Gen-next divides Bajaj Auto into two
New Delhi: Two-wheeler company Bajaj Auto will soon be divided into separate auto and finance entities, to be headed by group chairman Rahul Bajaj's sons Rajiv and Sanjiv Bajaj respectively.

Sources said differences between Rajiv and Sanjiv had led to a plan for demerger being chalked out that would be placed before the board of Bajaj Auto in the coming months.

When asked Rahul Bajaj said his sons were individuals in their own rights and if that could be termed as having differences, then so be it.

However, he declined to comment on the demerger plans.

The Bajaj Auto board would consider, either in its March or May meeting, a proposal to demerge the automobile and financial and investments businesses to utilise cash surplus and cash equivalent (in the form of investments such as bonds and in other companies). This could be turned into a separate entity or merge into Bajaj Auto Finance.
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Mahindra in aircraft design deal with government
Mumbai: Mahindra & Mahindra India's utility vehicle and tractor maker, has signed an agreement for the design and development of a new aircraft with the government.

The deal also involves central agencies National Aerospace Laboratories and the Council of Scientific and Industrial Research, according to a statement from Mahindra &Mahindra.

No financial details have been disclosed.

The aircraft is expected to be developed over a period of 36 months and will have multiple uses in cargo and as a passenger plane capable of carrying four to five people. Further it will be certified to meet Indian and international standards.

Plexion Technologies, a unit of Mahindra Systems and Technologies' engineering services arm, will be involved in the process.
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Cairn India secures exploration interest in 2 NELP VI blocks
Mumbai: Cairn India said it has secured exploration interest in two new blocks in India awarded to it under the sixth New Exploration Licensing Policy (NELP VI).

Out of the 55 exploration blocks offered, which is the highest ever by the Government, Cairn India secured an interest in two blocks - PR-OSN-2004/1 and KK-DWN-2004/1, the oil and gas exploration company, informed the BSE.

For the 9,400 square kilometre PR-OSN-2004/1 (Palar Basin) block, Cairn Energy India Pty Ltd (CEIL) would have an interest of 10 per cent as operator, while Cairn India would have (25 per cent), ONGC (35 per cent) and Tata Petrodyne (30 per cent), it added. In the larger 12,323 square kilometre KK-DWN-2004/1 (Kerala Konkan Basin), Cairn India would hold 40 per cent interest, ONGC as operator would hold 45 per cent whilst Tata Petrodyne would have the balance 15 per cent interest, the company said.

In the 165 bids submitted for 52 blocks with a total of 68 companies bidding, Cairn India by itself and through Capricorn Energy submitted 12 joint venture bids along with ONGC, Videocon, Tata Petrodyne, British Gas and Total.
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Suzlon Energy to acquire REpower Germany
Mumbai: Suzlon Energy's board of directors has approved the acquisition, as part of a consortium, to acquire up to 100 per cent shareholding in REpower Systems AG, Germany. The latter is engaged in the business of design, development, manufacturing and supply of wind turbine generators.

The acquisition will be carried out by way of a voluntary public tender offer through one or more of its overseas subsidiaries and/or one or more of its overseas step-down subsidiary companies, jointly with Martifer SGPS, SA, Oliveira de Frades, Portugal.
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L&T in pact with EADS
Mumbai: Engineering major Larsen and Toubro (L&T) and European aerospace and defence group EADS have signed a memorandum of understanding to explore business opportunities in defence and aerospace together.

Both the companies would form working teams to build a joint business model and appropriate common strategies on several key segments of aerospace and defence market.
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Fifth bidder may join in for Hutch stake
New Delhi: Companies vying for the 67 per cent stake of Hutchison in its Indian operations will have to submit the bids by midnight tonight in Hong Kong.

Media reports indicate a probable fifth bidder Altimo of Russia joining the fray. Sources indicate that the Russian firm has tied up with Rothschild as advisor and Nomura of Japan as their financier.

The other four bidders are Vodafone, Hindujas and Reliance Communications and Essar (Indian partner in Hutch-Essar JV with a 33 per cent stake), who have evinced interest in buying HTICL's stake. Sources also indicated that Essar might not bid in the first round.

There are indications that the bids could range between $18-20 billion.
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Garware signs deal with Norway's Havyard Leirvik
Mumbai: Garware Offshore Services has signed an initial agreement with Havyard Leirvik AS to market ships built by the Norway-based ship builder. The partnership has received a design order from ABG Shipyard Ltd., Garware said.
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Nimbus opposes broadcast signal ordinance
New Delhi: Nimbus Communications has filed a petition in challenging the Sports Broadcast Signal Ordinance 2007, which makes it mandatory on private broadcasters to share live feed of matches of national and international importance with Prasar Bharati.

The petition is seeking to squash the ordinance on the ground that it can not be applied on the matches played outside India, as it has no jurisdiction to control the signals of the matches played there. Nimbus also contended that the Ordinance violates its fundamental right under Article 19 (1) that is rights to speech and expression and its intellectual property right.
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Mallya may soon acquire Whyte &Mackay for $1bn
Bangalore: Vijay Mallya is likely to clinch the $1.06-billion acquisition deal for Whyte & Mackay, after seven months of negotiations. The deal looks set to be concluded for £540 million, ($1bn) which is higher than the initial offer that stood at around £480-500 million.

A top UB source confirmed that a deal is in the offing any time, with final due diligence and bankers' visit to W&M's four distilleries likely to be completed next week. Both camps are still in talks to resolve some minor irritants.
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