Tata Power May Sel Stake In Mundra UMPP – Tata Power may sell part of its shareholding in an ultra mega power project (UMPP) at Mundra. Tata Power will sell stake to finance capacity additions of 5,660 Mw. It will sell stake in Coastal Gujarat Power, which is setting up the 4,000 Mw Mundra UMPP. Tata Power may also sell stake in Maithon Power, which is a 74:26 joint venture with Damodar Valley Corporation. Tata announced the financial closure of the Rs 17,000 crore Mundra project in April last year. (Business Standard)
MCX May Get Foreign Partner For Capital Market Venture – MCX promoter Financial Technologies India is planning to rope in a global partner for its proposed capital market venture. it has asked market regulator SEBI’s approval to enter equity and futures and option (F&O) segment through MCX Stock Exchange (MCX-SX). It already has New York Mercantile Exchange and New York Stock Exchange Euronext as investors in its commodities exchange. (HinduBusinessLine)
Top Execs Quit Vishal Retail – The top officials of Vishal Retail are quitting amid a global slump which has hit the retail sector hard. Manmohan Agarwal (not related to the promoters), the chief executive, corporate affairs, and Amit Chaturvedi, head, finance and accounts, have resigned. Sanjay Goel, vice-president, finance & accounts, has already left. (BS)
Pantaloon To Spin Off Big Bazaar, Food Bazaar – Pantaloon Retail is planning to spin off its value retail entities Big Bazaar and Food Bazaar into a new entity called Future Value Retail in order to attract more investors. These two formats are its biggest revenue grossers and account for over 55% of the turnover. Rajan Malhotra, president of Big Bazaar, has moved to the Future Group as president, retail strategy as Food Bazaar president Sadashiv Nayak has taken charge of both Big Bazaar and Food Bazaar. (Economic Times)
StanChart Appoints COO – Standard Chartered Bank has appointed old hand Sreeram Iyer to the newly-created position of COO (chief operating officer) to overlook India operational functions. Iyer, who was earlier the head of the outsourcing unit, will be responsible for technology-related areas, operations, compliance, assurance and corporate affairs. (BS)
FDI Jumps 54% in January – Foreign Direct Investment (FDI) inflows jumped up by 54.66% in January 2009 as against the same month a year ago. FDI stood at $2.73 billion in Jan ’09 as against $ 1.76 billion in Jan ’08. This comes after FDI falling consecutively for three months till December ’08. (BS)
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