23 december 2001
$151 mm world bank loan for karnataka
bank has agreed to extend a $151.6 million funding to karnataka
for rural water supply and sanitation projects in the state.
the world bank board on 18 december approved the project, which
has a total outlay of $193.44 million, of which $151.6 million
would be funded mainly by the bank.
the world bank has agreed in principle to extend funding to the
state's programme of reconstructing and rejuvenating 3,000 tanks
in the state over a three-year period.
22 december 2001
$200 m insurance compensation claimed for dpc
enron, general electric and bechtel have sought more than $200
million in compensation from overseas private investment corp. for
losses they incurred in dabhol power company for which the us
agency had provided insurance cover.
the companies filed
claims for expropriation compensation for the $2.9 billion dpc.
dpc was enrons biggest investment outside us as the now
bankrupt company sought to expand overseas. enron put the plant on
sale before it declared bankruptcy earlier this month.
21 december 2001
to invest in insurance jv
and prudential of uk will together infuse fresh capital of rs 80
crore into icici prudential life insurance company in the next six
months to support growth plans.
icici and prudential will bring in rs 60 crore and rs 20 crore
respectively in two tranches. with this capital infusion equity
base will grow to rs 230 crore.
the company has issued 48,000 policies and needs extra capital to
support business expansion plans for 2002-03.
the jv has earned rs 65 crore through insurance premium and these
resources plus capital are being used for growth plans.
sells 8.04% stake in forbes
investment corporation has sold an 8.04 per cent stake in forbes
gokak to sterling investment corporation for rs 90.15 million. the
deal was struck at rs 90 per share.
sterling is part of shapoorji pallonji construction group, which
made an open offer in october for 20 per cent stake in gokak at rs
80 per share.
20 december 2001
ttk-lig buys out
npil stake in scholl piramal
ttk-lig limited has acquired the entire 49 per cent stake held by
nicholas piramal in scholl piramal india ltd. according to ttk-lig
managing director j srinivasan, the stake has been bought for a
sum of around rs 1.96 crore in an all cash deal.
the new joint venture with the uk-based company, ssl international
plc has been renamed ssl-ttk. the company will bring consumer
healthcare products of international quality and affordable prices
including dr scholls foot-care products initially and other otc
set on healthcare products later. the products would be sold only
in major cities, mainly through medical stores.
ssl internationally owns various popular brands like resolve
(hangover remedy), meltus (cough and cold remedy), remegel (an
antacid) and full marks (head lice treatment).
qualcomm to pick
up 3% reliance info stake
mumbai: qualcomm of the us is likely to invest in
excess of $360 million for a 3 per cent stake in reliance infocom.
san diego-based qualcomm is the pioneer of cdma (code division
multiple access) wireless technology.
a high-level team led by reliance group president manoj modi was
in the us in november to hold discussions with qualcomm.
at present, reliance industries is the lead investor in reliance
infocom with 45 per cent stake. the balance 55 per cent is
collectively held among four reliance group investment companies.
infuse $20 million in dabhol
indian and foreign lenders are to release more than $20 million to
the dabhol power company (dpc) in an attempt to save the company.
the decision was taken at
the recent meeting in singapore of the industrial development bank
of india led institutions, foreign lenders, dpc, potential buyers
tata power company and bses ltd.
hdfc bank to
fund heavy vehicles
chennai: hdfc bank is entering into heavy- and
light-commercial vehicle financing.
the bank is aiming to
become one of the top three hcv, lcv financiers in the next two
the bank will face
competition from well-entrenched players such as icici and kotak
mahindra, apart from regional leaders such as sundaram finance and
19 december 2001
acc to buy etex
stake in eternit everest
acc plans to increase its stake in the building products company
acc proposes to increase its stake to 76 per cent by buying out
the 50 per cent stake held by etex. eternit everest is a joint
venture between acc and belgium based etex.
pallonji group buys
9% more in forbes
the shapoorji pallonji group has raised its stake in forbes gokak
by another 9.01 per cent by purchasing 11.22 lakh shares at rs 90
the pallonji group had mopped up around 7.29 lakh shares of forbes
gokak on november 21, taking its total stake to 23.4 per cent. the
forbes gokak scrip closed at rs 103.65 at the bse on tuesday.
the issue of management control of the forbes gokak will now
depend on the financial institutions.
living media to
offload 15% in thomson press
living media plans to offload 15 per cent stake in its printing
arm, thomson press, to mauritius-based new york life international
india fund for a consideration of rs 30 crore.
the deal is awaiting the approval of the foreign investment
promotion board .
company sources said the two partners have already reached an
agreement and that the funds thus raised could be used by living
media for expansion of its media activities.
living media owns publications like india today and india today
plus magazines, besides the 24-hour news channel tv today network.
icici sells assets
worth rs 4,000 cr
mumbai: icici ltd has sold corporate and project assets
worth around rs 4,000 crore. the group proposes to dispose of
additional assets and raise another rs 4,000 crore in the current
besides, the fi has
raised around rs 8,000 crore to meet its statutory liquidity ratio
requirements in the last two months. another rs 1,000 crore would
be added shortly.the group has to raise around rs 18,000 crore to
meet its slr requirements.
bifr okays sale of
3 binny properties
the board for industrial and financial reconstruction (bifr) has
approved the sale of old machinery and other properties of binny
ltd and binny lorze ltd.
binny ltd had sought
permission of the bench to sell: the binny lorze plant for rs
13.40 crore to investkonsult, sweden, and remit the sale proceeds
to indian bank;
the old machinery to shre
maruthi textiles for rs 9.77 crore and remit the sale proceeds to
idbi; and the property at commissariat road at bangalore for a
consideration of rs 3.65 crore to m.m. bhatia.
17 dec 2001
fipb clears western union financial
foreign investment promotion board of india has cleared the
proposal of western union financial services to set up a 100 per
cent subsidiary to undertake domestic money-transfer services with
rs 2.35 crore capital.
the proposed subsidiary would establish infrastructure network to
provide services for transfer of money within india. but the fipb
nod comes with a rider that domestic money transfer activities
would be treated as a fund-based activity under nbfcs and that the
company would have to comply with the minimum capitalisation
singer india board approves rights issue
the board of directors of singer india has approved a 1:1 rights
issue at a par value of rs 10 per share. as a result, the equity
base of the company will double from rs 7.82 crore to rs 15.64
crore. it will convene an egm to seek formal approval from its
the funds raised from the issue will be utilised for financing the
companys expansion plans and to improve its financial
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