Thomas Cook To Sell India Business - The cash-strapped UK parent of Thomas Cook has decided to sell its Indian arm to raise money to bolster troubled global operations after heavy debt and writedown pushed the world's oldest travel firm to the brink of collapse last year. Royal Bank of Scotland will find a buyer for Thomas Cook India after the two foreign promoters pledged their entire holding in the Indian arm with the British bank on Wednesday. (Economic Times)
Lakshmi Vilas Bank To Reduce Stake Below 10% - The promoters of Lakshmi Vilas Bank have sought time from the banking regulator to reduce their stake below 10% to meet holding norms. The private lender has sought a one-year extension from the Reserve Bank of India to lower promoter holding after it failed to meet the December 2011 deadline. Currently, the promoters together hold 11.47% in the bank. (Economic Times)
Srei Defers Plans To Raise $1B Infrastructure Fund - Srei Infrastructure Finance has deferred its plan to raise around $1 billion for its proposed infra fund in the current fiscal due to dollar scarcity in the global markets. The Kolkata-based infrastructure financing firm is now looking at raising the money in the first half of FY13 as it expects global situation to improve in the next fiscal. (Economic Times)
Subhiksha Files Defamation Case Against Premji - Subhiksha, the Chennai-based retail chain that suspended operations in 2008 after running out of cash, has filed a Rs 500-crore defamation claim against Wipro chairman Azim Premji. In September 2010, the chain’s promoter, R Subramanian, had sent a legal notice to Premji for his comment in an interview that “investing in Subhiksha was a mistake and a lot of money has been siphoned offâ€. (Business Standard)
ADAG's RCom In Talks With China Development Bank For Loan - Reliance Communications, which has a $925 million convertible bond maturing in March and has failed so far in efforts to sell its tower unit, is in talks with China Development Bank for a loan to redeem the bond. Rcom has been trying for more than a year to sell its tower business in a deal that could be worth more than $3 billion. (Times of India)
