Stocks to watch: Rel Comm, Fortis Healthcare, Rel Power, Blue Star, Mcleod Russel, ACC, Asian Paints

MUMBAI: South Africa’s MTN could reopen merger negotiations with Reliance Communications (RCOM) in a board meeting to be held on Tuesday. The Financial Times reported on Monday that MTN is expected to hold a board meeting as early as today, in which it will discuss a proposal to buy assets in Algeria and elsewhere in Africa worth $10 billion from Orascom of Egypt.

Fortis Healthcare has said it is a long-term investor in Singapore-based Parkway, clarifying that it will not exit from the hospital chain after Malaysia’s sovereign fund Khazanah launched a surprise $835-million bid to take control of the company.

Anil Dhirubhai Ambani Group company Reliance Power may substantially scale down its 7480 megawatt Dadri power project and instead set up two or more plants totaling 8000 mw capacity at multiple locations.

Blue Star is planning to acquire DS Gupta Construction, the largest independent plumbing and fire-fighting contracting company in India as a going concern, the company said on Monday. The company has not revealed the cost of acquisition but said the details would be announced after the closing of the deal by July 15.

McLeod Russel India (MRIL), the largest integrated tea company in the world with a 102 million kg production, plans to become a 180-200 million kg company with a turnover of Rs 3,000 crore by FY15. The company will follow the inorganic route to increase its production and plans to acquire tea estates in Africa, Vietnam and India in the next five years.

ACC is planning to set up Rs 1500 crore-30 lakh tonne/year capacity plant in Vidarbha while Asian Plants will have Rs 735 crore mega project for manufacturing paints and intermediates in Satara district, in western Maharashtra.