Mahindra & Mahindra Ltd. (M&M) has entered into an agreement to acquire a 66% stake in DGP Hinoday Industries Ltd. The company would acquire the shares from the existing shareholders, DG Piramal Group and India Private Equity Fund Mauritius. Hitachi Metals holds the balance 34% equity stake in Hinoday. The acquisition marks the entry of the company into the sophisticated SG Iron casting space.
Bharti Group is entering into a partnership with Wal-Mart Stores Inc., the world's largest organised retailer, for its proposed entry into the high-profile retail sector in India. Wal-Mart and Bharti will set up a 50:50 joint venture (JV) to open hypermarkets and neighborhood stores across India, Bharti chairman Sunil Mittal said. Bharti will fully own the front-end retail network.
Cairn India has set the price band of its forthcoming Initial Public Offering (IPO) at Rs160-190 per share. Last week, the company made a killing ahead of its planned mega IPO, by mopping up US$822mn in pre-issue placement. It sold 11.88% stake or 209.67mn shares at Rs176.48 per share to Malaysia's oil & gas major Petronas, Videocon and Blackrock-Merrill Lynch.
Emaar MGF and Accor have formed a Joint Venture (JV) to bring the Formule 1 brand of budget hotels to India. The new venture, Budget Hotels India Pvt. Ltd. has planned investments of US$300mn over the next 10 years. Emaar is a partnership between global property developer Emaar Properties and MGF Developments.
Mahindra & Mahindra Ltd. (M&M) has entered into an agreement to acquire a 66% stake in DGP Hinoday Industries Ltd. The company would acquire the shares from the existing shareholders, DG Piramal Group and India Private Equity Fund Mauritius. Hitachi Metals holds the balance 34% equity stake in Hinoday. The acquisition marks the entry of the company into the sophisticated SG Iron casting space.
Bharti Group is entering into a partnership with Wal-Mart Stores Inc., the world's largest organised retailer, for its proposed entry into the high-profile retail sector in India. Wal-Mart and Bharti will set up a 50:50 joint venture (JV) to open hypermarkets and neighborhood stores across India, Bharti chairman Sunil Mittal said. Bharti will fully own the front-end retail network.
Cairn India has set the price band of its forthcoming Initial Public Offering (IPO) at Rs160-190 per share. Last week, the company made a killing ahead of its planned mega IPO, by mopping up US$822mn in pre-issue placement. It sold 11.88% stake or 209.67mn shares at Rs176.48 per share to Malaysia's oil & gas major Petronas, Videocon and Blackrock-Merrill Lynch.
Emaar MGF and Accor have formed a Joint Venture (JV) to bring the Formule 1 brand of budget hotels to India. The new venture, Budget Hotels India Pvt. Ltd. has planned investments of US$300mn over the next 10 years. Emaar is a partnership between global property developer Emaar Properties and MGF Developments.
NTPC Ltd. has decided to submit a proposal to the Government of Sri Lanka for setting up a 900 MW Coal/LNG based power plant in Sri Lanka. The proposal is still under discussion, and the company is likely to sign a Memorandum of Agreement (MOA) with the Government of Sri Lanka shortly, the public sector power generation major said in a statement.
DLF Limited (DLF) and WSP Group plc (WSP), a leading design and engineering consultancy firm, have entered into a joint venture. The partnership between DLF and WSP will be staffed by design professionals from both India and overseas and will undertake the execution of a large number of DLF's mega projects across the country as well as providing services to others.
TVS Motor Co. Ltd. plans to invest up to US $100mn in Indonesia over the next three years to set up a manufacturing facility that will cater to Southeast Asia. The unit of TVS Motor would have the capacity to manufacture 300,000 motorcycles a year. The company had made an initial investment of US $43mn in the Indonesian arm
Corus Group Plc postponed its extraordinary general meeting (EGM) in order to give Brazil's Companhia Siderurgica Nacional SA (CSN) enough time for submitting its counter bid. Corus, whose Board has already agreed to be acquired by India's Tata Steel Ltd., will delay the shareholders' meeting to Dec. 20, from Dec. 4, the London-based steelmaker said in a regulatory filing.