Hong Kong: Morgan Stanley appointed Gautam Bhandari as head of its infrastructure-investments unit for India, West Asia and sub-Saharan Africa.
Bhandari was previously with the firm’s investment banking division in New York, the securities firm said in an emailed statement on Tuesday. Prior to that, he was a senior member of the global capital markets group at the New York-based company. Bhandari is based in Mumbai in his new role.
Morgan Stanley raised $4 billion (Rs17,640 crore) for its Infrastructure Partners Fund in May, exceeding an initial $2.5 billion target, for investing in roads, ports and airports globally. The fund is one of three units operated by Morgan Stanley Investment Management, which had $605 billion in assets as of 31 May, the release said.
India this month approved investment proposals for 10 highway projects valued at Rs10,510 crore as record economic expansion drives demand for more infrastructure. Citigroup Inc., the biggest US bank, and Macquarie Group Ltd are among overseas firms that plan to invest in infrastructure projects in the world’s second fastest growing major economy.
Bhandari had previously covered the India, China and Latin America markets in his role within Morgan Stanley’s investment banking division, focusing on engineering and construction, industrial services and alternative energy sectors.
Govt says no letter issued to Huawei
New Delhi: A day after Chinese telecom vendor Huawei Technologies’ Co. Ltd ‘s Gurgaon office received a notice purportedly from the Union ministry of labour and employment saying the company was violating labour and employment guidelines here in India, it has turned out that the letter was fake.
“No such notice has been issued,” the ministry said on Tuesday. An executive at Huawei, a firm which has faced delays in obtaining clearances for its equipment in India in the past, said it was also concluding the letter was fake.
Reporting on the ministry’s note on Tuesday, ‘The Economic Times’ had said it “could have wider ramifications as it has asked RBI, the ministries of corporate affairs, home and external affairs, the income-tax department and the national security adviser to take immediate action against Huawei”.
— PTI and Staff Writer
Sime Darby, STC in pact to set up oil refinery
Kuala Lumpur: Sime Darby Bhd., the world’s largest palm oil producer, and State Trading Corp. signed a preliminary agreement to set up an edible oils refinery in India and explore establishing plantations across Asia.
The joint venture may also import edible oils and promote them in India, Sime Darby, based in Kuala Lumpur, said in a statement on Tuesday.
DLF to raise Rs10,000 cr in next 12 months
New Delhi: The country’s largest developer by market value, DLF Ltd, will ask shareholders to raise up to $2.3 billion (Rs10,000 crore) in the next 12 months, according to a resolution in the company’s annual report dated 31 July.
The resolution, posted on its website, says the company’s board of directors may issue equity shares or securities convertible into equity shares for a value up to Rs10,000 crore to qualified institutional buyers within 12 months of getting the approval.
“This is just an enabling resolution. We don’t need this money right now,” a DLF spokesperson said. “However, since it takes 45 days to call a shareholder’s meeting and you need approval of shareholders before raising money, we have put it in this enabling resolution to avoid delays.”
DLF plans to hold its annual general meeting on 30 September in Gurgaon, near New Delhi, the spokesperson said. Companies normally pass enabling resolutions to avoid delays in getting shareholder’s approval.
Last year, DLF’s board had approved raising loans up to $1.5 billion through a wholly owned subsidiary abroad to fund expansion. This was also an enabling resolution. The company had then said that it will spend $750 million to expand business in India and $750 million to buy shares in an initial public offering of DLF Offices Trust in Singapore. DLF Offices Trust is the realty investment trust of DLF Assets Ltd, a firm owned by promoters of DLF. The public offering of DLF Offices Trust on the Singapore stock exchange has since been postponed due to volatile stock market conditions. DLF’s share price was up 0.58% to close at Rs498.05 on the Bombay Stock Exchange.
— Shabana Hussain
Sequoia Capital invests in Cotton County retail
Bangalore: Ready-to-wear apparel brand Cotton County Retail Ltd has received an investment of Rs120 crore from Bangalore-based venture capital firm Sequoia Capital India.
The company plans to use the proceeds for funding its expansion plans as well as for getting into newer segments.
Cotton County has about 500 exclusive outlets and it plans to increase the number to more than 1,000 stores by 2010. The company has launched an accessories line in the men’s segment and is planning to launch a range of bigger sizes in menswear.
It also plans to launch its women’s and kids line soon.
— Deepti Chaudhary