Searches related to Public Holding Law India
New rule to spur PSU selloffs | ||||||||||||||||
| JAYANTA ROY CHOWDHURY | ||||||||||||||||
New Delhi, June 6: The government can rake in at least Rs 1,24,000 crore from divestment over the next five years on account of the new norms for public holding in listed companies, according to merchant bankers. It is now mandatory for all listed companies — PSUs as well as private — to maintain a minimum public holding of 25 per cent. Companies can reach the threshold limit by selling at least 5 per cent stake every year. Top officials said stake sales in PSUs would get a fillip under the new norms. Based on current market valuations, merchant bankers said the share sale in state-run entities was estimated at Rs 44,000 crore for the current year against the government's divestment target of Rs 40,000 crore. The rule tweak will see more PSUs than private companies flooding the market with offers. "One can say that the rules were tailor-made to help the government to bring PSUs to the market," said finance ministry officials. "The share sales could be through direct sale of government stake, an issue of fresh stock or a combination of both," said J. Thunuguntia, equity head at SMC Capital. Most public flotations by PSUs offered an equal numbers of government shares and fresh stock for sale. Over the next five years, the department of divestment will have to prod around 35 state-run companies, from blue-chips such as NTPC, SAIL and MMTC to sick firms such as Scooter India to hit the market. According to the bankers, listings are expected to fetch at least Rs 37,000 crore in the second year, Rs 22,000 crore in the third, Rs 12,000 crore in the fourth and Rs 9,000 crore in the fifth year. With the rise in the sensex, the actual amount garnered could be more than two-and-a-half times the amount estimated for the fifth year, double for the fourth, 50 per cent for the third, and 25 per cent the second year. "The actual value of public sector stocks that will have to be sold by the end of this fiscal may exceed Rs 50,000 crore as stock prices are expected to rise later once the clouds caused by the euro zone crisis lift," officials said. A similar Rs 50,000 crore could be raised by PSUs if they issue new shares. The divestment department, which plans to sell stakes in Engineers India, Coal India, SAIL, PowerGrid and Hindustan Copper by the middle of this fiscal, has also written to Rashtriya Ispat Nigam Ltd, Nalco and Shipping Corporation of India asking them to get listed. "Prominent PSUs which will have to come out with stake sales include Hind Copper, MMTC, NMDC, Engineers India, PFC, MRPL, NTPC, NHPC, Bharat Electronics, United Bank etc," said Thunuguntia. |
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| Monday June 7, 06:00 PM |  |
Govt defers decision on fuel price hike
NEW DELHI (Reuters) - India has postponed a controversial decision on raising fuel prices, a government official said on Monday after strong criticism from some coalition partners against the potentially inflationary move.
A panel of ministers led by Finance Minister Pranab Mukherjee would soon meet again to take a final decision, Petroleum Secretary S. Sundareshan told reporters after the meeting.
(Reporting by Nidhi Verma; Editing by Himangshu Watts)
(For more business news on Reuters India click http://in.reuters.com)
| Steel firms scale down project size | |
| SAMBIT SAHA | |
Calcutta, June 6: Domestic and international steel companies have trimmed the size of their new projects, bringing down the requirements of land and iron ore deposits to realistic levels. In Karnataka, ArcelorMittal, Tata Steel and Posco have asked for half of the land that they had sought in Jharkhand and Orissa. The three companies — they are among the top 10 steel producers globally — have signed memoranda of understanding with Jharkhand and Orissa 4-5 years back for setting up 6-12-million-tonne (mt) projects. But troubles over land acquisition and delay in mine allocation have put their plans on hold. Mittal wanted around 10,000 acres, both in Jharkhand and Orissa, for his 12mt plant in each of the two states. The requirement of iron ore was learnt to be 600mt each. Tata Steel had sought 3,500 acres for a 6mt plant in Kalinganagar. Its land requirement for a 15mt plant in Jharkhand was 10,000 acres. Posco wanted 4,000 acres for its plant in Orissa. Compared to the mammoth scale of these projects, the proposals made for Karnataka are modest. Posco and Mittal will set up 6mt plants each on 2,000 acres and 4,000 acres, respectively. Tata Steel, through its subsidiary Tata Metaliks, has proposed a 3mt plant covering 2,000 acres. Sudhir Maheshwari, member of the group management board of ArcelorMittal, attributed the move to judicious utilisation of resources. "We thought let us not think too big and get stuck at that. It may be good to start small and then build up on it," he said while explaining why Mittal reduced the size of his project in the southern state. The company's project has made some headway in Karnataka after the government gave a final notification for land acquisition. It has already deposited Rs 270 crore for the land. V.P. Baligar, principal secretary of commerce and industry in Karnataka, said the companies had realised the ground reality. "But at the same time, we have made them understand. You must know how to talk to these investors. Nowhere it is possible to get tens of thousands of acres of contiguous land in India," Baligar said. The southern state says it will buy arid land for industry and make sure that investors pay double the market price for the land. The Karnataka government is in the process of acquiring 70,000 acres for various industries. Smaller plants also mean less iron ore requirement. A top bureaucrat said steel companies could only hope to get partial allocation of captive ore. "They must buy at least one-third of their ore needs from the market." |
