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Corporate | DLF plans to raise $2 bn over next 2-3 years

Corporate | DLF plans to raise $2 bn over next 2-3 years
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First Published: Fri, May 15 2009. 12 02 AM IST
Updated: Fri, May 15 2009. 12 02 AM IST
New Delhi: DLF Ltd plans to raise about Rs10,000 crore (about $2 billion) over two-three years from selling some businesses and land, chief financial officer Ramesh Sanka said.
Chairman K.P. Singh and his family, founders of the developer, plan to sell shares in DLF Assets Pvt. Ltd in an initial public offering over the next 18-24 months, Sanka said by telephone on Thursday. He declined to provide additional details about the fund-raising plans.
--Bloomberg
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SingTel profit falls, even as Bharti’s share rises
Singapore/New Delhi:Singapore Telecommunications Ltd (SingTel) posted its biggest quarterly profit drop in two years, hurt by the weakening Australian dollar and the Indonesian rupiah. Net income dropped 17% to 903 million Singapore dollars ($616 million) in the three months ended 31 March, compared with 1.09 billion Singapore dollars a year earlier, the company said in a statement on Thursday.
This even as the contribution of Bharti Airtel Ltd, the Indian entity in which SingTel holds a 30% stake, rose 18% during the same period.
Bharti’s contribution to the group’s pre-tax ordinary profit was 225 million Singapore dollars for the fourth quarter.
--Bloomberg & PTI
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Indian Oil gets $3 bn loan for Paradip refinery
New Delhi: Indian Oil Corp. Ltd has received a loan of $3 billion (Rs14,940 crore) from a group of 21 lenders for its Paradip project, SBI Capital Markets Ltd, which managed the financing, said in an emailed statement on Thursday.
--Bloomberg
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Nandagopal resigns as CEO of Reliance Life
New Delhi: P. Nandagopal has resigned as chief executive officer of Reliance Life Insurance Co. Ltd, a life insurance venture of Reliance Capital Ltd. He has been with the company since 2005 However, the company has not formally announced the resignation.
Nandagopal confirmed the news over the phone. But he didn’t disclose his next plans. A Reliance Capital spokesperson declined to comment.
--Teena Jain
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First Published: Fri, May 15 2009. 12 02 AM IST