projects by March end. (DNA)

Bharati Shipyard Picks 1.63% More In Great Offshore – Bharati Shipyard has acquired a 1.63% stake in Great Offshore by buying shares in the open market at an average share cost of Rs 475.5, taking its shareholding in the oil and gas drilling services firm to 45.89%. Bharati Shipyard completed its open offer for ABG Shipyard last month. It earlier acquired 7.83 million equity shares, representing 21.02% shareholding, of Great Offshore at Rs 590 per share. Bharati was holding 14.86% stake in the company before the open offer. (DNA)

Sistema’s Stakeholders Slam Plan – Minority shareholders in mobile phone operator Sistema Shyam TeleServices Ltd (SSTL) are protesting against founder Shyam Group being allowed to buy new shares at face value while the Russian government will pay a premium for a 20% stake. The firm plans to issue 220 million new shares to the Indian promoters Shyam Group at Rs10 apiece, and 660 million shares, amounting to a 20% stake, to the Russian government at Rs49.31 a share for a total $676 million (Rs3,130 crore). SSTL, which owns spectrum in all 22 circles in India and offers services under the MTS brand, is controlled by Russian conglomerate Joint Stock Financial Corp. Sistema currently holds 73.7% of the unlisted firm, while Shyam Group owns around 23.8%. (Mint)

Govt Approves 14 FDI Proposals Worth Rs 732Cr – The government of India today cleared 14 foreing direct investment (FDI) proposals, including a Rs 273-crore application from Asset Reconstruction Company, which could together bring in foreign investment worth Rs 732.5 crore. Asset Reconstruction Company is expected to get Rs 272.86 crore worth FDI resulting in foreign holding from the present 14.66% to 16.01%. Among others, the proposals of NDTV Lifestyle, Unitech Wireless (Tamil Nadu), NDTV Imagine, SaharaOne and KS Oils were also cleared. (BS)

CMFIL To Merge With Kumbhat Financial – Chennai-based Commonwealth Micro Finance (CMFIL) is set to merge with BSE-listed Kumbhat Financial Services, promoted by the Kumbhat family, which has been operating in the field of lease finance and hire purchase. The combined entity would be valued in excess of Rs 100 crore and the merger would mark the first listed entity in the micro finance space in India. Commonwealth Micro Finance (India) is a strategic partner of London-based Commonwealth Business Council and intends to provide economically viable and socially relevant solutions in the areas of inclusive banking, healthcare and education in India. (FC)

 


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News Roundup: TTSL May Lose Controlling Stake To DOCOMO

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