Search Results for:P.R. Sanjai
Tatas bought the luxury car-maker in 2008 for $2.4 billion.
The group is ready to cut its shareholdings in six listed entities to less than 51 percent, including Mahindra & Mahindra Financial Services Ltd., which has a market value of 210 billion rupees ($3.1 billion) — if the strategy they’re pursuing calls for it, Chief Financial Officer V.S. Parthasarathy said in an interview in Mumbai. Mahindra will also encourage unlisted group companies to tap private equities for investment and list on stock exchanges.
GOL Offshore has three offshore drilling units—Kedarnath, Amarnath, and Badrinath—that it leases out to oil and gas firms.
Reliance Infrastructure, on completion of the cement unit sale to Birla Corp., said that the proceeds shall be utilized for debt reduction.
The group’s decision to convert its financial services business into a stand-alone entity comes at a time when other conglomerates such as the Piramal Group are also thinking along the same lines. The two will join a growing list of financial conglomerates which includes Bajaj Finserv Ltd, Reliance Capital Ltd and L&T Finance.
The merger will create an entity with yearly revenue of Rs.59,766 crore, net profit of Rs.4,245 crore and earnings before interest, tax, depreciation and amortization, a measure of operating profitability, of Rs.12,000 crore.
The boards of Grasim Industries Ltd and Aditya Birla Nuvo Ltd, which are meeting on Thursday, will also consider a multi-phase restructuring plan involving the merger of the two firms and listing of the financial services business by way of a part demerger.
Yara India is a unit of Yara International ASA. The divestment of the Urea business by Tata Chemicals will unlock value for the company, strengthen its balance sheet and will help to pursue opportunities in line with its strategic directions.
The financial contribution includes equity stake of $125 million through the Capital Mining Hydrocarbons Fund and a loan of $50 million from Investissement Québec, acting as an agent of the government.
The decision to sell 15% of the stake in L&T Technology Services comes two days after L&T Infotech’s Rs.1,243 crore IPO was subscribed more than 11 times on the final day of its sale on Wednesday.