The stressed asset business will be a mix of an ARC and a distressed asset fund. Ambit has already started insurance brokerage and equity research and sales businesses this year. It closed a $100-million private equity fund called Ambit Pragma Ventures recently. It is also keen on starting proprietary trading.
IT major Wipro Technologies and Gurgaon-based knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the Indian back office business of Lehman Brothers Holdings, the US-based investment banking firm that filed for bankruptcy protection on Monday.
This comes after both parties failed to arrive at an agreement on an appropriate valuation of the stake, a company executive said. Sterlite bought 51 per cent stake in Balco in March 2001 for Rs 552 crore (Rs 5.52 billion) when the National Democratic Alliance (NDA) government decided to divest the government stake in the public sector company.
India Inc's creamy layer - executive directors and above - rewarded themselves handsomely with a 36 per cent pay rise in 2007-08.
Foreign institutional investors were the major sellers on the Indian bourses in the last six months, accounting for total outflows of Rs 62,000 crore (Rs 620 billion).
Kinetic Motor Company, the Pune-based scooter-maker, which sold its business assets to Mahindra and Mahindra for Rs 110 crore (Rs 1.1 billion) on Wednesday, is now considering to get into the auto components business.
A Mahindra in every household wouldn't be realised without two-wheelers.
More than 42 per cent of the funds mobilised through initial public offers in the last one year are idling away either in banks or debt schemes.
Swan Telecom, which has received licences to operate mobile phone services in 13 out of the 22 telecom circles in India, is in talks with foreign companies for diluting 26 per cent of its equity for around $470 million.
Mahindra & Mahindra (M&M), India's largest sports utility vehicle maker, is buying a major portion of two-wheeler maker Kinetic Motor Company's assets in a deal valued at Rs 110-120 crore (Rs 1.1 to 1.2 billion).
The Tata group companies increased their dividend payout to 28.3 per cent in the financial year ended March 2008 from 27.3 per cent a year earlier, while the corporate sector (1,121 dividend paying companies) pruned the dividend payout from 25.22 per cent to 23.04 per cent.
Reliance-Anil Dhirubhai Ambani Group is looking for acquisitions to start its cement business much before it completes its 4,000-Mw mega power project at Sasan in eastern Madhya Pradesh, which is to provide the fly ash that is used to make cement.
India Inc's order-books swelled to Rs 37,666 crore (Rs 376.66 billion) in the first quarter of the financial year 2008-2009, up 93 per cent from Rs 19,520 crore (Rs 195.2 billion) for the same period last year. In the fourth quarter of 2007-08, the order-book had increased by 121 per cent to Rs 42,545 crore
The super-rich club is shrinking at a dizzying pace. Over 100 billionaires (net worth of Rs 100 crore and above) have turned millionaires courtesy the decline in share prices over the last six months.
US giant expected to bid for 65% non-promoter stake.
With a gradual erosion in valuation of mid- and small-sized IT and IT enabled services firms on the stock markets due to rupee fluctuations and a US slowdown, experts estimate as much as 50 per cent rise in merger and acquisition deals in the domestic IT industry over the next 12 months.
The payout declined to 22 per cent in 2007-08 from more than 24 per cent in each of the last four years, an analysis of the 657 companies, which announced dividends in the financial year ended March, showed. The sample is from the list of 2,000 companies, which have declared results, though only 657 companies announced dividends as of June 6.
Idea Cellular's bid to acquire a controlling stake in the B K Modi-promoted Spice Communications has hit a pricing roadblock. Investment banking sources said that B K Modi had asked for Rs 70 a share for his 40.8 per cent stake in Spice, valuing the company at Rs 4,829.47 crore, but Idea is reluctant to pay that much."Any price valuing Spice Communications beyond Rs 4,200 crore would be expensive for Idea Cellular," said an analyst with a domestic brokerage.
While Wal-Mart is facing delay in the rollout of its retail plan, Carrefour SA, the world's second-largest retail chain, is still struggling to finalise its Indian partner even after six years of persistent search.
Eighteen months hence, Reliance Retail is a 600-store chain, while Wal-Mart, which had planned to start operations by the year-end, has deferred the launch to 2009.
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