Mumbai: Wockhardt Hospitals Ltd, a unit of debt-laden drug maker Wockhardt Ltd, has ruled out a revival of the initial public offer (IPO) plan, which it scrapped last year due to poor investor response. The firm said it would prefer private equity or a merger with a strategic investor.
“I don’t think IPO is the way for us to go now,” Wockhardt Hospitals group chief executive Vishal Bali said in a television interview on Tuesday in Singapore.
ArcelorMittal, 9 others vie for Coal India’s mines
New Delhi: State-owned Coal India Ltd (CIL) short-listed ArcelorMittal, the world’s biggest steel maker, and nine other firms to develop its abandoned mines. CIL is offering 18 of its abandoned mines for development, chairman Partha S. Bhattacharyya said over the telephone, confirming a report in the ‘Business Standard’ newspaper on Tuesday.
Rio Tinto Group, JSW Steel Ltd, GVK Power and Infrastructure Ltd and Essar Mineral Resources Ltd were also short-listed.
RIL: not to sign pact with RNRL on gas supply
Mumbai: Rejecting any offer for talks, Mukesh Ambani-run Reliance Industries Ltd told Anil Ambani group firm Reliance Natural Resources Ltd (RNRL) on Tuesday that it would not sign any agreement on the gas supply issue without approval of the government. RIL, which is believed to be preparing to move the Supreme Court early next month, in a communication to RNRL noted that it had been advised that there was lack of clarity in the judgement on the aspect of the government’s role in the issue, persons in the know said quoting the letter.
Rajiv Mehrotra elected to Sistema Board
New Delhi: Rajiv Mehrotra, the founder of Indian telecom firm Shyam Group, has been elected to the board of the diversified Russian group Sistema JSFC.
Russian conglomerate Sistema has formed a joint venture with Shyam Telecom and has a pan-Indian licence to offer mobile services in India.
Mehrotra’s election was approved by Sistema’s shareholders during their annual general meeting held on 27 June, the Russian firm said in a statement on Monday. Mehrotra became the first Indian to get elected to the board of directors of a Russian telecom firm.
Fraport says it may bid for Navi Mumbai airport
Mumbai: German firm Fraport AG said on Tuesday it is in advanced discussions with some entities to jointly bid for the proposed Navi Mumbai airport.
“We are in advanced stages of discussions ... for jointly bidding for the proposed Navi Mumbai airport,” Fraport India managing director Ansgar Sickert said. The firm is also interested in airport management as well, he said, adding“if there is no airport management, then we will not bid for it”.