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Indian Oil nuclear power foray | ||
| R.SURYAMURTHY | ||
New Delhi, June 6: State-owned Indian Oil Corporation (IOC) plans to generate nuclear power in a joint venture with Nuclear Power Corporation of India Ltd (NPCIL). The two firms are expected to sign an agreement by August. NPCIL will hold a 51 per cent stake in the venture. "The details of the agreement are being worked out. Besides greenfield projects, we are also looking at picking up equity in NPCIL's upcoming ventures. Our partnership in a project will depend upon its viability," IOC chairman B.M. Bansal said. The projects, for which investment proposals are being considered, are a 2X1000 megawatt (MW) unit at Kudankulam in Tamil Nadu, a 2X700MW Kakrapar unit in Gujarat and a 2X700MW project at Rawatbhata, Rajasthan. Sources said the PSU oil firm was in negotiation with NPCIL for equity stakes in projects which had either been completed or were nearing completion. These include the Rawatbhata 5 and 6 (2X220MW) and the Kudankulam 1 and 2 units (2X1000 MW). "We will look at the viability of each project and carry out a detailed financial and technical analysis of the proposal before firming up the choice of power plant. After we decide on the exact level of investment, we will approach our board again for investment approval," sources said. According to industry standards, the cost of setting up a megawatt of nuclear power entails an investment of Rs 8-10 crore. The foray into nuclear power is part of a blueprint drawn up by Bansal to make IOC an integrated energy firm. The company has already ventured into wind power and joined hands with the Tatas for a thermal plant to be set up in Orissa for the Paradip refinery and petrochemical complex. The Tatas will hold a 74 per cent stake in the venture. IOC has commissioned its first wind farm at Kandla, Gujarat, which generates 21MW. NPCIL aims to increase capacity to 10,000MW during the 11th Five Year Plan (2007-12) from about 4,000MW. The government plans to build 15 nuclear power plants to produce 20,000MW by 2020 from the current level of 4000MW, which constitutes about 3 per cent of the installed capacity in the country. |
Board seal on R-Com stake sale | |
| OUR SPECIAL CORRESPONDENT | |
Mumbai, June 6: The board of Reliance Communications (R-Com) has cleared plans to sell a 26 per cent stake in the Rs 21,496-crore telecom company to a strategic partner at an "appropriate premium" to the stock's market value. The board has also permitted the management of the Anil Ambani-run company to "examine and pursue other appropriate strategic combination/consolidation opportunities". The company announced the board's approval through a press release issued on Sunday, but it wasn't immediately clear when the directors had met. No meeting of the board had been scheduled over the weekend. The open-ended approval from the board comes even as Anil Ambani heads on Monday to Johannesburg where he is expected to meet top officials of MTN, South Africa's leading telecom player with whom he had initiated talks on a possible merger in May 2008. Last Wednesday, R-Com had informed the stock exchanges that it had received proposals from international telecom players evincing an interest in picking up a strategic stake in the company. R-Com is the only private telecom player that doesn't have a strategic foreign partner. The need for one has grown acute after R-Com bid Rs 8,585 crore for 3G licences in 13 circles at a recent auction. The talks with MTN had foundered the last time after elder brother Mukesh had scuppered the deal by threatening to invoke a first right of refusal on any stake sale that was enshrined in a non-compete agreement between the brothers. The two warring brothers signalled a truce late last month. The R-Com stock has been riding high since the truce and closed at Rs 168.55 on the National Stock Exchange last Friday. The stock has run up over 38 per cent since it hit this year's low of Rs 131.50 on May 21. Two suitors In the past week, speculation has centred on two suitors — Abu Dhabi-based Etisalat Emirates Telecommunications Corp and Johannesburg-based MTN. The open-ended approval from the board to explore both options — a straight stake sale at a premium valuation as well as a "strategic combination/consolidation" — helps confirm the identities of the two suitors. Any deal with Etisalat — which many consider to be the stronger contender — will involve a straight stake sale. Etisalat already has a 26 per cent stake