May 2008
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Bharti Airtel, Rel Comm eyeing controlling stake in MTN

After the battle for Hutch, the telecom sector could be all set for its next big encounter. The buzz is that Sunil Mittal owned Bharti Airtel and Anil Ambani owned Reliance Communications are both eyeing a controlling stake in African telecom major MTN. CNBC-TV18 finds out if there is fire beneath the smoke. It’s been a while since Sunil Mittal wore the hat of Bharti Airtel's CMD in a public forum. And even though the announcement was of a distribution tie-up with IFFCO, Mittal couldn't evade questions on a potential bid for African telecom giant MTN. “We are not making any bid. We are open to opportunities and there is nothing on the table,” said Sunil Mittal, CMD, Bharti Airtel. MTN is reportedly having a board meeting on May 5 to evaluate bids. In a communication to the Johannesburg Stock Exchange earlier this week, the company had said, “MTN has not received any specific proposal. MTN receives tentative approaches from time to time, which are always evaluated. MTN has been valued at about USD 41 billion, that is almost as much as Bharti which is valued at USD 44 billion. […]

Jaiprakash Asso. to buy stake in Prize Petro

Engineering and construction firm Jaiprakash Associates said on Friday it had won a bid to buy 45 percent of small-sized energy explorer Prize Petroleum for an disclosed sum. The stake in the unlisted company was put on the block by ICICI Bank , India's No. 2 lender, and its unit ICICI Venture Funds. Prize operates three small oil and gas fields in western India and was founded by state-run refiner Hindustan Petroleum Corp Ltd , which owns 50 percent, and Indian banks. In January, Hindustan Petroleum Chairman Arun Balakirshnan had told Reuters ICICI wanted to exit the joint venture as it was not not keen to invest in the exploration firm. […]

Symphony Capital invested USD 450 Mn in DLF Assets

DLF Ltd, India’s largest real estate developer by market value, said an affiliated firm DLF Assets Ltd received $450 million (Rs1,831.5 crore) worth of funding from a London-based investment firm, Symphony Capital, so it could partly pay up the money it owed DLF, as a proposed overseas listing to raise money seems to have been delayed. While DLF Assets has paid up the bulk of the money it owes DLF for the year gone by, it still owes Rs1,900 crore, said Saurabh Chawla, senior vice-president for finance at DLF. A large portion of DLF’s properties, all commercial, were sold to DLF Assets last year, just before DLF went public. DLF Assets needs to urgently get a proposed listing underway as a real estate investment trust (Reit) in Singapore, to pay DLF. However, the listing has been delayed after a global market slowdown turned new share offers less attractive and investors started fleeing real estate companies because the crisis was linked to falling home values and irrecoverable home loans in the US, the largest economy. […]