The State Bank of India is likely to float a second offering of its medium-term notes foreign currency bonds in next financial year to fund its operation of overseas offices.
Indian firms, including Tata Steel, in the past have formed SPVs to acquire foreign companies to protect local operations and also to avoid legal hindrances. The SPV may be registered in a tax-haven country, like Mauritius or Bahamas, the sources said. The move to float an SPV will help Bharti Airtel to continue being listed on Indian stock exchanges, while MTN's promoters will be given a stake in the SPV.
Permission for dual listing would require full capital account convertibility and therefore changes in regulations under the Foreign Exchange Management Act.
The report quoted SingTel chief executive officer (CEO) Chua Sock Koong as saying that the talks were "at an extremely preliminary, exploratory stage". The company's CEO for international operations, Lim Chuan Poh, was quoted as saying that it was too early to determine if Bharti would make a bid for MTN or whether SingTel would provide financing for the deal. The executives were talking at the company's annual results event in Singapore.
Prime Minister Manmohan Singh has not yet firmed up any bilateral or pull-aside meetings with South African President Jacob Zuma during the two-day G-20 Summit at Pittsburgh, but officials accompanying him have not ruled out such a possibility.
The proposed $23-billion mega deal between Bharti Airtel and South Africa's MTN would be India's biggest-ever M&A deal. Let us now take a look at the 10 largest M&A transactions involving an Indian company until now
Reliance Industries Ltd (RIL) has invited Reliance Communications for "mutual conciliation prior to arbitration" on the dispute over the latter's bid to sew up a merger deal with MTN.
The Reserve Bank on Monday ruled out full rupee convertibility as of now and said the failure of Bharti-MTN deal cannot hasten it.
Corporate India's merger and acquisition deal activity in February stood at $2.3 billion taking the total M
Not too much is known about the middle-aged Arifuddin who is Vavasi's major shareholder, except for the fact that he is a civil engineer from Karnataka and started the group around a decade ago.
A day before the deadline of exclusive takeover talks between Anil Ambani's Reliance Communications and South African company MTN expires, Reliance Industries has invoked the dispute resolution clause of the non-competition agreement against RCom. However, RCom plans to go ahead with its proposed merger with MTN without taking RIL's claim into account.
Sunil Mittal's plan to merge his Bharti Airtel - India's biggest mobile-phone operator -with South Africa's MTN, coupled with the company's 3G foray, is likely to put pressure on its balance sheet, as the estimated cash requirement would be Rs 40,475 crore (Rs 404.75 billion) in this fiscal.
In its offer, that comes days after RIL invoked the arbitration clause under the non-compete agreement and asked RCOM to start conciliation as part of the process, Reliance Communication proposed to meet 'RIL in week of 14th July to clarify any doubts'. RCOM sources said that neither there was any dispute nor occasion for conciliation process and said that communication to RIL makes it clear that the company reserved the rights to take all actions as legally advised.
Bharti Airtel is learnt to be considering a bid for South African telecom firm MTN, which has operations in over 20 countries. If successful, it will catapult the company into the league of top global telecom players.
As the time draws closer to the expiry of exclusivity agreement between Rcom and MTN for negotiations, one newspaper after another in Britain and the US is commenting on the eruption of a battle between the two richest brothers in the world. The controversy over the possible deal started with Mukesh Ambani-led Reliance Industries asserting its Right of First Refusal over the younger brother's company with legal notices to Rcom and MTN.
Bharti Airtel Chairman Sunil Mittal's bid for telecom major MTN Group has to contend with some tough negotiations with Lebanon's former prime minister Najib Mikati, one of the wealthiest men in his country, as well as stiff black economic empowerment policies in South Africa that provide for a major share in the management of companies located in the country to blacks.
Bharti Airtelis looking to buy assets in emerging markets - the latest sign that India 's biggest mobile phone operator could broaden its base. One would see Bharti, which has a market value of $44bn, make a partial tender offer for a 51 per cent stake in MTN. This would allow MTN to retain its listing in Johannesburg and reduce the debt Bharti would need to take on to finance a deal.
While the M1 Group, which holds 9.8 per cent in MTN, today backed Bharti's bid, Singapore Telecommunications said it has no objection to the acquisition.
...accusing them of failing to meet minimum standards.
Suicide car bombers today attacked the offices of a Nigerian subsidiary of Indian telecom major Bharti Airtel in the volatile city of Kano besides that of South African firm MTN, killing at least four.
As the American Presidential elections entered its most heated phase, a senior White House adviser, who managed Barack Obama's 2008 campaign, was found to have accepted a USD 100,000 speaking fee in 2010 from an affiliate of a company doing business with Iran.
The idea is to reduce capital investments and improve profitability.
Subex Systems Ltd said it's fraud management system, ranger went live at the Sri Lankan GSM operator, MTN Networks.
Deals worth nearly $17 billion have got cancelled including -- the $14.5 billion Reliance-LyondellBasell deal, the $2 billion Reliance-Value Creation transaction, the $12 million PVR-DT Cinemas deal and the $130 million Wockhardt-Abbott Laboratories deal.
Even though English is South Africa's official first language, many World Cup visitors may find it hard navigating the local lingo, a bewildering mixture of Afrikaans, Zulu and nine other native tongues.
Top industrialists including Sunil Mittal, chairman, Bharti Airtel on Thursday called on Home Minister P Chidambaram.
A consortium comprising India's telecom PSUs BSNL and MTNL, among others, on Monday said it has started negotiations for acquiring control of Kuwait's biggest phone company Zain Telecom that has presence in 24 countries.
Slow domestic growth, global ambitions will prompt deals similar to MTN, say analysts
But what is dual listing all about? Why is India hesitant to adopt it? And what should be done? How does this issue stand between the Bharti and MTN deal? Let's find out.
With competitive pressures increasing at home, Bharti is making a third attempt to gain a foothold in the African market.
It also had other suitors like French company Vivendi, Egyptian company Etisalat and even MTN.
Warid Telecom, a wholly-owned subsidiary of the Dhabi Group, offers mobile telecom services with a user base of over 2.9 million in Bangladesh.
He likes to try and try again, as the renewed merger talks with MTN have demonstrated.
The Securities and Exchange Board of India on Tuesday revised takeover norms by bringing ADRs/GDRs with voting rights on par with the domestic shares, which makes an open offer mandatory if 15 per cent stake is bought in a company through these securities.
Bharat Sanchar Nigam Ltd chairman Kuldeep Goyal has been trying to get a foothold in Africa since February this year when the government allowed the state-owned giant to pursue business opportunities in that continent. The five-month old search continues; Goyal says BSNL is looking at acquiring stakes or licences in African markets as and when they are put up for sale.
Making strong inroads in the global acquisition arena, Indian companies have won many big ticket deals and acquisitions.
Indian companies may be embarking on ever more audacious international megadeals, inspired by aggressive empire-building ambitions rather than by the solid commercial logic and a careful appraisal of investment returns that have characterised past Indian acquisitions abroad.
A flare up of sibling rivalry between India 's billionaire Ambani brothers over the proposed takeover of mobile operator Reliance Communications by South Africa's MTN is threatening to spill over into the courts.
There are 10 million new subscribers each month, but they're not adding much value - telecom revenues are flat as a chapatti.
People who know Mr Ambani, estimated by Forbes as the world's sixth richest man with a net worth of about $42bn, say the deal is typical of his aggressive style.
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