Hindujas to begin Hutch Essar due diligence next week
New Delhi: The Hinduja Group may begin due diligence
of Hutchison Essar next week and has arranged funds for
a possible bid to acquire a controlling stake in the mobile
firm.
While
British telecom firm Vodafone is said have completed due
diligence, Essar's bankers and Reliance Communications
have completed the first round of the exercise. Once the
book reading is complete, the bidding is likely to start
this month.
Officials
said the company has tied up the funds for the acquisition
comprising a mixture of debt and equity. IndusInd Investment
is the advisor to the Hindujas.
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Nicholas
Piramal signs agreement with Eli Lilly
Mumbai: Pharma major Nicholas Piramal India (NPIL)
has entered into an agreement with US pharma giant Eli
Lilly to develop and commercialise a select group of the
US-company's pre-clinical drug products that span multiple
therapeutic areas.
Nicholas
Piramal would receive a call-back payment, and potential
milestone payments of up to $100 million, plus royalties
on sales upon successful launch of the first compound.
The Indian company would be responsible for the design
and execution of the global clinical development programme,
including (investigational new drug) IND-enabling non-clinical
studies and human clinical trials up to Phase III.
The
NPIL-Lilly alliance seeks to increase productivity in
drug development by synergising the unique strengths of
both companies and equitably sharing risk and reward.
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Jaiprakash
Associates Q3 net up 82 per cent
Mumbai: Construction company Jaiprakash Associates
has registered an increase of 82.14 per cent in net profit
at Rs102 crore for the quarter ended December 31, as compared
to Rs56 crore for the same quarter last year.
The
total income increased 13.53 per cent to Rs931 crore for
the third quarter this fiscal from Rs 820 crore for the
corresponding quarter in the year-ago period, the company
informed the Bombay Stock Exchange.
The
board of directors of the company has also declared an
interim dividend of Rs2 on shares of Rs10 each (20 per
cent) for the financial year ending March 31, 2007.
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IOC
signs JV with RIL: to invest Rs2,000 crore
Panipat: Indian Oil Corporation plans to invest about
Rs2,000 crore in a joint venture with Reliance Industries
Ltd (RIL) for retailing natural gas to households and
automobiles.
IOC
officials said the company is in talks for an equal joint
venture for a city gas distribution project along the
pipeline Reliance Industries is building from its KG basin
field. RIL is building pipelines from Kakinada in Andhra
Pradesh to Chennai in South, Ahmedabad in West and Haldia
in East.
The
proposed joint venture will supply piped gas to households
and industries and CNG to automobiles in cities falling
along the route of these pipelines. IOC's per city investment
would be around Rs200 crore and initially the company
has identified 10 cities.
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SAIL
to invest Rs1 lakh crore by 2020, raise capacity to 40
mt
New Delhi: PSU steel maker Steel Steel Authority of
India (SAIL), plans to invest a massive Rs100,000 crore
for expanding capacity to 40 million tonnes by 2020, according
to the Steel Minister, Ram Vilas Paswan.
The
state-run giant currently has a production capacity of
14.6 million tonnes. The company has already announced
its expansion plan till 2010, by which it would scale
up the capacity to 23.8 million tonnes at an investment
of about Rs40,000 crore.
SAIL
chairman S K Roongta said the company's first priority
right now is to expand within the country and meet the
growing domestic demand.
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Gujarat
State Petroleum to enter into oil exploration pact with
Polish company
Mumbai: The oil exploration company Gujarat State
Petroleum Corp will form a strategic alliance on oil exploration
and production with Poland's Polskie Gornictwo Naftowe
I Gazownict, an official of the company said.
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Gati
signs agreement with CREIL
Mumbai: Gati signed a Memorundum of Understanding
(MoU) with China Railway Express International Logistics
Company (CREIL) on January 11 to enable the companies
to complement each other's strength and service the large
base of customers in India and China arising out of the
India-China bilateral trade.
Both
CREIL and the company will be responsible for all infrastructure
arrangements and transportation of shipments in China
and India respectively.
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Hindujas
considering stake acquisition in Telecom Italia
London: The Hinduja Group which is in the fray for
acquiring India's fourth-largest mobile operator Hutchison
Essar, is also considering acquiring a controlling stake
in Telecom Italia, according to media reports.
Telecom
Italia is majority held by Italian tyre and real estate
group Pirelli. Hinduja is not engaged in direct discussions
with Pirelli but people close to the companies involved
said there had been consultations and Hinduja was studying
the viability of a deal, the report said.
Marco
Tronchetti Provera, the Pirelli chairman who resigned
as chairman of TI in September, has said he could seek
minority investors in Olimpia, a holding company through
which Pirelli exercises control over TI.
Provera
has also acknowledged he could sell out the entire stake
for the right price, the FT report said.
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Ramsarup
to raise funds overseas
Mumbai: Steel wires and ropes maker Ramsarup Industries'
board would meet on January 15 to consider raising funds
through foreign convertible bonds and depositary receipts.
The board would also consider expansion plans.
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Nahar
to invest Rs1,000-1,200 crore in real estate development
Ludhiana: Punjab-based Nahar Group plans to invest Rs1,000-1,200
crore on developing housing complexes and an information
technology park in 100 acres of land here within next
2-3 years.
The
company has hired a Delhi-based property consultant, for
preparing a blueprint for the project to be submitted
by the end of this month. NIEL has about 170 acres of
surplus land at three locations, including 100 acres at
Mundian Kalan, 40 acres at Focal Point and 30 acres at
Raikot in Ludhiana.
NIEL
is also in the process of investing a sum of Rs 814 crore
on expanding its spinning and weaving capacities and setting
up a power plant, which is expected to be completed by
2008. The company will spend Rs315 crore on the yarn segment,
Rs332 crore on the fabric segment and Rs167 crore on power
generation. The project would be funded through a mixture
of loans under TUF, FCCB and internal accruals.
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Companies
seen heading for Gujarat
Ahmedabad: Reliance, Essar and ONGC recently announced
some big-ticket investments in Gujarat during the Vibrant
Gujarat Global Investors Summit 2007 here, which is attended
by top industrialists and business honchos.
Mukesh
Ambani chief of Reliance Industries announced an investment
of Rs67,000 crore in the Jamnagar SEZ and laying of pipelines
and port development.
Kumaramangalam
Birla of AV Birla group said the AV Birla group would
like to invest Rs200 crore in a Rayon plant in Veraval,
100 crore in a cement plant, 800 crore in Viscose and
Textiles Application Centre and Rs, 1,000 in a fibre plant.
Shashi
Ruia of Essar announced an investment of Rs10,500 crore
for the expansion of the company's Hazira refinery.
PSU
companies ONGC and BPCL also announced big ticket investments.
ONGC announced an investment of Rs16,000 crore for a petro-complex
at Dahej, while another PSU Bharat Petroleum Corporation
(BPCL) decided to invest Rs1,700 crore for crude-terminal
and pipeline network.
The
Adani group plans to pump in Rs25,000 crore in ports and
SEZs while Torrent Industries, which supplies power to
Ahmedabad, will invest Rs9,000 crore in a coal-based project
at Pipavav.
Zydus
Cadila announced an Rs5,300 crore expansion plan for other
facilities while Dishman Pharma would bring in Rs2,000
crore in engineering projects.
The
Welspun Group announced an investment of Rs3,000 crore
toward the expansion of its existing facility at Kutch.
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