in Etisalat DB Telecom (formerly Swan Telecom), a relative newbie in the telecom world. It may have to sell its stake in Etisalat DB Telecom since the rules do not allow any entity to hold more than 10 per cent in a second telecom company operating in the same circle. Anil Ambani and his associates hold 67.58 per cent in Reliance Communications and a 26 per cent stake sale will still leave him in full control of the company. A deal with MTN, however, poses greater challenges. The South African telecom entity remains committed to the principles of Black Economic Empowerment (BEE) — a programme launched by the South African government to redress the inequalities of apartheid by giving previously disadvantaged groups a say in the running of companies with critical stake allotment. When Anil had first opened negotiations with MTN in May 2008, he had planned to offer close to 50 per cent in R-Com in return for a 35 per cent stake in MTN, which would ensure his indirect control over the Indian entity. But once Mukesh invoked the proviso in the non-compete agreement, he had planned to offer no more than 24 per cent of his stake in R-Com. He had also tried to put together a group of private equity investors who would together pick up a 34.9 per cent stake in MTN in order to comply with the BEE provisions there. The deal this time may be complicated by the fact that the two telecom companies have grown substantially in the past two years and will be looking to drive hard bargains in any share swap deal. | |
http://www.telegraphindia.com/1100607/jsp/business/story_12537931.jsp |
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| Monday June 7, 02:00 PM | |
IOC losing 1 bln rupees a day on fuel sales
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NEW DELHI (Reuters) - State-run Indian Oil Corp, the country's biggest oil retailer, is currently suffering a daily revenue loss of 1 billion rupees on fuel sales in the domestic market, its chairman told reporters on Monday.
B.M. Bansal said a panel of ministers, which would meet later in the day, was expected to take a decision on recommendations of a government committee that favoured deregulation of petrol and diesel prices.
(Reporting by Nidhi Verma; Editing by Unnikrishnan Nair)
(For more business news on Reuters India click http://in.reuters.com)
RECENT BUSINESS NEWS
- IOC losing Rs 1bn a day on fuel sales- Reuters
- BP faces another tough week- Reuters
| Monday June 7, 06:00 PM | |
Etisalat says eyes India options, including Rcomm
 |
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By Devidutta Tripathy and Suleiman Al-Khalidi
NEW DELHI/AMMAN (Reuters) - Abu Dhabi's Etisalat is looking at a deal with Reliance Communications (RCOM.NS : 176.6 +8.05
) as it mulls its options in India, while media reports named U.S. telecoms giant AT&T as another potential investor in India's No. 2 mobile player.
A frenzy of deal-making speculation has surrounded the Indian company, the only major local cellular carrier without a foreign strategic investor in the world's fastest-growing mobile market.
Valued at about $7.7 billion, Reliance Communications said on Sunday it was open to selling a stake of up to 26 percent to strategic or private equity investors.
Talk about a stake sale started soon after controlling shareholder Anil Ambani and his long-estranged brother Mukesh ended an agreement that forbade them from competing on each other's turf, freeing Anil to bring new investors into his debt-laden company.
Reliance Comm's board has approved selling up to 26 percent at a premium, and at current market prices, the stake is worth about $2 billion.
The Indian mobile carrier did not give a time frame or any details about a possible deal, but media reports and a person familiar with the matter had previously cited Abu Dhabi's Etisalat and South Africa's MTN as potential partners.
"We did not make any offers to Reliance. We're studying several opportunities in India, among them is Reliance," Etisalat Chairman Mohammad Omran told Reuters in Amman on Monday.
"India is a large market and we are closest to India. But we're studying several acquisitions," he said, citing new licenses that will become available in Syria and Iraq.
"We don't have a liquidity problem," he said.
AT&T, the biggest U.S. phone company by revenue, declined to comment on a report in the Wall Street Journal that the companies had talked about a transaction. The New York Times also reported that AT&T was in preliminary talks with Reliance Comm.
One person familiar with the matter described the state of talks with AT&T as "very early feelers" as opposed to formal discussions.
Finding a buyer willing to pay a high premium for a minority stake in Reliance Comm may be a challenge given the ongoing price war in India's 15-player cellphone market and the heavy capital expense needed to build out third-generation mobile networks.
Reliance Comm shares rose 14 percent last week on talk of a deal but still ended Friday 80 percent below their early 2008 peak.
BRUISING MARKET
In a sign of just how bruising India is, UK giant Vodafone said last month it would take a charge of 2.3 billion pounds ($3.3 billion) on its India business and is also fighting a $2.56 billion tax bill in the country.
