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Yashovardhan Birla undertakes group recast programme
Yashovardhan Birla has taken up a group recast programme through an intra-group sale of the tools division, a planned exit from the synthetic textiles business, and growth in chemicals through a joint venture with Everlite group. Zenith Ltd, the Yash Birla group flagship, is all set to generate a vital cash inflow of Rs 14 crore through a strategic sale of a division, Indian Tools, to associate Dagger Forst.
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Birla-AT&T to ring in fresh infusion of Rs 500 crore
Cellular services operator, Birla-AT&T, a 51:49 joint venture between the AV Birla group and AT&T, is looking at a fresh infusion of funds of around Rs 400-500 crore. The proposal was discussed at the company's board meeting held on Thursday. The funds would be a combination of equity and debt. The possibility of a third partner entering the venture is also rumoured.
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UB Engg plans recast; to focus on core areas
Vijay Mallya group company UB Engineering has finally woken up to the hardships caused by its unsynergistic diversifications into printed circuit boards (PCBs), pagers and liquor. Intending to cut the flab, the beleagured company has chalked out a restructuring plan under the new managing director DS Shevade. For starters, the liquor business has been transferred to other group companies and its electronic business sold to Digisound Electronics GmbH for Rs 3.5 crore.
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Indo Gulf plans Rs 300cr equity issue in July
Indo Gulf Fertilisers & Chemicals, an Aditya Birla group company, plans to raise Rs 300 crore as equity through a public issue after its copper smelter plant goes fully on stream late next month. This would help the company command a better premium as the plant would boost earnings. Indo Gulf is setting up a Rs 1,850-crore one-lakh-tonne per annum copper cathode plant at Dahlej in Gujarat.
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