Monnet, which has already acquired 27 per cent in Orissa Sponge at Rs 283 per share, made an open offer for another 20 per cent at Rs 310 per share. Monnet group executive vice-chairman and managing director Sandeep Jajodia said, "We have formed a joint venture with Orissa Sponge existing promoter P K Mohanty. Under the deal, the Monnet group will have three directors, while Mohanty, who will have around 18 per cent stake in the company, will have two nominees on the board."
Sri Lanka on Monday put off indefinitely a decision to sell off part of the state-run oil company to Bharat Petroleum as trade unions threatened to stop work, triggering panic buying at petrol stations across the country.
The Employees' Provident Fund Office in Chennai said it intends to attach the properties of the promoters of struggling retail chain Subhiksha to meet provident fund dues for around 4,500 employees in and around the city.
A one-time income of Rs 305 crore (Rs 3.05 billion) from the sale of its loyalty programme to equity partner Etihad helped Jet Airways slash losses to the tune of 95.7 per cent at Rs 43 crore (Rs 430 million) in the three months to September.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
Some companies are already seeking review of the new norms.
Goa, Uttarakhand and Meghalaya will initiate schemes to enable 24x7 power to consumers.
The Anil Agarwal-controlled Sterlite Industries on Tuesday said it had dropped its plan to demerge the copper business as part of its restructuring process that commenced in January 2003.
Telecom Italia is targeting to reduce the debt significantly over the period 2009-2011. It plans to reduce net debt to earnings before by interest, tax and depreciation and amortisation ratio to 2.3 at the end of 2011 from over 3 at present.
Contrarian stocks can help investors generate much higher returns than buying shares of companies that have shown consistent high growth for years.
A vilification campaign against Rosneft has begun in right earnest, says M K Bhadrakumar.
Adani group will demerge all ports, power assets into two 2 listed firms.
Dabur to consider demerger of pharma biz
'It is no longer practical to expect parents to pay anywhere between $40,000 and $55,000 for the year or even half for the term if there is no clarity.'
The company had received a loan restructuring package from banks under the 5/25 scheme last year.
British IT services firm Logica has decided to cut about 1,300 jobs, including nearly 500 in the UK, and move many of them to India, the Philippines and Morocco.Logica-- an IT and consultancy firm -- already has a significant presence in India and has an overall staff strength of 39,000.
Billionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore (Rs 200 billion) five-million-tonne steel project in Orissa in view of its strategy to focus on non-ferrous and iron ore businesses, two highly-placed sources in the company said on Tuesday.
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