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News Roundup: Unitech Aims to Raise Rs 900 Cr from Asset Sale by June

18 May, 2009

Unitech Aims to Raise Rs 900 Crore from Asset Sale by June – Unitech, the country’s second largest real estate developer, plans to generate Rs 900 crore from the sale of two hotels in Gurgaon and a commercial office complex in Saket, New Delhi, by the end of June. The company plans to generate Rs 1,600 crore by selling assets, including plots and residential projects, by the end of the current fiscal. The ompany also plans to reduce its debt to Rs 4,000-Rs 5,000 crore by the second quarter of the next financial year from the sale of assets. (Business Standard

Promoters May Look to Delist Essar Shipping – The promoters of Essar Shipping Ports and Logistics (ESPL) are considering a proposal to buy out minority shareholders and delist the company. The proposal may be discussed at the company’s board meeting on Monday. The promoter group owns 84% stake in ESPL. Promoter companies of ESPL are learnt to be raising about Rs 500-700 crore to fund the buyout. ESPL shares rose 6% to Rs 64 on Friday. (The Economic Times)

Dilute Stake in Navratnas By 20%: Assocham to Govt. – The new government at the Centre should dilute its equity in Navratna companies by 20 per cent to mobilise Rs 3 lakh crore for containing the fiscal deficit, industry body Assocham said. It has also said that diluting the stake in the PSUs would help the government mobilise Rs 3 lakh crore. The industry body said the fiscal deficit is a matter of concern for the new government as it has already exceeded five per cent of the GDP. There are 18 Navratna PSUs and 58 mini-Navratna companies in the county. (The Economic Times)

Cello Arm to Invest Rs 100 Crore in Himachal Facility – Wimplast Limited, part of the Cello group that has interests in thermoware, household items, stationery, moulded furniture, and cookware among others, is in an expansion mode. The company is planning to invest Rs 100 crore in its existing ‘Cello Bubble Guard’ manufacturing facility at Baddi in Himachal Pradesh during the next financial year. Commercial production of Cello Bubble Guard started six months ago at Baddi. (Business Standard

Alcatel ITI May Bag $1.5 Billion BSNL Contract – Public sector telecom major, BSNL plans to award contract for 25 million GSM lines worth $1.5 billion to the French Indian combine Alcatel-ITI for western India. BSNL has identified this as an alternate solution as the telco cannot award this contract to the Chinese equipment major Huawei on security grounds as the west shares boundaries with Pakistan. (The Economic Times)

 

India to be Ericsson’s hub for managed services : With Ericsson set to bag major contracts worth multi-billion dollars from Indian operators including BSNL, the Swedish telecom equipment manufacturer is increasing its investments in India apart from making it the global hub for managed services and outsourcing. ( Hindu Business Line

 

Muthoot plans Rs 750-crore spend in hospitality sector : The Muthoot Pappachan Group, a leading brand in the non-banking financial sector, is investing Rs 750 crore in projects under various stages of implementation in South India.Being spearheaded by the hotel infrastructure division, these include adding value to and upgrading facilities at existing 5-star hotel and resort properties as well as launching new ventures. ( Hindu Business Line

 

MindTree Sees First Signs of Revival : IT and R&D services provider MindTree Ltd has started seeing, in the last four or five weeks, the first signs of customers finalising budgets, even as the focus is on deals strategic to clients’ business and on newer contract models. “Clients that had put initiatives on hold are preparing the shortlist and going ahead with the next level of decision-making,” said Mr Krishnakumar Natarajan, Chief Executive Officer, MindTree. “That is good because two months ago, people were not sure whether they were going to spend or not.” ( Hindu Business Line

 

 

 


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News Roundup: Unitech Aims to Raise Rs 900 Cr from Asset Sale by June

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