Quick view: Idea seeks shareholders nod to raise FII limit to 49%

Updated: Nov 30 2013, 21:24pm hrs
Idea Cellular on Friday said it will seek shareholders approval to increase FII investment limit in the company to 49% from 24% at present. The company has convened a extraordinary general meeting on December 26 on the issue. The companys board of directors have already approved the proposal, Idea Cellular said in a filing to the BSE. ...the board of directors of the company, have subject to approval of the shareholders, approved increase in the aggregate investment limit of foreign institutional investors (FIIs) from 24% to 49% of the paid-up equity capital of the company, the filing said.

Burmans, HAH founders to invest R200 cr in JV

Promoters of Dabur, the Burman family, and founders of UK-based Healthcare at Home plan to invest R200 crore over five years to expand operations of their recently formed Indian joint venture firm. The Burmans hold 65% stake in the JV Health Care At Home India (HCAH) and the rest is held by Gareth Jones and Charles Walsh, the founders of HAH, UK. We have committed a capital of R200 crore for the next three to five years to expand our operations in the country, HCAH India CEO Vivek Srivastava said. We are starting operations in Chandigarh next month. It will cater to other markets like Punjab, Haryana and Himachal Pradesh. It will be followed by other cities like Mumbai, Bangalore and Hyderabad, Srivastava said.

Retail plans after Walmart separation, says Bharti

Bharti Enterprises will decide on its future course of expansion in the retail sector once its ongoing process of separation with partner Walmart is completed, said company vice-chairman and managing director Rajan Bharti Mittal. Were still in the process of separation (from Walmart). Once that is done, well come back with a plan of action. We havent taken a decision as yet on what our strategy will be going forward, he said.

Europe roadshows on for Airtels $1-bn bond offer

Bharti Airtel on Friday said the roadshows are underway in Europe for its benchmark bond offer to raise around $1 billion through euro bonds. The roadshows are on, Bharti Enterprises deputy group CEO and MD Akhil Gupta said. This is the third bond sale by Indias largest mobile operator this year. In March, it had raised $1.5 billion in overseas debt in two tranches. According to a merchant banker, the companys arm, Bharti Airtel International Netherlands, is raising the money, which will be fully guaranteed by the parent firm.

ITNL gets R427-crore order from Ukraine

IL&FS Transportation Networks (ITNL) on Friday said it has bagged a R427-crore order in Ukraine for rehabilitation and improvement of a road stretch through a subsidiary in Spain. Elsamex, a wholly-owned subsidiary of the company in Spain, has been awarded the contract by the State Road Agency of Ukraine for rehabilitation and improvement of a road stretch..., ITNL said in a BSE filing. The contract also includes executing the routine and periodic maintenance of the stretch over a period of seven years.

IOC mulls Panipat refinery capacity expansion

State-owned Indian Oil Corp is planning to expand the capacity of its largest refinery at Panipat to 21 million tonne, oil minister M Veerappa Moily said on Friday. Currently, it has a capacity to turn 15 million tonne of crude oil per annum into refined petroleum products or fuel. The refining capacity of Panipat will be enhanced to 21 million tonne per annum, Moily said. IOC chairman RS Butola said the expansion plan was at the drawing board stage and investments have not yet been firmed up. As a thumb-rule, it could cost about $1 billion. The expansion may be accompanied by raising capacity of the adjacent petrochemical complex.

Marico ceases production at plant in Dehradun

FMCG player Marico has announced that the company has stopped manufacturing activities at its Dehradun Camp Road plant effective November 21 and has initiated steps for a closure of the plant. The Dehradun Camp Road plant was set up in 2003 for manufacture of cosmetics. According to a statement from the company, Marico believes that this closure has no significant bearing on the performance of the company.

100 MW Rajasthan solar project on track: RPower

Anil Ambani Group firm Reliance Power on Friday said it is on track to commission a 100 MW solar project in Rajasthans Jaisalmer district by March. Pre commissioning activities have commenced at the concentrated solar power (CSP) project in Rajasthans Jaisalmer district, the company said. The project is the worlds largest CSP project based on CLFR technology. The plant is being built at a cost of R2,100 crore and is located adjacent to the 40 MW solar photovoltaic project commissioned by RPower last year. The project is all set to be commissioned by March 2014, the statement said.