Market leader Bharti Airtel (BHARTIARTL.BO : 267.9 -8.4
), searching for more attractive opportunities elsewhere, is paying $9.7 billion to buy Zain of Kuwait's Africa operations. Bharti is about one-third owned by Singapore Telecommunications.
"The event would indeed be positive for RCOM, if it happens, however, we would view it as negative for the sector," Kotak (KOTAKBANK.NS : 754.4 +2.25) Securities analysts wrote in a note on Monday.
"This event would mean a further infusion of risk capital in the industry, without leading to any consolidation," they said.
Reliance Comm had net debt of 199 billion rupees ($4.2 billion) at the end of March and last month paid 85.85 billion rupees for a 3G licences in an auction that was far more costly than had been forecast. A stake sale would help it cut debt.
AT&T has long been interested in India, which boats 600 million cellular subscribers.
The U.S. giant sold its stake Idea Cellular in 2005, though it continues to offer other services in the country. In 2007, it applied for an all-India telecoms licence, but is still waiting for approval. The company had been seen to be a possible bidder for 3G spectrum but ended up staying away.
A Reliance Comm official could not immediately be reached for comment on Monday.
"Some of these major players who are not present in India, if they want to give a sense to their shareholders that we are not missing the India cake, we are not missing the India theme as a strategy, so probably they may find it useful," said Jagannadham Thunuguntla, equity head at SMC Capitals in New Delhi.
SHARES OUTPERFORM
Reliance Comm shares rose as much as 6.5 percent on Monday before closing 4.6 percent higher, outperforming a broader market that lost nearly 2 percent. More than 11 million shares traded, nearly six times its 30-day average of 1.97 million.
Reliance Comm also said its board had approved pursuing other "appropriate strategic consolidation opportunities".
Etisalat, which already has a start-up joint venture in India, said last week it was looking to buy a stake in an Indian operator and was in talks with several firms.
The Times of India newspaper last week said Etisalat, the Gulf region's biggest provider of telecoms services, was in advanced talks to buy a quarter of Reliance Comm for 180 billion rupees ($3.8 billion), a healthy premium.
Separately, India's Economic Times newspaper had reported that Reliance Comm was considering a merger with MTN, with which the Indian firm had held tie-up talks in 2008.
(US$= 0.6930 pounds = 47.215 rupees)
(Writing by Tony Munroe; Editing by Valerie Lee and Anshuman Daga)
(For more business news on Reuters India click http://in.reuters.com)
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India poised to grow by 11% in 2011: World Bank
7 Jun 2010, 1840 hrs IST,IANSWASHINGTON: India's growth is expected to rise to 9 percent in 2011 with South Asia poised to become the second-fastest growing region after East Asia and the Pacific, says the latest World Bank update.
The region as a whole is expected to grow by about 7 percent in 2010 and nearly 8 percent in 2011, says the South Asia Economic Update 2010, the World Bank's first yearly assessment of the economies of the region released in Colombo Monday.
Contrary to current beliefs, South Asia's particular strengths and forms of global integration - not the lack of it - was a key factor behind its resilience following the financial crisis of 2008, it says.
With emerging markets playing an increasing role in driving growth, integration should be a key component of a sustained and inclusive growth strategy going forward, the report says.
Noting that the drop in growth during the crisis was the smallest among all regions, the report says the region will benefit from new engines of growth and adapting to a "new normal" as emerging markets and Asia drive global growth.
Trade with East Asia and China could potentially triple to reach $450 billion per year.
"The Regional Economic Update expects growth in the region to reach close to pre-crisis peak levels and faster than its high rates of 6.5 percent annually from 2000 to 2007," said Dipak Dasgupta, lead economist and principal author of the report.
"Rising domestic confidence combined with government fiscal and monetary stimulus packages and, in some cases, external assistance is helping stimulate recovery.
"Improved optimism is helping drive the recovery in private spending in India, Bangladesh, Bhutan and Sri Lanka. India's growth is expected to rise to 9 percent in 2011, Bangladesh to 6.4 percent, Bhutan to 7 percent, and Sri Lanka to above 6 percent."
There remain some significant risks in the global environment -- slowing worker remittances and exports in a still hesitant and uncertain global recovery, as recent events in Europe show, with volatile commodity prices, and continuing volatility in global capital flows, the report says.
"Over the past fifteen years the region has become much more open -- and it appears that the form of openness it has chosen has provided resilience in the face of recent shocks," said Andrew Steer, World Bank Acting Chief Economist for the South Asia Region.
