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London: Anil Ambani hopes to remain a major shareholder in his flagship firm Reliance Communications and South Africa-based MTN after the two companies combine in a reverse merger, the Financial Times reported on 12 June.
Quoting people familiar with the deal, the newspaper said Ambani would swap two-thirds of his 66% stake in Reliance Communications for shares in MTN and retain 20-25% in the Indian cellular carrier. Read the rest of this entry »
Archive for June 12th, 2008
Ambani looks to remain major shareholder in RCom, MTN
Posted by Yogesh on Thursday, 12 June, 2008
Posted in Corporate News | Tagged: Mergers Acquisitions, MTN, Reliance Communication | Leave a Comment »
Industrial output dips to 7% in April
Posted by Yogesh on Thursday, 12 June, 2008
New Delhi: Slowdown in the manufacturing sector pulled down the overall industrial growth rate to 7% in April, the first month of the current financial year.
The industrial production during April 2008 declined from 11.3% recorded in the corresponding month of the previous financial year, say the Index of Industrial Production (IIP) figures released on 12 June. Read the rest of this entry »
Posted in Indian Economy | Tagged: IIP | Leave a Comment »
Essar Steel increases offer for Esmark to $19/share
Posted by Yogesh on Thursday, 12 June, 2008
BOSTON (Thomson Financial) – Essar Steel Holdings Ltd. late Tuesday raised its offer to purchase all of the outstanding shares of Esmark Inc. to $19 per share.
Essar Steel, part of the multi-billion dollar Essar Global Ltd., had on April 30 offered $17 per share to acquire Esmark. Read the rest of this entry »
Posted in Corporate News | Tagged: Esmark, Essar Steel, Mergers Acquisitions | Leave a Comment »
IFGL Refractories buys Germany’s Hofmann Ceramic for undisclosed sum
Posted by Yogesh on Thursday, 12 June, 2008
MUMBAI (Thomson Financial) – IFGL Refractories Ltd. has agreed to purchase 96.16 percent of German ceramic filter maker Hofmann Ceramic Gmbh for an undisclosed amount.
The combined turnover of Hofmann entities is $13.67 million euros, the company said in a regulatory filing. Source CNBC
Posted in Corporate News | Tagged: Hofmann Ceremic, IGFL Refractories, Mergers Acquisitions | Leave a Comment »
Ranbaxy may use M&A to grow in Japan generics market
Posted by Yogesh on Thursday, 12 June, 2008
TOKYO (Reuters) – Ranbaxy Laboratories Ltd sees tremendous opportunities for growth in Japan’s generics drug market and mergers and acquisitions are a likely option for it to expand, its chief executive said on Thursday.
“I think we would use a combination of organic and inorganic growth to strengthen our presence,” Ranbaxy Chief Executive Malvinder Singh told a news conference.
“There is tremendous opportunity here and clearly we would want to explore it to the fullest,” he said. Source CNBC
Posted in Corporate News, Rumor | Tagged: Mergers Acquisitions, Ranbaxy | Leave a Comment »
ABG Shipyard gets 19.17 mln euros vessel construction order from Italy’s Marnavi
Posted by Yogesh on Thursday, 12 June, 2008
MUMBAI (Thomson Financial) – India’s ABG Shipyard Ltd. said it received an order from Italy-based Marnavi Spa worth 19.17 million euros (1.27 billion rupees) for the construction of a vessel of 2,500 deadweight tonnes.
In a regulatory filing, ABG said it also received an order from the Council of Scientific and Industrial Research for construction of a research vessel of 1,800 deadweight tonnes of worth 1.78 billion rupees. Source CNBC
Posted in Corporate News | Tagged: ABG Shipyard, Contract, Marnavi Spa | Leave a Comment »
US says supports Asarco sale to India’s Sterlite
Posted by Yogesh on Thursday, 12 June, 2008
NEW YORK, June 11 – The U.S. government on Wednesday filed court papers supporting the proposed $2.6 billion sale of bankrupt copper miner Asarco LLC to India’s Sterlite Industries Ltd , describing an alternate offer from Asarco parent Grupo Mexico as “defective.”
Sterlite, an affiliate of London-listed Vedanta Resources Plc , said Read the rest of this entry »
Posted in Corporate News | Tagged: Sterlite Ind, Asarco, Mergers Acquisitions | Leave a Comment »
L&T to delay software unit listing-chairman
Posted by Yogesh on Thursday, 12 June, 2008
NEW DELHI, June 12 , India’s top engineering firm, will defer listing its software unit to 2009/10, as the division has not reached a revenue target and market conditions are unfavourable, its chairman said.
The unit, L&T Infotech, was to have its initial public offering in the second half of 2008/09, the first of three divisions L&T plans to list over three Read the rest of this entry »
Posted in Corporate News, Intial Public Offering | Tagged: Larsen and Turbo | Leave a Comment »
Ranbaxy drug buy a sign India predators may now be prey
Posted by Yogesh on Thursday, 12 June, 2008
MUMBAI could be the trigger for foreign pharmaceutical companies to step up the hunt for low-cost Indian drug makers for fear of being left behind.
Global demand for cheaper generic medicines produced by firms such as Ranbaxy is booming as countries battle rising healthcare costs. Diversifying into the business would b Read the rest of this entry »
Posted in Corporate News | Tagged: Mergers Acquisitions, Ranbaxy | Leave a Comment »
UBS fund arm hopes for India entry by end ’09
Posted by Yogesh on Thursday, 12 June, 2008
HONG KONG – The fund management arm of UBS AG, whose parent was hammered by billions in subprime losses, hopes to enter high-growth India by the end of 2009, the only major Asian market where it lacks a presence.
The firm is considering entering through a start-up, joint venture or acquisition, though the latter route may be too pricey to pursue, Read the rest of this entry »
Posted in Corporate News | Tagged: Investment, UBS | Leave a Comment »
