Reliance Industries (RIL), which raised Rs 2,675 crore (Rs 26.75 billion) through the sale of treasury shares on Monday, is looking to generate a similar amount over the next few weeks by selling more stock to institutional investors.
Steel trader Kunal Gandhi has stopped going to metal yards -- he now buys 80 per cent of his monthly steel requirement of 2,500 tonne from JSW Shoppe at Mumbai's Vile Parle, which opened three months back.
Reliance Industries Ltd (RIL), in its efforts to gain control over LyondellBasell, is looking to team up with the unsecured creditors and bond holders of the bankrupt Dutch petrochemicals giant.
Mukesh Ambani-controlled Reliance Industries is expected to buy out a fifth of LyondellBasell's $27 billion gross debt and seek a rollover of the balance after acquisition, as a step towards gaining the confidence of creditors in its plans to acquire the world's third largest petrochemical company, sources familiar with the developments said.
When United States-based drug major Merck bought Schering-Plough early this month, it decided to go off the beaten track. Instead of having one managing director for the merged entity, it decided to retain both: Naveen A Rao will continue to head Merck's subsidiary MSD Pharmaceuticals in India and K G Ananthakrishnan will retain his position as MD of Schering-Plough's subsidiary Fulford India.
The Year of India in Russia - as 2009 is officially known - has helped India Inc get into a long bear hug with the Russian consumer. They are lapping up everything - from Ratan Tata's marquee cars to Vijay Mallya's whisky.
After two years of waiting, Tata Steel will get alternative land in Vietnam for building a 4.5 million tonne a year steel plant with an investment of $5 billion. Decision to allocate 725 hectares comes after a long delay.
India's largest private conglomerate is looking to integrate some of its smaller businesses with their respective flagship companies, with a view to leveraging the value of the entities and increase cost efficiency.
Anil Agarwal-controlled Sterlite Industries has got a leg-up in its takeover battle for bankrupt copper miner Asarco in the United States. A district court in Texas has allowed Sterlite to argue for its amended bid of $2.56 billion, which was earlier rejected by a lower court.
The company feels valuations are low and the demand would later rise.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
Nova's new owner has decided not to pursue this project.
A German bankruptcy court has sold off Reliance Industries' polyester making subsidiary Trevira GmbH to two local entrepreneurs for an undisclosed amount.
For its Singapore trading desk, the company aims to hire a few top level executives in a few weeks. The desks in London and Houston will also recruit more executives for finding opportunities in those markets. The company has another trading desk in Dubai. An RIL spokesperson declined to comment on the expansion of trading desks.
No one is saying the steel industry is out of trouble. The financial crunch continues, and coupled with high cost of input, severely affected the first-quarter profits of steel companies. But most agree with Tata that the signals are encouraging.
European wind turbine makers interested; deal could be $1 billion. The company aims to raise about $1 billion from the sale of a 61.28 per cent stake, said two banking sources.
JSW Energy aims to generate 11,390 Mw in the country by 2015. The company has tied up with two consortiums of lenders, led by IDBI Bank and State Bank of India, respectively, for the loans. It had recently filed a draft red-herring prospectus for a Rs 3,000 crore (Rs 30 billion) public offering with market regulator Securities and Exchange Board of India.
A consortium of British Gas, Oil and Natural Gas Corporation and Reliance Industries, which controls the PMT fields off the west coast, is spending about Rs 2,500 crore (Rs 25 billion) for reviving the reserve in this fiscal, while new wells are being drilled at the Cairn-operated Ravva field (off the Andhra coast) for small-sized additional discoveries. The Tapti field has witnessed 'natural decline in the production profile' during the first quarter ended June 2009.
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.
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