Corporate | United Spirits says four firms want to buy stake

Corporate | United Spirits says four firms want to buy stake
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First Published: Thu, Mar 05 2009. 10 48 PM IST
Updated: Thu, Mar 05 2009. 10 48 PM IST
New Delhi: Liquor maker United Spirits Ltd said four companies have shown interest in buying a stake.
United Spirits has received serious expressions of interest from four parties, the Bangalore-based company said in a statement, without naming the companies.
Chairman Vijay Mallya plans to sell stakes in the company and unit Whyte and Mackay to reduce debt, which he aims to achieve within six months.
Lenovo eyes Bric nations for acquisition: CEO
Beijing: Lenovo Group Ltd is searching for possible acquisitions in emerging markets, especially in Brazil, India and China, the company’s chief executive officer Yang Yuanqing said on Thursday.
Yuanqing also said the company faced a decline in renewal rates among overseas corporate customers.
“The overseas market will be very challenging this year, but we have high confidence to maintain ourselves in domestic markets,” Yang said.
Reuters
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Tata Motors rating cut again on sales, funding
Mumbai: The maker of Jaguar and Land Rover vehicles, Tata Motors Ltd had its credit rating cut by Moody’s Investors Service on a decline in sales and the need to refinance a $2 billion (Rs104,20 crore) bridge loan amid a global credit crunch.
The corporate family rating was lowered two steps to B3 from B1, six levels below the investment grade, and the outlook remains negative, Moody’s said in a statement on Thursday.
A rating upgrade is unlikely in the near term, it said.
Bloomberg
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Enlargement of board likely: Subhiksha MD
New Delhi: Crisis-ridden retail chain Subhiksha Trading Services Ltd on Thursday said it will explore options to induct more independent directors into the company’s board.
The retail chain, whose operations have come to a standstill in the wake of a severe liquidity crunch, has already seen the exit of five board members in the last six months.
“The company is a board-managed company and will continue to be so. We will seek an even wider representation on the board so that we gain from the wisdom of all,” Subhiksha managing director (MD) R. Subramaniansaid.
PTI
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First Published: Thu, Mar 05 2009. 10 48 PM IST