Following are the important business news carried by leading financial dailies on Wednesday Nov. 21, 2012:
Govt. to approve NMDC's 50% stake buy in Legacy Iron Ore
The government will soon approve NMDC's acquisition of 50% stake in Australia's Legacy Iron Ore at the next meeting of the Cabinet slated later this week, sources said. The state-owned iron ore miner has already announced acquisition of 50% equity in Legacy Iron Ore, a listed entity in the Australian Stock Exchange, for AUD 18.9 million (Rs 1.08 billion at current exchange rates).
Govt may clear 9.5% stake sale in NTPC soon
The government is likely to approve 9.5% stake sale in state-run NTPC this Thursday. "Cabinet may approve 9.5% paid up equity capital in NTPC out of government's shareholding of 84.50%, a proposal by Department of Disinvestment, Ministry of Finance," sources said. This move is aimed at meeting the government's disinvestment target of Rs 300 billion in the current fiscal.
Diageo to launch Rs 54.41 bn United Spirits open offer in Jan
Diageo PLC will launch its over Rs 54.41 billion open offer in January next year to acquire 26% stake in Vijay Mallya-led United Spirits. United Spirits had earlier signed a deal to sell the majority stake to the UK-based Diageo. In a filing to the BSE, United Spirits (USL) said the open offer will commence on Jan. 07, 2013, and will close on Jan. 18, 2013.
Ratan Tata steps down as Chairman of Tata Global Beverages
Tata group chief Ratan Tata today stepped down as Chairman of Tata Global Beverages with immediate effect, making way for successor Cyrus Mistry, who has also been inducted into the board of Indian Hotels Company. In two separate filings to the BSE, the two firms said the respective meetings of the Board of Directors decided the changes as per Tata's retirement plans in December 2012.
Visa Steel sells 49% stake in coke-oven battery to Suncoke Energy
Kolkata-based steel maker, Visa Steel, has decided to sell 49% stake in Visa Coke (its 4 lakh ton capacity coke oven battery) to New York-listed SunCoke Energy for Rs 3.68 billion. Vishambhar Saran, Chairman of VISA Steel said, ``This is a great opportunity for VISA Steel to partner with SunCoke, known for its operating and technological expertise, to grow the coke business.``
M&M open to more buys; sees sustained growth in utility vehicles segment
The automotive major Mahindra & Mahindra on Tuesday said it is open to more acquisitions. Refraining to comment on reports that the group was pitching for Aston Martin bid, Pravin Shah, Chief Executive, Automotive Division of M&M, said he would not like to comment on general reports. The company has had a very successful buyout history in the past and even the SsangYong deal has proved to be very good. Therefore, we are always scouting for good buys.
IGL commissions new concept CNG station in Delhi
Indraprastha Gas (IGL) said it has commissioned the nation`s first CNG station modelled on the concept of having `Equipment on Canopy`. This is IGL commissions first of its kind CNG station in Delhi CNG Station in India where all CNG equipment are installed on RCC canopy. As a result of installation of all equipment on the canopy, nearly 40% of the plot area has been saved, which is being utilized for CNG dispensing.
Reliance Industries agrees to KG-D6 audit by CAG; raises hopes of quicker approvals of more fields
Reliance Industries and the oil ministry have narrowed their differences over auditing of the controversial KG-D6 block and pricing of natural gas, raising hopes of quicker approvals and development of more fields in the gas-rich region, government and industry sources said. The company has also agreed to cooperate in the audit even if the exercise is conducted after a lapse of two years. RIL had earlier argued that the contract allows an audit only within two years of the period being scrutinized, sources said.
Jindal sees first Mozambique coal exports by January
Jindal Power & Steel has started producing coal at its mine in Mozambique this month, with first exports expected by January next year, the company's country head for Mozambique said at an industry conference on Tuesday. The company initially plans to produce and ship 1.3 million tons of coal, ramping up to 10 million tons over three to four years, with potential to double that in the future.