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Monday, June 28, 2010

RCom, GTL Infra may edge higher after merging towers operations

Reliance Communications (Rcom) has agreed to merge its telecoms communication towers business with that of GTL Infrastructure. Financial terms of the deal were not disclosed, but the combined operations would have an enterprise value of over $11 billion and would own more than 80,000 towers, with more than 125,000 tenancies from over 10 operators.

Reports suggested that GTL Infrastructure's chairman Manoj Tirodkar will own 30% to 35% of the combined tower business and Ambani's Reliance Anil Dhirubhai Ambani Group will own 26%, with shareholders in the two firms holding the remainder.

Tata Motors' board meets today, 28 June 2010, to consider various options for raising long term capital funds.

The Mukesh Ambani-controlled Reliance Industries (RIL) reportedly plans to sell 2.5 acres of land in Central Mumbai to realty major Wadhwa Group. The land, located at Bandra-Kurla Complex (BKC), is expected to be sold for around Rs 1,000 crore. The 2.5-acre plot is part of a 18.5-acre piece of land that Reliance Industries had purchased for Rs 1,104 crore from the Mumbai Metropolitan Regional Development Authority (MMRDA) at an auction in 2006, reports suggested. The transaction is reportedly likely to be sealed in about a month's time.

Gujarat Foils will invest Rs 26 crore to expand its pharmaceutical packaging and printed aluminium foil capacities. The project is likely to start in July 2010 and will be commissioned by July 2011.

Mahindra & Mahindra reportedly plans to invest Rs 250 crore into aerospace business. Mahindra will invest Rs 150 crore into aircraft component manufacturing, and another Rs 100 crore in aircraft manufacturing. The group is reportedly open to inorganic opportunities to grow its aerospace business.

Alembic's board will meet on 29 June 2010, to consider the proposal for corporate re-organisation, including de-merger of the division, etc.

Fortis Hospitals, a division of Fortis Healthcare, reportedly expects a 30% jump in foreign patient inflow to over 5,000 due to rapidly growing medical tourism in India. According to reports, in calendar year 2009, Fortis had catered to nearly 4,000 medical tourists and it contributed 10% to the company's total revenue.

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