PWC study says M&As not yielding net growth
Bangalore: A recent study by PricewaterhouseCoopers (PWC) has found that the objective behind most of the mergers and acquisitions (M&As) were not achieved, resulting in failure of the deal and erosion of net value for the companies involved. In the last five years, worldwide the industry has seen over 40000 M&As worth $4 trillion, but most of these deals have under-performed the value of the transaction, the study points out.

Mr. NV Sivakumar, PwC director, citing study findings has said that while the global markets have seen the number of M&As rise, creating and sustaining the value of the deal has emerged to be an issue of even greater importance. He said that Due Diligence Reports (DDRs) must be undertaken prior to the M&A, as they served as a search and screening process covering three key aspects - the level to which the shareholder interests are met, how much the deal is worth and whether the company can afford it.
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S&P wants to enhance its presence in India
Mumbai: Standard & Poor Fund Services (S&P FS) is looking at enhancing its presence in the Indian markets by way of a joint venture with a local partner. Mr. William J Reidy, S&P FS managing director for Asia Pacific has said that as part of India expansion plan, S&P plans to form a joint venture early this year and is currently negotiating with a few parties for the purpose.

Mr. Reidy said that S&P wants to establish cent per cent coverage of the funds available for sale in every country in which it operates. S&P would now like to introduce its value-added solutions targeted at investment professionals. S&P FS, known for its five-star ranking of off-shore mutual funds and fund rating services tracks 51,000 funds in 52 countries with assets aggregating $ 15.5 trillion. It is part of Standard & Poor's formed after the merger of Micropal and Fund Research.
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Evaluators for BALCO assets appointed
New Delhi: The government has appointed P V Rao and Associates for undertaking a valuation of the assets of Bharat Aluminium Company (BALCO) in the run up to inviting financial bids for sale of majority stake in the company. As per the terms of reference, the valuator will revaluate the fixed assets of the company by segregating them into core assets, defined as those required to run day-to-day operations. The non-core assets defined as surplus assets will be evaluated separately.

The evaluators have however, said that they will not be in a position to undertake evaluation of mines and quarries owned by BALCO. The valuators have indicated that they are licensed to undertake only the valuation of immovable property, including land and buildings along with plant and machinery. They have also indicated that they might require more time to inspect the properties of the company at Chennai and Mumbai and have sought extension of time limit beyond the mandated 10 days' period for submitting their report.
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JNPT to invest Rs 600 crore approach channel
Nhava Sheva: Jawaharlal Nehru Port Trust (JNPT) has chalked out a Rs 600 crore investment plan for deepening its 22.5 km long approach channel in the Arabian Sea to about 14 metres, after handling one million twenty equivalent units (TEUs) of traffic in the current fiscal.

The port authority has short-listed eight companies to prepare a model plan for the project and work is expected to commence soon, Mr.Arun Bogirwar, JNPT chairman has said. JNPT would also consult the Mumbai Port Trust (MPT), as the channel passes through MPT area and possibly ask them to chip in their share in the project expenditure.
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