Vedanta gets shareholders’ nod to raise offer for stake in Hindustan Zinc, Balco: Shareholders of Vedanta Resources have given their nod to sweeten its offer of Rs 17,275 crore by up to 25 per cent for buying out remaining stakes of Indian government in Hindustan Zinc and Balco. With the approval, the London Stock Exchange-listed mining group now has the leeway to raise its offer to a total of Rs 21,635 crore for gaining 100 per cent control in the erstwhile public sector firms. (Economic Times)
Yatra to go for more acquisitions, aims at Rs 7,000 cr revenue: Online travel company Yatra.com will make more acquisitions by 2014 as part of plans to double revenues to Rs 7,000 crore in the next five years, a senior company official said. The company that has made four acquisitions in the last 18 months is considering buyouts in either holiday business segment, destination management or of large travel agents. (Business Standard)
Delhi Mumbai Industrial Corridor project may get nod to access external commercial borrowings: India is likely to allow the Delhi Mumbai Industrial Corridor project to raise money via external commercial borrowings (ECB) to fund the ambitious Rs 18,500-crore project after the Japanese government sought changes in the rules. The government has allowed Japan to pick up 26 per cent stake in the project. (Economic Times)
Deccan Chronicle in talks to sell their IPL team: Chairman TV Reddy: There has been no fraud or siphoning off of money at Deccan Chronicle Holdings, a company which is in the middle of a deep financial crisis, its chairman Tikkavarapu Venkattram Reddy said. Flawed strategies, he said, are responsible for the troubles at the 74-year-old publishing house whose titles include Deccan Chronicle, Financial Chronicle and Telugu daily Andhra Bhoomi. Reddy is confident of bringing in a strategic investor soon to infuse money to overcome the difficulty, which has resulted in the company defaulting on loans and caused suspicions about financial wrongdoing. (Economic Times)
Gati seeks partner for shipping unit: Gati Ltd, an express distribution and supply chain provider, is looking at benefiting from the recent restructuring of its business. The company is planning to rope in a strategic partner in its shipping division, which was hived off into a separate subsidiary in March . “The shipping business took away significant profits of the company. We expect the business to return to normalcy this year and possibly break even,” the company’s senior executive told analysts. (DNA)
Company focusing on big acquisitions for growth: Infosys: Despite two consecutive quarters of revenue decline, Infosys says that it is not worried with Cognizant taking over in quarterly revenues. Rather, the company is focused on its growth trajectory and expects to see a recovery in the medium to long term. Speaking to CNBC-TV18’s Kritika Saxena, SD Shibulal, MD & CEO of Infosys said that the once conservative Infy was now aggressively looking at big acquisitions. Moreover, he clarified that there were 3 capable people in the top management to take over from him in 2014. (Money Control)
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