SBI to Raise Rs 70,000 Crore in 5 Years - The country’s largest bank, State Bank of India, will need to raise Rs 60,000-70,000 crore over the next five years, a portion of which it intends to raise from the capital markets if the government permits. It had raised Rs 20,000 crore last year and can’t raise any amount lesser than that. SBI is looking to raise money through another rights issue, if it gets a nod from the government. Else, the bank will have to issue bonds to raise money. In contrast to industry estimates of 19% growth in loan disbursals, SBI expects credit to grow 25% in the current fiscal, thanks to expanding branch network and retail base. The bank plans to open 1,000 more branches and reach at least 50,000 non-banked villages. The bank expects to log at least 30% rise in deposits in the current fiscal. (The Economic Times)

Reliance Communications to Invite Tender for FCCBs Buyback - Anil Ambani-led Reliance Communications on Wednesday said it would invite tender from its existing bondholders for buying back foreign currency convertible bonds (FCCBs) at a discount. The company intends to buy back the outstanding FCCBs by way of an invitation to the bondholders to tender their bonds for repurchase. The invitation to tender will commence on 15 April and will expire on 17 April 2009. The buyback of FCCBs is expected to result in gains to the company to the extent of the discount on the repurchase of FCCBs. debt on the balance of the company will also be reduced to the extent of the FCCBs bought back. (

Vangal in Talks to Acquire Radico Khaitan Brands - Serial entrepreneur Ramesh Vangal, who steered Pepsi and Seagram into India has initiated discussions with Radico Khaitan (RKL) to acquire a controlling interest in the brands portfolio of the Lalit Khaitan family-owned liquor firm. Sources said Mr Vangal is backed by a large American buyout fund in his latest efforts to chase deals in the liquordom. Bermuda-based white spirits giant Bacardi is another potential suitor which has held talks with the Khaitans in the recent past. Vangal is believed to have indicated an offer price of around Rs 300 crore for getting a controlling interest over the brands. (The Economic Times)

Suzlon to Raise Rs 400 Crore from Sivasankaran - Suzlon Energy, the world’s fifth-largest wind turbine maker, is learnt to be in advanced negotiations with maverick investor C Sivasankaran to raise nearly Rs 400 crore to increase its shareholding in Germany’s REpower, another leading global wind turbine company. It is also learnt that Suzlon could have pledged some of its own stake in its overseas engineering subsidiary Holco to raise the amount from Sivasankaran. Suzlon, which currently owns just under 70% in REpower, needs to buy Portuguese company Martifer’s 22.4% stake in the German company. Under the terms of an earlier agreement with Martifer, Suzlon needs $271 million to acquire the Portuguese company’s stake in REpower. Post-acquisition, the Pune based Suzlon’s equity holding in REpower will go up to more than 90%. (The Economic Times)

Hero Quits Commercial Vehicle JV with Daimler - Less than a year after signing a joint venture with Germany’s Daimler to manufacture commercial vehicles in the country, the Hero group today said it was pulling out of this partnership. However, the project (to manufacture CVs) will continue to exist and be run by Daimler. The hero group had cited the current economic slowdown as the reason for pulling out of the JV. It has said that it cannot commit big investments during these circumstances. Daimler had 60% stake in the JV and Hero had the rest. The two partners had announced an investment of Rs 4,400 crore. While Daimler had committed to invest Rs 1,368 crore, the Hero group was to bring in Rs 900 crore. (Business Standard)

Ennore Coke Looking to Acquire 90% Stake in Broughton Coal Mines - Ennore Coke Limited, a domestic manufacturer of metallurgical coke is looking to acquire a 90 per cent stake in Broughton coal mines of Australia valued at about $12 million and having estimated reserves of 30 million tonnes of coking coal. Ennore Coke aims to pick up stakes in overseas coal mining assets as valuations of these properties were attractive in the aftermath of the economic downturn. The company was looking at achieving security of coking coal to cater to its growing requirement of the raw material to meet its expansion plans. (Business Standard)

Escorts Construction gets new CEO : Escorts Construction Equipment Ltd has announced the appointment of Mr Kanwal Kishore Vij as the Executive Director and Chief Executive Officer of the company. Mr Vij who is a mechanical engineer with advanced degrees in marketing and management from Harvard and IIM Ahmedabad, has over 26 years of experience in the automobile and engineering industry. He has worked with Vege Intermotor B.V. Netherlands and as Director, Marketing for Eicher Tractors.

Ranbaxy dips 5% on bourses on forex-loss reports : Pharma major Ranbaxy Laboratories today dipped as much as five per cent in morning trade on bourses amid media reports that the company may be sitting on mark-to-market (MTM) losses of over Rs 2,500 crore on foreign currency derivatives transactions.Shares of Ranbaxy fell to an intra-day low of Rs 190.10, down 4.87 per cent from its previous closing price on the BSE. It was later trading at Rs 192.40, down 3.73 per cent.

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