Soumya Deb Barma
RCOM set to raise $500m Abroad
Flag Telecom, a part of its international network arm Reliance
Globalcom, could raise at least $500 million by selling bonds
to European investors, said a number of investment banking
RCOM has appointed Deutsche Bank’s investment banking
arm to spearhead the latest fund-raising effort. If successful, the
funds will be used to meet debt obligations, including $200
million worth of convertible bonds held by overseas investors,
due May 2011
The company has another $900 million of foreign currency
convertible bonds, or FCCBs, maturing February 2012. The
company has a current net outstanding debt—which rose
over 700 crore between July and September this year—
exceeding 30,000 crore. Failed attempts to sell assets
The company reported a 40% plunge in profits in the
second quarter of this fiscal to Rs 446 crore—its fifth-
straight quarter of profit fall.
Reliance Communications acquired Flag Telecom, the
undersea cable business, in 2003 for about $207 million.
After a recent restructuring, the company’s Indian
enterprise business has been added toRelianceGlobalcom
Dabur India chairman Anand Burman said…
“Namaste’s hair straightening lotions and hair oils are
hugely popular with African Americans in the US and sell
well in Africa and Nigeria too,”
“The acquisition of Hobi Kozmetick and Namaste
Laboratories along with our existing businesses overseas
will contribute nearly 25% to Dabur’s consolidated
revenue in 2010-11,” Dabur India group director PD Narang
said. Dabur recorded a revenue of Rs 3,400 crore in 2009-
10 of which 20% came from sales in international markets.
Axis wins Enam, buys its best for 2,067 cr
Enam exits with handsome gains while deal will pay off for
Axis in long term given strengths & profitability of investment
banking & institutional broking units Snaps Up Investment
Banking, Institutional & Retail Broking Our Bureau
Axis, led by CEO Shikha Sharma, a former ICICI Bank
director, will acquire Enam Securities’ key businesses such as
investment banking, institutional and retail broking, and
distribution of financial products in an allstock deal worth
Enam is expected to have a profit after tax of Rs 100 crore
for the full year. So, 2,000-odd crore for the full stake looks
all right,” For the seven months between April 1 and
October 20, the Enam arm recorded a pre-tax profit of 77
crore against a turnover of 182 crore.
“With Axis bank’s distribution platform of almost 1,100
branches and Enam’s retail network, the combined entity
will have an opportunity to build a dominant retail
franchise as well.”
MERV working to electrify M&M
Mahindra Reva’s Electric Vehicles(MERV) world
largest maker of Electric technologies to fit into
Mahindra & Mahindra other products like Scorpio etc.
M & M has acquired 55.2% stake in Reva Electric
vehicles in May this year.
It has already tested the prototype of its commercial
GIO with electricity driven technology & already sells
two electric vehicles– Bijlee and Maxximo.
BPO companies' overseas strength multiplies
• Mumbai-based BPO company aegis has more employees
overseas (27,000) than in India (20,000).
• Its operations are spread across ten countries, from the us and
Argentina through Kenya and south Africa to Australia.