SpiceJet Ltd, India’s second-largest low-fare airline, plans to sell a minority stake to investors and sign an interline agreement with a leading West Asian full-service airline by March end, steps that would be critical for the airline’s survival. SpiceJet, controlled by media baron Kalanithi Maran of Sun TV Network Ltd, has short-listed a few investors and will conclude a deal by the end of the current fiscal, according to two people close to the development. In mid-December, SpiceJet signed a three-year interline agreement with Singapore-based low-fare airline Tiger Airways Singapore Pte Ltd, which runs Tigerair, connecting 14 Indian cities to Singapore via Hyderabad. (Live Mint)
GVK is likely to close shortly stake sale in airports business: Hyderabad-based diversified infra group GVK is likely to finalise stake dilution in its airport business over the next couple of months and the proceeds will be used to clear Rs 2,500-crore ($408 million) non-operational debt. GVK operates Mumbai and Bangalore airports. The company also ruled out taking the airport arm public as stake dilution to other investors would be the priority. Reddy said investors have evinced interest in the group's airport business, adding the process is expected to be completed in the next two months. (The Economic Times)
Anant Raj plans to sell two hotels for estimated Rs 900 crore: Realty firm Anant Raj is planning to sell two hotel properties in the Delhi-NCR region for an estimated Rs 900 crore ($147 million) as part of the company's strategy to monetise non-core assets. The Delhi-based firm has 11 hotels, out of which, 6 hotels are completed while 5 other hospitality projects are under construction. The company wants to unlock the value of some of its under construction hotel properties, they said, adding that funds could be utilised for further expansion of the firm as well as reduction of debt. (The Economic Times)
Samsonite looks to acquire local brands to increase market share: Luggage maker Samsonite International SA is looking for acquisition opportunities in India to increase its market share and boost profitability. The company is looking at local brands for acquisitions in India and other Asian markets, said E.P. Suresh Menon, chief executive officer at Samsonite South Asia Pvt. Ltd. The company is in talks with a local luggage maker, but Menon did not give details. The company plans to achieve its sales target with the help of two launches in 2014, one in the luxury segment and the other in a more affordable category. (Live Mint)
Dishman is looking to sell China plant to pare off debt: Ahmedabad-based contract research and manufacturing services (CRAMS) player Dishman Pharmaceuticals and Chemicals Ltd, is looking to sell its China plant to pare off some debt. The plant in the Shanghai Chemical Industry Park had started operations last year and is currently making intermediates and speciality chemicals. The company has decided to liquidate the Chinese asset. Dishman is looking to get at least $25 million (Rs 153 crore) from the sale, the amount invested in the facility. (Business Standard)
Hager looks for local partners; eyes Rs 300 cr revenue: French electrical equipment maker Hager is looking at local collaboration to strengthen its presence and meet its revenue target of over Rs 300 crore ($49 million) by 2015 in India. The company want to bring more localised content into this market and may look at collaborations for the same, Hager Chief Executive Officer Daniel Hager said. At present, the company has around 250 channel partners and has also set up 10 service centres. (Business Standard)
Govt might sell IOC stake to ONGC, Oil India Ltd: Following stiff opposition from the petroleum ministry against divesting state-run Indian Oil Corporation (IOC), the Centre is now exploring ways to sell IOC stake to other state-owned companies such as Oil and Natural Gas Corporation (ONGC) and Oil India Limited to meet the divestment target. A proposal in this regard would be moved to an empowered group of ministers (EGoM) soon, said a top petroleum ministry official. The EGoM led by Finance Minister P Chidamabaram had deferred a decision on the divestment of IOC last week. (Business Standard)
Courtesy: VCCEdge