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M&M acquires controlling stake in
Gujarat Tractors
Mumbai: Mahindra & Mahindra has formally concluded an agreement with
the government of Gujarat to acquire 51 per cent equity stake in Gujarat Tractors
Corporation. M&M shareholders had earlier cleared the deal. The company intends to
turn around Gujarat Tractors and make it a compact and efficient organisation. The
acquisition cost Mahindra & Mahindra nearly Rs 15.5 crore.
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Hutchison completes Sterling deal
New Delhi: Hutchison Telecommunications of Hong Kong has acquired a 49
per cent stake in Sterling Cellular of Delhi from Swisscom (32.6 per cent) and
non-resident businessman C. Sivasankaran (16.4 per cent). The balance holding in the Delhi
cellular operator is with Essar group. In a joint statement, Hutchison Whampoa and Essar
group, said Hutchison has agreed to buy the shares subject to regulatory approvals. The
statement did not spell out the value of the deal or any possible management
restructuring. The Hong Kong company is understood to have settled payments overseas.
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Leading Edge approves
takeover of ECapital
Mumbai: Leading Edge Systems is acquiring ECapital Solutions, a start-up
venture by Suresh Rajpal, former chief executive (India) of Hewlett-Packard. The
company’s baord has approved the proposal, according to which it will issue 7.3
million shares to the shareholders of ECapital Solutions to pay for the acquisition.
Leading Edge’s stock was priced at Rs 1,296 on 18 December. Post the acquisition, Mr.
Rajpal will take over as CEO of Leading Edge Systems.
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Equal stake for five in
Petronet proposed
New Delhi: Under a new proposal, Indian Oil Corporation, Bharat Petroleum
Corporation, Gas Authority of India, Oil and Natural Gas Corporation and the National
Thermal Power Corporation will become equal partners in Petronet LNG with 10 per cent
stake each. The proposal is to be placed before the cabinet. This will allow the
government to retain 50 per cent holding in the company and at the same time accommodate
the five government institutions as equity holders. NTPC had earlier demanded 26 per cent
stake in the venture.
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IDBI sanctions loan for
Videocon
Mumbai: The Industrial Development Bank of India approved a Rs 700 crore
securitisation package for Videocon Petroleum for its Ravva oil fields in Andhra Pradesh.
The project is operated by the company in partnership with Cairn Energy of the UK and
Marubeni of Japan. The loan, with a tenure of 10 years, has been sanctioned against future
receivables from the field.
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Warner-Lambert plans to
foil Pfizer plan
New York: Warner-Lambert says it has asked a Delaware court to prevent
Pfizer from proceeding with its plan to oust Warner Lambert’s baord of directors. The
company said it has asked the court for a preliminary injunction against Pfizer barring it
from formally asking Warner-Lambert’s shareholders to replace their ten-member board
with a seven-person team chosen by Pfizer.
Pfizer has filed a consent solicitation with the
Securities and Exchange Commission seeking permission to begin the process.
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Ford changing logo
Detroit: The Ford Motor Company is changing its Blue Oval logo. It will
be replaced by a new script logo. According to reports in automobile magazines, the
decision to take off the blue oval, known better as Glass House, was discussed within the
company. The logo will be removed early 2000. The new logo will sport a script "Ford
Motor Company", the reports said.
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