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News

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  • 1.  Anil Ambani-led telecom giant RCom has been accused by (CAG) of not disclosing a group firm's 9.9 per cent stake in Swan Telecom, one of the operators that bagged spectrum under the 2G auction.  Swan Telecom was later sold to a consortium of Etilsalat and DB Realty and renamed as Etilsalat DB Telecom.  Similarly, realty giant Unitech and consumer durables major Videocon Industries, which have an interest in telecom brands Uninor and Datacom,
  • 2.  India-focused mining group Vedanta Resources Plc agreed a $6 billion financing deal with a consortium of banks to help fund its proposed acquisition of a majority stake in the Indian unit of Cairn Energy.  The bank consortium comprises Barclays Capital, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan, Morgan Stanley, Royal Bank of Scotland and Standard Chartered.  General syndication will be launched shortly. Vedanta announced a deal in August to buy a stake of 51-60 percent in Cairn India for $8.5 billion to $9.6 billion.
  • 3.  The Oil Ministry firm that it will consider approval for the USD 8.48 billion Cairn-Vedanta deal only after UK-based Cairn Energy makes a formal application for transfer of control in all its 10 properties in the country.  Cairn's current application seeking government nod for the deal has left out the three producing properties, including the giant Rajasthan oilfields.  The government's insistence that a formal application must be made for each of the 10 properties, conveyed through a letter to Cairn this month, may delay the approvals till January-February next year.
  • 4.  US President Barack Obama lauded the "success story" of General Motors' stock sale as the White House.  He claimed a $787 billion stimulus bill would produce 3.5 million jobs by yearend.  Touting GM's near-record initial public offering Thursday as validation of his controversial move to bail out the auto giant last year, he said: "A few years ago, this seemed impossible."
  • 5.  India Inc's shopping spree for October remained unabated with 46 merger and acquisition transactions (M&A)  It was worth over $530 million taking place during the period and the year-to-date deal touching a whopping $42.76 billion in value terms.  So far this year corporate India has announced 546 M&A deals worth $42,759 million -- the highest in the last two years both in terms of value as well as number of deals.