While high-income markets will continue to be important for South Asia, even if at a slower pace than in the past, other emerging markets and regions are also fast-growing and increasingly important partners.
| Other News |
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Industry on growth track, but liquidity's a concern Given the renewed momentum in the domestic economy, liquidity will play an important role in determining future course of economic growth. New public holding norms to hit pricing of large issues The changes in the Securities Contracts (Regulation) will impact the pricing of the large public issues such as Coal India and BSNL. PE firms back in ancillary lane on auto revival signs Private equity investors are driving back into the domestic auto ancillary space after a year with investments in mid-tier companies. PE investors begin funding carbon credit projects Private equity investors have begun funding clean development mechanism projects, a strategy which will enable them to earn profits as well as by selling CERs or carbon credits. Nifty may get strong support at 4800 level There was a strong wave of negative sentiments in the market, as even from a bounceback to 5100 during end-May didn't result in a significant fall in implied volatility. PE boom in public equity no more a PIPE dream Private investment in Public equity or PIPE deals are on the rise as private equity players are now betting on listed companies. EU pain has an upside for India Europe today is paying the price of its short-sighted stance of seeking instant fixes instead of improving long-term fundamentals. A matter of degree, not kind It is notable that 175 years after Macaulay's minute on education, which led to monumental changes in pedagogy and learning here, things remain very much in a state of flux. Right price signals for peaking power The lack of appropriate norms to determine peaking power tariff acts as a deterrent in providing uninterrupted power supply. 2008 crisis a wake-up call for India
Stephen Roach of Morgan Stanley says India just can not overlook external risks. Gainers & losers | Top 5 picks | Mid term picks | MF NFO | Live Stock tips
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- RBI to continue moderate policy tightening - report - Reuters - Mon 07 Jun, 05:40 PM
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- Records cleared by auditors: Tata Teleservices - Indian Express - Mon 07 Jun, 04:53 PM
- Hyundai workers go on strike, production hit - Indian Express - Mon 07 Jun, 04:50 PM
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- Indian Express - Wed 02 Jun, 04:40 AM - May auto sales rise; Maruti posts record - Reuters - Tue 01 Jun, 06:14 PM
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- No under-cutting to win deals: Infy - HT - Sat 05 Jun, 01:08 PM
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- Listed companies must have at least 25% public stakes - HT - Sat 05 Jun, 01:07 PM
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- RIL to offer 3G, WiMAX devices - Financial Express - Mon 07 Jun, 03:20 PM
- VCs sign in to IT products as recession recedes
- Financial Express - Mon 07 Jun, 01:59 AM - Satyam not out of woods, likely to seek time for audited results
- Financial Express - Mon 07 Jun, 01:59 AM - RComm to divest 26% to strategic, PE investors
- Financial Express - Mon 07 Jun, 01:59 AM - No impact on fisc as India lends to IMF
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Markets
| BSE Sensex | 16,781.07 | -336.62 | -1.97% |
| Nifty 50 | 5,034.00 | -101.50 | -1.98% |
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Market Update
Mon, Jun 7 - 4:53PM IST
Selling pressure across the indices made the domestic market to end today s bearish session on low note. The key benchmark indices ended today on deep red note on back of weak global markets. In the g...
Market Movers
| Company | Price | Change | % Change | |
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| Most Active | more | |||
| RCOM.BO | 175.90 | +11.45 | +6.96% | REL COM LTD |
| SHREEASHT. | 11.73 | -0.13 | -1.10% | SHREE ASHTA |
| Top Gainers | more | |||
| KARUKCP.BO | 59.25 | +18.05 | +43.81% | KARUR KCP PK |
| SABTV.BO | 34.25 | +6.35 | +22.76% | SHRI ADHIKAR |
| Top Losers | more | |||
| REIAGRO.BO | 30.40 | -10.75 | -26.12% | REI AGRO LIM |
| CATVISIO.B | 14.24 | -2.63 | -15.59% | CAT VISION P |
Top Stories
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Etisalat says eyes India options, including RComm
- ReutersAbu Dhabi's Etisalat said it was studying options in India, including a deal with RComm, while U.S. telecoms giant AT&T was named in media reports as another potential investor....
Featured
IOC reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 73 bn for 4QFY10 versus our estimate of Rs 110 bn.
LIVE BUSINESS NEWS
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- Vodafone moves Bombay HC against I-T notice- Indian Express Finance
- Records cleared by auditors: Tata Teleservices- Indian Express Finance
- Hyundai workers go on strike, production hit- Indian Express Finance
- IDBI Bank opens first overseas branch at Dubai- Indian Express Finance
- IDBI Mutual to focus on rural and semi-urban areas- Indian Express Finance
- Fuel prices must be hiked: Montek- Indian Express Finance
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