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News clippings
**** The winning bid for a majority stake in Patni Computer was likely to be under Rs
550 a share which is 12.5 per cent above its Friday closing price. The founding
Patni brothers are looking to sell their 46 per cent stake, while private equity firm
General Atlantic plans to sell its roughly 17 per cent holding.
**** International Coal Ventures Ltd has appointed Citigroup Inc. to examine a
possible takeover offer for the Sydney-based coal company Riversdale Mining
Ltd. to counter a A$3.9 bn bid from Rio Tinto Group with mines in Mozambique.
The members of the International Coal Ventures consortium are NTPC, Steel
Authority of India, NMDC Coal India and Rashtriya Ispat Nigam Ltd. A successful
bid for control will need the support of at least one of Riversdale’s major
shareholder, with the top-three investors owning about 51 percent.
**** Welspun Group's Welspun Infra Projects today said it has acquired 35 per cent
stake in Leighton Contractors (India) for Rs 470-crore to pursue infrastructure
opportunities in India and the transaction is subject to customary statutory,
regulatory and other corporate approvals and is scheduled to be completed in the
next 90 days. Leighton Contractors (India) is the Indian arm of Leighton
International Limited, one of the world's major project development and
contracting organisations.
**** Kingfisher Airlines is all set to launch its GDR Issue of about USD 300 million in
January or February 2011. Importantly, this will be post the conversion of debt
into equity.
**** Electrical components maker Havells India expects to double its capacity for
compact fluorescent lamps (CFLs) within the next two years. Havells will invest
1.2 billion rupees in 2011-12 to produce 10 million CFLs in the next two years, as
the company looks to leverage its Sylvania brand.
**** Gujarat State Petroleum Corporation (GSPC) has discovered a huge reservoir
of gas in an onland exploration block in Ankleshwar and the discovery of a huge
reservoir of gas at the Ankleshwar 41-S well could potentially open a new zone
for exploration for us there.
**** Aditya Birla Retail that operates supermarkets and hypermarket formats under
'more' brand is looking at scaling up its supermarket and hypermarket chain to
1,300 and 65 respectively by 2016. Currently it runs 540 supermarts and nine
hypermarkets across the country.
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