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Wednesday, June 16, 2010

RIL may edge higher on diversification plans

Mukesh Ambani-controlled Reliance Industries (RIL) entered the telecom arena by announcing a Rs 4800 crore acquisition of Infotel Broadband Services that emerged as the sole winner of pan-India broadband spectrum last week. The acquisition of 95% stake, through fresh equity infusion, values Mahendra Nahata group's Infotel at over Rs 5000 crore.

Meanwhile, some reports suggested that RIL board has identified power, telecommunications, financial services and pharmaceuticals for investments in the near future. The board, which met early last week, discussed strategies to enter these sectors, following the cancellation of a non-compete pact between the Ambani brothers.

Sun TV promoter Kalanithi Maran has bought a 37.7% stake in low-cost carrier SpiceJet from its promoter Bhupendra Kansagra and US investor WL Ross. The deal, which makes Maran the single largest shareholder in SpiceJet, was reported to be struck at around Rs 750 crore.

The acquisition was done by Maran, elder brother of union textiles minister, Dayanidhi Maran, in his individual capacity through his company KAL Airways. According to reports, an open offer to further buy 20% stake from the market is expected to come by the end June, taking his combined stake to 57%.

According to reports, SpiceJet is likely to place an order to buy at least 20 more planes as part of a renewed expansion drive after Kalanithi Maran agreed to buy 37.7% stake in the airline.

Atlanta, in consortium, has received contract order worth Rs 114.48 crore from Rites.

A committee of senior government officials and financial regulators has reportedly proposed mandatory disclosure of loan defaults by listed companies in a move to protect shareholder interest and boost investor confidence. At present, information on loan defaults is available only to lenders, Reserve Bank of India and credit information firms.

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