GVK consolidates all infrastructure assets under one company
Hyderabad: GVK group has consolidated infrastructure assets in power, airport, road and mining into GVK Power & Infrastructure Ltd (GVKPIL), making it an integrated infrastructure player.

Post-consolidation, Mumbai International Airport Private Ltd (MIAL), which operates the Chhatrapati Shivaji International Airport in Mumbai, and GVK Jaipur Expressway Private Ltd will come under GVKPIL.

The scheme of amalgamation envisages a share exchange ratio of 133 GVKPIL equity shares (of Rs10 face value each) for every four Bowstring equity shares (of same face value). It also proposes a share exchange ratio of 153 GVKPIL equity shares for every four Green Garden equity shares.

The company has pegged an exchange ratio of three GVKPIL equity shares for every 40 shares of GVK Industries Ltd.

The appointed date of merger is proposed to be April 1, 2006.
GVKPIL owns 54 per cent in GVK Industries, which operates the 216 MW Jegurupadu Phase I gas-based power plant and the 220 MW Jegurupadu Phase II gas-based project.
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LG Electronics to invest Rs100 crore in upgrading facilities
Kolkata: LG Electronics India has decided to invest Rs100 crore on augmentation and upgradation of various capabilities in the current calendar year. Of the Rs100 crore proposed to be invested, Rs33 crore would be invested in the company's manufacturing facility at Ranjangaon, Pune. The company is also firming up plans to produce 3G phones in India this year.

Between 1997 and 2007, LGEIL had invested Rs1,116 crore in India the company said.

The Ranjangaon facility is equipped to manufacture GSM phones, colour televisions (CTVs), microwave ovens, refrigerators and optical disk drives.

LGEIL said it would produce" 3G phones in India in 2007.
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RCOM tower biz demerger cleared
Mumbai: Shareholders of Reliance Communications (RCOM) have approved a scheme of transfer of the existing wireless towers (CDMA and GSM) and related infrastructure of the company to its subsidiary, Reliance Telecom Infrastructure Ltd (RTIL).
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UB's bid for Mackay hits block
Mumbai: The Vijay Mallya-controlled UB Group's bid for scotch whisky major Whyte & Mackay has hit a block with the British company having raised its price tag to £600 million.

The talks between the two companies with the Mallya firm offering a little over £400 million, a price to Whyte & Mackay never agreed.

Whyte & Mackay is the seventh-largest Scotch maker in Scotland with a turnover of $283 million. It owns major brands like Isle of Jura, Dalmore, Vladivar Vodka and Whyte & Mackay. Diageo, the world's No 1 spirits company, has a turnover of $17 billion.
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MTNL reports 91 pc increase in net
Mahanagar Telephone Nigam has reported a 91pc increase in net profit at Rs224.02 crore for the third quarter ended December 31, 2006 as against Rs117.58 crore in Q3FY06.
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GE Shipping plans acquisitions worth Rs3,750 crore
Mumbai: Great Eastern Shipping, India's largest private shipping company, has set aside Rs3750 crore for acquiring shipping and offshore assets. The amount is more than the company's current market capitalisation of Rs3270 crore.

GE Shipping deputy chairman and managing director, Bharat Sheth, said that while GE would invest a little over half the amount, the balance would be spent by its offshore arm, Greatship India.

Over 60 pc of the amount is expected to spent in the dry bulk sector, and the balance in the offshore sector. GE Shipping is investing when offshore asset prices are shooting up in the context of increased exploration activities.

The company is funding this capital expenditure through internal accruals and debt.

The company's existing fleet of 41 vessels comprises 32 tankers (14 crude oil carriers, 16 product carriers, and two LPG carriers) and nine drybulk carriers (one panamax, five handymax and three handysize), with an average age of 13.1 years and aggregating 2.96 million dead weight tonne (DWT).

GE Shipping's current order book comprises eight product tankers (four medium range and four LR1 product tankers aggregating around 0.47 million DWT.
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Blackstone to invest $275mn to pick up stake in Ramoji firm
Mumbai: The Blackstone Group with its affiliates is investing $275 million in Ushodaya Enterprises Limited (UEL), promoted and owned by the Hyderabad based Ramoji Group. The transaction is subject to the approval of the Foreign Investment Promotion Board and the information and broadcasting ministry.

With this, Blackstone will have a representation on the UEL board. The Ramoji Group company would also raise another $190 million through bank financing, a media statement said.

Ushodaya publishes the Eenadu newspaper, runs the ETV network and sells pickles under the brand name Priya.
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