Companies that made expensive overseas acquisitions lead the way in driving cost efficiencies.
To this end, the group is consolidating its global assets under GMR Infrastructure International (registered in the Isle of Man) for a public issue in London, according to an executive who did not wish to be identified, in a move that largely replicates what metals behemoth Vedanta did six years ago.
The US-based aircraft manufacturing giant will expand its manufacturing presence, launch subsidiaries and strengthen research and development (R&D) programmes in the country. Jeppesen, a subsidiary of Boeing, is close to setting up an office in Hyderabad, while another, Aviall, the company's spare parts subsidiary, already has operations from Noida.
Sterlite Industries, the flagship firm of London-listed Vedanta, may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt US copper mining firm, Asarco. Harbinger has decided to withdraw from the race, informing the bankruptcy court that its plan to restructure Asarco should not be considered.
Ore and coking coal to come from Tata mines in Canada, Africa.
The company has a debt burden of Rs 14,500 crore.
Sources said the company had already secured the required funds for payments due during the current year and might wait for higher valuations for assets that were on the block. Under the CDR, Wockhardt has to divest its non-core assets at an estimated value of Rs 790 crore (Rs 7.9 billion), but the company has been given six years to complete the transaction.
With entrepreneurs like Maganti drawing up aggressive plans, India has added 10,000 to 15,000 beds every year over the past five years.
The group also has plans to spend Rs 50,000 crore (Rs 500 billion) on power generation. The London-listed giant will spend Rs 43,000 crore (Rs 430 billion) to enhance its capacity, in addition to its Rs 50,000-crore (Rs 500-billion) plan in power generation.
Regulators tighten net on safety grounds.
However, the company will go ahead with its plans in Jharkhand, and has secured iron ore mines and coal linkages to the project, company sources told Business Standard. An e-mail reply from the steel major said it was not expecting its projects in India to start before 2014.
Wockhardt Chairman Habil Khorakiwala can breathe easy, as bankers have approved the debt restructuring package he had sought three months ago.
Five Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta group's Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.
Aditya Birla group flagship firm Hindalco Industries has decided to trim its overseas operations and is restructuring its capital expenditure in India in an effort to stabilise operations. As part of this overall plan, Novelis, which Hindalco acquired for $6 billion in 2007, is closing its sheet mill at Rogerstone in the UK, involving 440 job losses.
Fortis Healthcare, promoted by former Ranbaxy owners Malvinder Singh and Shivinder Singh, will raise Rs 1,000 crore (Rs 10 billion) through a rights issue by the first week of August, to fund its expansion plan.
It will focus on sourcing 800 Mw for BEST and 477 Mw for its own distribution system from April '10. Sources said TPC on Thursday officially wrote a letter on the issue to R-Infra, informing them that it would support the ADA group company till March next year in the interest of Mumbai's consumers, and help R-Infra find alternative arrangements. While a Tata Power spokesperson declined to comment, an R-Infra spokesperson expressed surprise over the decision.
WakeupWalmart.com, an anti-Wal-Mart website which belongs to the United Food and Commercial Workers Union, came out with a report two days ago titled, 'Wal-Mart's vaunted $4 prescriptions supplied by disgraced Indian manufacturer.' UFCW claims to have a membership of over 1.3 million workers in the US and Canada. WakeupWalmart.com mainly campaigns for the rights of Wal-Mart employees and consumer interests.
The Anil Dhirubhai Ambani group company hasn't yet got the contract for executing the second phase of the Mumbai Metro, but Jalan's team has already started negotiating with domestic banks to tie up funds for the estimated Rs 11,000-crore (Rs 110-billion) project.
Reliance Power's plans are to set up a 7,480-Mw project, which will be the largest gas-fired power project at a single location in the world.
The Bombay high court, while pronouncing the verdict on the gas dispute on Monday, advised the Ambani brothers for the second time to settle their row in consultation with their mother.
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