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Morgan Stanley pays $11.5 million for
7% in indiainfo.com
Mumbai: It is reported that Morgan Stanley Dean Witter has spent $11.5 million to
buy a seven per cent stake in indiainfo.com, an Internet services and portal company. That
places a valuation of $164 million, or over Rs 706 crore on this site.
The company will soon make an initial public offer on the Nasdaq.
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Balco privatisation after restructuring
New Delhi: The government will go ahead with its plans to sell up to 51 per cent of
the equity of public sector Bharat Aluminium Company. Before that it will implement a
capital restructuring that is expected to reduce Balco’s equity to half its current
size and withdrawal of an equivalent amount from its reserves. That will give the
government Rs 244 crore before the disinvestment.
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Ministry
opposes Bhel sale
New Delhi: Opposition to the privatisation of Bharat Heavy Electricals Ltd has
cropped up from an unexpected quarter – from within the government. The Union finance
ministry and the prime minister’s office want to reduce the government stake in Bhel
to 49 per cent. But, it is reported, the ministry of heavy industry and public enterprises
is against the divestment, saying that Bhel is a strategic as well as a profitable company
Among the groups that would like to acquire Bhel are
European electrical equipment giants ABB and Siemens.
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3 Tata Tea
nominees on Tetley board
London: India-based Tata Tea will place three nominees on the board of directors of
Tetley Group after it takes control of the UK-based tea major on 10 March. They will
function as non-executive directors on the board.
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Stemcor acquires
Essar’s Hy Grade
New Delhi: Britain’s Stemcor Holdings has brought in Rs 92 crore of its total
equity contribution of Rs 184 crore in Hy Grade Pellets Ltd, its joint venture with Essar
Steel. This transaction completes the sale of the iron ore pellet company by the Essar
group.
The Essar group will continue to hold a 49 per cent stake in Hy Grade. Its group company
Essar Steel has signed a 20-year purchase agreement with Hy Grade to ensure a continuous
supply of quality raw materials for its steel plant at Hazira in Gujarat.
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Deutsche
Telekom grabbing Qwest, US West
New York: Germany’s Deutsche Telekom AG, which is now Europe's largest
telecommunications company, is negotiating to acquire Qwest International Inc and US West
Inc in two different deals. The aggregate cost will be some $80 billion.
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