Walt Disney Co and Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth. Reliance and its affiliates will hold 63.16 per cent in the combined entity while Disney will hold the remaining 36.84 per cent, the companies said in a statement.
Delay in approvals and bureaucratic stonewalling create hurdles; experts fear return of licence raj.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
With the filing of this approval with the Registrar of Companies, the legal process for the merger have been completed, an official release said.
Last month, the high court had ordered an interim status quo on the $4-billion deal, after a suit from some individual investors alleged insider trading in Ranbaxy's shares by Silverstreet Developers, Sun's wholly owned arm, before the deal was announced on April 6.
Since the demise of former All India Anna Dravida Munnetra Kazhagam supremo and chief minister J Jayalalithaa in December last year, Tamil Nadu's political scenario has witnessed unprecedented drama. Following is the chronology of major events in the southern state's ruling party.
When mutual funds merge schemes, there is a tax implication on the investor. Some calculations on how this works.
This will trigger an open offer under SEBI norms and TCIL will seek to buy up to 26 per cent in Sterling for Rs 230 crore.
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Indian telecom sector has at present around 13 mobile phone service providers with some of them expected to go for consolidation once the final guidelines are in place.
Nearly 150 senior management staff will be asked to leave.
Reliance Industries Limited (RIL) is set to carry out a major restructuring exercise. Nine of its retail units would be merged with Reliance Retail and Reliance Fresh.
JCT Ltd board will meet on January 31, 2003 to consider the merger of five of its subsidiary companies.
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
The NCP national leadership would take an appropriate decision on NCP state leadership posts after the merger.
A meeting presided over by Palaniswami said the appointment of Dinakaran as deputy general secretary was against party rules.
The country's most valued firm RIL's bid to acquire a majority stake in bankrupt petrochemical group was called off by LyondellBasell after the latter found the price offer was undervaluing the company.
Notwithstanding record revenues in certain media sectors like film exhibition in the July-September quarter (second quarter, or Q2), the operational performance of the broadcasting business remained subdued. Zee Entertainment Enterprises and Sun TV are expected to experience a year-on-year (Y-o-Y) decline in advertising (ad) revenues during this period. Conversely, box office (BO) collections are anticipated to exceed Rs 3,000 crore in the quarter, propelled by a series of successful movie releases.
Last week, the court had vacated the status quo order it had issued earlier on the merger process between Sun Pharma and Ranbaxy.
The rosy picture of India Inc's acquisition spree both at home and abroad could dissolve into a nightmare if employee related issues post-M&As are not taken care of strategically.
Manipal Group chairman Ranjan Pai is in early discussions to invest in Byju's-owned Aakash Educational Services Limited (AESL). According to sources in the know, Byju's founder and chief executive officer Byju Raveendran, who owns a 30 per cent stake in Aakash, is expected to partially offload his holding to Pai for $80-90 million (about Rs 650-740 crore). Raveendran may use the money to repay a large part of the Rs 800 crore loan that Byju's raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a 'technical default', the sources said.
Steel Authority of India Ltd said on Thursday it plans to merge Neelachal Ispat Nigam Ltd and Maharashtra Elektrosmlet Ltd with itself.
This will be the second merger of an associate bank with the SBI after a similar exercise with the State Bank of Saurashtra in August 2008.
There is no proposal to merge Nilachal Steel Corporation with SAIL but the process for the government's proposed merger of Nilachal Ispat Nigam Limited with Steel Authority of India Ltd is underway, the Lok Sabha was informed on Monday.
The mega-merger of state-run carriers Air India and Indian received the final government nod on Thursday, with the Union Cabinet giving a go ahead to the proposal of the Group of Ministers in this regard.
A merger between state-run telecom firms Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd is the best option because it would create the country's largest telecom company, said Kuldeep Goyal, chairman and managing director of BSNL.
The proposed merger between US- based Lucent Technologies Inc, a CDMA telecom equipment provider, and French major Alcatel is a 'strategic fit for India', a senior Lucent India executive said on Thursday.
DEA officials to push for this at a meeting with FM Jaitley.
The five-judge constitution bench headed by Chief Justice DY Chandrachud, which heard their contentions at length, told them they will have to justify the procedure adopted for abrogation as the court cannot postulate a situation "where the ends justify the means".
The rumour verification process would now be triggered by changes in price or 'material price movements', as the paper defines it. What this means is that companies would need to verify rumours only if the share price moves significantly.
Minister of State for Communication Shakeel Ahmad said that the exact modalities for effecting it would take some time because of the complexities involved.
Speaker Om Birla sought to calm down opposition members, noting that a different system was in place to run the Sansad TV after it was created following the merger of the Lok Sabha TV and the Rajya Sabha TV.
The Anglo-Dutch merger was meant to revive the ailing British Steel which had incurred a net loss of 81 million in the year ended March 31, 1999
State owned refiner Indian Oil Corporation has proposed merger of its subsidiaries Indian Oil Blending Ltd, IBP Co Ltd, Bongaigaon Refinery and Petrochemicals Ltd and Chennai Petroleum Corp Ltd with itself, Petroleum Minister Mani Shankar Aiyar said
Categorically ruling out the possibility of a merger with any other party at any point, YSR Congress on Saturday dared the opposition Telugu Desam Party to move a No Confidence Motion in the assembly against the Congress government in Andhra Pradesh. Addressing a press conference, party spokespersons Bajireddy Goverdhan, Vasireddy Padma, and Rehman refuted the "politically-inspired media propaganda" that YSR Congress would merge with the Congress.
The government plans to consider the issue of merger between BSNL and MTNL on the basis of suggestions made by a financial consultant appointed by the centre, chairman and managing director of BSNL A K Sinha said.
Siltap Chemicals Ltd plans a merger with Supreme Industries Ltd.
Torrent to buy Ranbaxy's anti-bacterial generic
Matrix Laboratories Ltd and Strides Arcolab Ltd on Saturday said they have called off the proposed merger as the two companies were unable to reach an agreement on valuation.
Panneerselvam's remark came a day after the two factions were squabbling and blaming each other for the delay in the talks getting off the ground.
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