AV Birla group acquires Canadian pulp mill
Kumarmangalam Birla is finally flirting with the spotlight. Following in the footsteps of his illustrious father Aditya Vikram Birla, the scion has completed his first acquisition abroad -- a pulp mill in Canada -- in a bid to exploiting global synergies in an empire carved out by his father across the world.
Reserve Bank steps in as rupee dips to 39.26
The Reserve Bank of India on Monday intervened in the spot market as the rupee fell below 39 again the dollar. The rupee weakened to 39.22/26 after opening at 38.96/98, on a day marked by heavy buying from State Bank of India.
Parvinder Singh privately places 3% Ranbaxy shares with institutions
A clutch of Indian institutional investors and banks have agreed to pick up around 15 lakh equity shares held by Ranbaxy Laboratories promoter Parvinder Singh and his associates at a price of about Rs 650 per share. The completion of the deal would translate into a realisation of Rs 98 crore for Parvinder Singh and his associates.
Court quashes ministry fiat on Sanghi Cement plan
In a landmark judgment, a division bench of the Gujarat high court on Monday quashed the union ministry of environment & forests' January 9 order, rejecting environmental clearance to the Rs 850-crore Sanghi Cement project, to construct a captive-jetty and pipelines for a desalination plant at Kauthar Bet in Kutch district.
RPG dangles Balagarh stake before Enron
RPG Enterprises is negotiating with US energy-major Enron International to sell out a portion of its equity in Balagarh Power Company. The RPG group unit is setting up a 500-MW Rs 2,000-crore coal-fired project in West Bengal.
India Cements to step up borrowing capacity via Rs 150-crore equity float
Cement major India Cements Ltd (ICL) has decided to come out with an equity offering aggregating Rs 150 crore to shore up its borrowing capacity. This move by the company, after maintaining all along that its expansion plans would be taken care of by debt and internal accruals, has led to further speculation in the market about the possibility of the company acquiring Raasi Cements.
