Ambani brothers lead the list of sour deals this year Placed among the wealthiest people globally, the Ambani brothers' groups also have the dubious distinction of accounting for over 90 per cent of the estimated USD 27 billion merger and acquisition deals that could not fructify so far this year.
Cont….. The biggest non-starter was Reliance Industries' USD 14.5 billion all-cash bid for acquiring a majority stake in bankrupt petrochemical group LyondellBasell Industries. The mega deal collapsed in March after LyondellBasell termed MukeshAmbani's RIL's proposal as undervalued. Younger sibling Anil Ambani-led Reliance Communications' move to merge its telecom tower business with GTL Infra in a USD 10.8 billion also failed to take off.
Lotto to expand retail reach in India Italian sportswear brand Lotto is working on strengthening its presence in India by expanding retail reach and driving volume growth. "India is a strategic market for Lotto as the country offers strong growth opportunity in the sportswear segment. Sports Lifestyle is the exclusive licensee for Lotto in India. In Asia, India currently comes at number three after Japan and China in terms of turnover contribution to Lotto's global sales.
Tata Sons profit declines 47% to Rs 1,620 cr in FY10 Tata Sons — the main holding company of the salt-to-telecom conglomerate, the Tata Group — reported a net profit of Rs 1,620 crore in 2009-10, its lowest since 2005-06 when it earned a profit of Rs 1,612 crore. The 2009-10 net is 47% lower than the Rs 3,050-crore profit reported in 2008-09. The dip has been attributed to an extraordinary income from the sale of a strategic investment in 2008-09.
Buyouts for Wipro Consumer to be product-centric, not region IT major Wipro's FMCG arm Wipro Consumer Care and Lighting (WCCL) plans to focus on getting into more categories rather than entering new geographies as a part of its growth strategy. The company is open for further acquisitions but only if the product suits and fits into Wipro's portfolio.
Reliance to sign gas supply contract with Essar Oil After months of delay, Reliance Industries is finally ready to sign contract to supply natural gas from its eastern offshore KG-D6 fields to Essar Oil's Vadinar refinery in Gujarat. RIL has sent a draft GSPA to Essar Oil and the contract may be inked within the next few days.
Gold prices may touch Rs 22,000/ 10 gms by year end: Assocham Gold prices are likely to touch Rs 22,000 per 10 gms by year end, as the cash-rich financial institutions like mutual funds may divert investments to bullion in view of uncertainty in the stock market.
Cont…. Major players in the capital market including mutual funds are holding huge cash balances, waiting to invest in anticipation of corrections in the equity market. Until corrections resume, these funds would go on making a beeline to commodities, more specifically bullion, which has taken gold and silver to all time high. Another reason for rising prices is the Euro-zone economy and the US, which are not providing conducive investment options, making way for investment in precious metal.