Idea Cellular said on Thursday, 22 May 2008 private equity Providence Equity Partners would buy 20% in its unit Aditya Birla Telecom for $640 million (Rs 2,560 crore). The deal is subject to regulatory approvals, and expected to close by August 2008.
Private equity ICICI Venture is reportedly partnering Mahindra & Mahindra in its bid to acquire Belgian gear maker VCST Industrial Products in a deal valued around 250 million euros.
Oil and Natural Gas Corppration (ONGC) has reportedly refused to be paid in oil bonds by oil marketers Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil Corporation (IOC), who are struggling due to record crude prices. Instead, ONGC has offered to lend its Rs 17000 crore surplus to bail them out.
Videcocon Industries reportedly plans a consumer electronics retail foray across West Asia, Europe, Africa and Latin America under the brand name 'VC' to raise global revenue shares to 50% by 2011 from 2% now.
Diageo India, the Indian subsidiary of liquor maker Diageo, reportedly targets sales of £500 million (Rs 4154.9 crore) in three years.
Gujarat State Petroleum Corporation (GSPC) has reportedly firmed up plans to set up a 7.5-million-tonne Rs 3000 crore LNG terminal in a joint venture at the Adani group-managed Mundra port. GSPC will hold 50% and the Adani group will pick up 25%. It has offered the residual 25% stake to the Essar group, which is yet to decide on the offer.
Jindal Steel & Power (JSPL) is reportedly set to get mining license for 20-billion tons of iron ore deposits of El Mutun mine in Bolivia. JSPL signed a contract with the Bolivian government last year in July to develop El Mutun, which is considered to be the world`s largest iron ore mine with reserves of 40-billion tons.
The board of Apollo Sindhoori Capital Investments approved splitting each share of Rs 10 each into ten shares of Rs 1 each.
Balaji Telefilms reported 12.1% rise in net profit to Rs 23.85 crore on a 24.7% increase in sales to Rs 96.51 crore in Q4 March 2008 over Q4 March 2007.
Cummins India reported 15.1% rise in net profit to Rs 75.60 crore on a 32.7% increase in sales to Rs 670 crore in Q4 March 2008 over Q4 March 2007.
Core Projects & Technologies reported 455.2% rise in net profit to Rs 13.88 crore on a 207% increase in sales to Rs 51.63 crore in Q4 March 2008 over Q4 March 2007.
Bharat Heavy Electricals, City Union Bank, Crompton Greaves, Geojit Financial, Federal Bank, ITC, Transport Corporation and VIP Industries, among others will declare their March 2008 ended quarter results today.