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News Roundup: Unitech Sells Under-Construction Hotel For Rs 200 Crore

27 May, 2009

Unitech Sells Under-Construction Hotel For Rs 200 Crore – Unitech Ltd, the country’s second-largest real estate developer, has sold its under-construction hotel on National Highway-8, Gurgaon, for Rs 200 crore to an individual, according to a company executive. The company has signed a memorandum of understanding with the buyer and is expected to receive the payment in about two weeks. The real estate major is also in an advanced stage of selling a service apartment property in Gurgaon for Rs 200 crore. (Business Standard)

Bharti Group Enters F&B JV with Del Monte Pacific – The Mittal-promoted Bharti group has ventured into the food and beverage (F&B) segment in partnership with Singapore-based Del Monte Pacific.The joint venture, called Field Fresh Foods Pvt Ltd, plans to invest Rs 100 crore to set up a greenfield manufacturing facility in India for processed food products at Hosur in Tamil Nadu, which will be operational by 2010. (Business Standard)

Karnataka Bank to Raise Rs 500 Crore Through QIP – Karnataka Bank, the Mangalore-based private sector lender, plans to seek shareholders’ nod to raise up to Rs 500 crore through a qualified institutional placement (QIP). The bank is raising the money to strengthen its capital base and expand credit. Karnataka Bank had advanced Rs 11,800 crore in the previous financial year and is looking to grow this by around 27 per cent to Rs 15,000 crore in the current fiscal. (Business Standard)

LIC to Raise Rs 500 Crore Through QIP – LIC Housing Finance (LIC HF), the home finance subsidiary of Life Insurance Corporation of India (LIC), plans to raise additional capital of Rs 500 crore though qualified institutional placement (QIP) and preferential issue of equity shares. The company needs the capital to support business growth for two financial years. The board will meet on June 1 to consider the proposal to raise additional capital. (Business Standard)

R-Power to Earn Over Rs 4,000 Crore From Sale of Carbon Credits – The Anil Ambani-controlled Reliance Power is expected to earn more than Rs 4,000 crore over the next ten years by selling carbon credits from its upcoming Sasan power project in Madhya Pradesh. The company is expected to get the UN-managed Clean Development Mechanism executive board’s nod for 37.5 million of carbon credits by June. (The Economic Times)

TCS Names Ramadorai Successor – Tata Consultancy Services (TCS), the board of directors of the company named N Chandrasekharan as the Chief Executive Officer-designate. This is being done with the intention that he would be appointed CEO and Managing Director with effect from October 6, on the retirement of S Ramadorai. The company’s AGM will be held towards the end of June. The board has also re-appointed Ramadorai as CEO and MD of the $6 billion IT firm for the period August 9 to October 5, subject to approval of shareholders. (Business Standard

Jaipuria Exits APB; Stage Set for UB, Heineken Peace Deal – Decks have been cleared for the merger of the Indian operations of Asia Pacific Breweries (APB), makers of Tiger beer, with the Vijay Mallya-led United Breweries (UB), removing a stumbling block in way of the latter’s boardroom with Heineken. A local joint venture between APB and PepsiCo bottler CK Jaipuria was called off as both of them gave up resistance to integrate their business with UB. (The Economic Times)

RCom Gets Nod for Demerger of Optical Fibre Division – Reliance Communications (RCom) said on Tuesday that it has received shareholders’ approval for the demerger of its optical fibre division and subsequent merger with wholly-owned arm, Reliance Infratel. The demerger will help reduce set-up and operating costs resulting in cost efficiency coupled with greater financial flexibility. (The Hindu Business Line)

Infosys Sees Higher Demand in India and Middle East – Infosys Technologies, India’s second-largest software services exporter, is seeing good outsourcing business opportunities in India and the Middle East as a global economic downturn crimps spending in developed markets. Nasdaq-listed Infosys has won three deals in these markets over the last five months. Last month, Infosys forecast its first decline in annual revenue as global demand for outsourcing slowed in a harsh economic climate, halting growth for India’s once burgeoning technology services sector. (Reuters)

Achieving Growth May be Harder for GE – General Electric Co’s Chief Executive, Jeff Immelt has said that the company’s growth is expected to be harder to come by in coming years considering that the global economy may grow at a slower pace once it emerges from recession. He has further said that he will look at shifting more of GE’s resources to China and other emerging markets set to play a larger role in driving economic growth as tighter credit forces the U.S. consumer to rein in spending. (Reuters)

   


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News Roundup: Unitech Sells Under-Construction Hotel For Rs 200 Crore

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