Corporate Round-Up
By TNN |
Reliance Industries Acquires Malaysian Polyester Firm
Mukesh Ambani promoted Reliance Industries (RIL) has agreed to buy textile and polyester manufacturing assets of the Malaysia-based Hualon Corporation. In a statement , the company said that the acquisition will increase the company’s polyester capacity by 25% and consolidate its position as the world’s largest polyester maker with a capacity of 2.5 million tonnes per annum.
It will also boost RIL’s annual revenues by about $1billion. The company did not disclose the price of its acquistion. Besides additional capacity, the biggest polyester producer will also get access to Hualon’s clients and two locations for other textile products. In 2004, it brought Trevira a specialised polyester firm for about $ 80 million.
BCCI launches its own league
The Board of Control for Cricket in India (BCCI) on Thursday launched its own Twenty20 Indian Premier League (IPL)in reaction to Subhash Chandra promoted Indian Cricket League (ICL) with a prize money of $ 3 million.
Hero group acquires Scottish call centre
Hero Group acquired Scotland’s largest call centre company Telecom Services Centre (TSC) for 40 million pounds. It will be merged with the group’s call centre subsidiary Hero ITeS and the new entity would be called TSC Hero.
Hero will be able to offer customers a multi-site solution , increasing market potential and growth prospects in the core markets of Europe, Asia and the US. Hero’s acquisition marks another deal by Indian ITeS in UK after HCL and First Source.
Monopolies and Restrictive Trade Practices Commission (MRTPC) has directed its investigative arm, Director General of Investigation and Registration (DGIR), to conduct enquiry into the manner in which Airtel and Vodafone Essar raised tariffs last month.
Jet Airways to fly on Gulf routes
Naresh Goyal owned Jet Airways will operate flights in some regions of Indo-Gulf sector after the government decided to allow its flights to Kuwait, Qatar and Bahrain. Fares on Indo-Gulf routes are expected to come down by an estimated 10%. Till now, bilateral rights for the lucrative Gulf sector were reserved for Air India.
The highly profitable Dubai, Abu Dhabi and Saudi Arabia routes still continue to remain reserved for Air India, at least for now. Jet’s application to travel on these routes is still pending with the government.
M&M not to bid for Land Rover and Jaguar
Utility and farm equipment major Mahindra & Mahindra is believed to be out of the bidding race for Ford’s British luxe marquees Jaguar and Land Rover. According to executives in the auto industry and in investment banking circles, Tata Motors remains strongly committed to the deal and is expected to be among the three major contenders vying for the prize.
M&M’s exit from the race reduces the possibility of a fierce bidding war that could well push up the final price well beyond the fair value. Two US buyout funds, TPG and Ripplewood, are also said to be in the race.
Mukesh Ambani promoted Reliance Industries (RIL) has agreed to buy textile and polyester manufacturing assets of the Malaysia-based Hualon Corporation. In a statement , the company said that the acquisition will increase the company’s polyester capacity by 25% and consolidate its position as the world’s largest polyester maker with a capacity of 2.5 million tonnes per annum.
It will also boost RIL’s annual revenues by about $1billion. The company did not disclose the price of its acquistion. Besides additional capacity, the biggest polyester producer will also get access to Hualon’s clients and two locations for other textile products. In 2004, it brought Trevira a specialised polyester firm for about $ 80 million.
BCCI launches its own league
The Board of Control for Cricket in India (BCCI) on Thursday launched its own Twenty20 Indian Premier League (IPL)in reaction to Subhash Chandra promoted Indian Cricket League (ICL) with a prize money of $ 3 million.
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In addition, the governing cricket boards of India, England, Australia, Pakistan and South Africa announced the launch Champions Twenty20 League with a prize money of $5 million . IPL will have eight franchisee teams with 16 players each. IPL will host 59 matches in the span of 44 days in April 2008. Hero group acquires Scottish call centre
Hero Group acquired Scotland’s largest call centre company Telecom Services Centre (TSC) for 40 million pounds. It will be merged with the group’s call centre subsidiary Hero ITeS and the new entity would be called TSC Hero.
Hero will be able to offer customers a multi-site solution , increasing market potential and growth prospects in the core markets of Europe, Asia and the US. Hero’s acquisition marks another deal by Indian ITeS in UK after HCL and First Source.
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MRTPC orders probe in telecom tariff hikes Monopolies and Restrictive Trade Practices Commission (MRTPC) has directed its investigative arm, Director General of Investigation and Registration (DGIR), to conduct enquiry into the manner in which Airtel and Vodafone Essar raised tariffs last month.
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DGIR’s office confirmed it has received a reference from the Commission to probe into cartelisation charges against the telcos. The anti-monopoly watchdog suspects that since the tariff hike was almost simultaneous it could be a co-ordinated action. Jet Airways to fly on Gulf routes
Naresh Goyal owned Jet Airways will operate flights in some regions of Indo-Gulf sector after the government decided to allow its flights to Kuwait, Qatar and Bahrain. Fares on Indo-Gulf routes are expected to come down by an estimated 10%. Till now, bilateral rights for the lucrative Gulf sector were reserved for Air India.
The highly profitable Dubai, Abu Dhabi and Saudi Arabia routes still continue to remain reserved for Air India, at least for now. Jet’s application to travel on these routes is still pending with the government.
M&M not to bid for Land Rover and Jaguar
Utility and farm equipment major Mahindra & Mahindra is believed to be out of the bidding race for Ford’s British luxe marquees Jaguar and Land Rover. According to executives in the auto industry and in investment banking circles, Tata Motors remains strongly committed to the deal and is expected to be among the three major contenders vying for the prize.
M&M’s exit from the race reduces the possibility of a fierce bidding war that could well push up the final price well beyond the fair value. Two US buyout funds, TPG and Ripplewood, are also said to be in the race.
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