Business Briefs 11-11-2013

Tata airline move Dena Bank M&A deals Project push Cyprus tax call SAIL plan VW exports

By The Telegraph Online
  • Published 11.11.13

Tata airline move

New Delhi, Nov. 10: The Tata group has incorporated its proposed aviation venture Tata SIA Airlines Ltd as a public limited company with the filing of all requisite documents and details with the corporate affairs ministry. The new company is a joint venture between the Tatas and Singapore Airlines, with Tata Sons Ltd holding the majority 51 per cent stake and the Singapore aviation major having the remaining 49 per cent equity.

Dena Bank

Mumbai, Nov. 10: Dena Bank is planning to raise Rs 600 crore through qualified institutional placement after it receives capital from the government, which is expected to happen by December-end. “We expect Rs 700 crore by way of capital infusion for which we will be issuing preferential shares to the government,” bank’s chairman and managing director Ashwani Kumar said.

M&A deals

New Delhi, Nov. 10: India Inc’s M&A activity in the first 10 months of this year remained muted, with just 411 deals amounting to $25.48 billion, a decline of 17 per cent from the same period a year ago, says a Grant Thornton report.

Project push

New Delhi, Nov. 10: The Prime Minister’s Project Monitoring Group (PMG), set up to track stalled large investment projects, has cleared 128 projects worth over Rs 4.30 lakh crore so far. Of this, it has given priority to troubled projects from the power sector and has resolved all issues on 94 projects.

Cyprus tax call

New Delhi, Nov. 10: Cyprus has said the Indian finance ministry has taken a unilateral measure by putting investments from the nation under tax lens. The island nation said it would soon hold talks with the Indian authorities to sort out the taxation issue.

SAIL plan

New Delhi, Nov. 10: Steel Authority of India (SAIL) plans to set up a 3-million-tonne-per-annum hot strip mill at Rourkela Steel Plant at an estimated cost of Rs 4,360 crore to cater to the auto and white goods sectors.

VW exports

New Delhi, Nov. 10: German car maker Volkswagen is ramping up exports from India and is shipping its mid-sized sedan Vento to Mexico to add to the Asian and African markets where it sells cars made at its Pune facility.