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
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.
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
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.
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."
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
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.