Here’s a look at this week’s top 10 Indian business news.
- 1 Diageo Plc picks up 53.4% stake in United Spirits Ltd for Rs. 11,166.5 crore
- 2 BMW launches BMW 6 Series Gran Coupe in India for Rs. 86.40 lakh
- 3 SBI quarterly net profit Rs. 4,575 crore, up 31.84%
- 4 Welspun Energy to invest Rs. 1,000 crore in Chhattisgarh for 100 MW solar project
- 5 ONGC quarterly net profit down 31.8% to Rs. 5,897 crore
- 6 Sun Pharma to acquire DUSA Pharmaceuticals for $230 million
- 7 Pantaloons to demerge fashion business, to list new entity
- 8 NTPC to invest Rs. 11,846 crore in Chhattisgarh for Lara Super Thermal Power Project
- 9 Bharti Airtel quarterly net profit down 30%
- 10 Gulf Oil acquires Houghton International for $1.05 billion
Diageo Plc picks up 53.4% stake in United Spirits Ltd for Rs. 11,166.5 crore
Diageo Plc, the world’s most valued liquor company picked up 53.4% stake in United Spirits Ltd (USL) in a deal valued over Rs. 11,116 crore. Diageo will initially acquire 27.4% stake in USL by paying Rs. 1,440 per share for a total consideration of Rs. 5,725 crore, later acquiring over 3.77 crore shares for an additional 26% stake in the Indian liquor giant.
"The combination of USL’s strong business with the capabilities which Diageo brings as the world’s leading premium drinks company will ensure that USL continues to lead the industry in India" said Paul S Walsh, CEO, Diageo in a company statement.
BMW launches BMW 6 Series Gran Coupe in India for Rs. 86.40 lakh
BMW launched an all new BMW 6 Series Gran Coupe in a diesel variant in India for an ex-showroom price of Rs. 86.40 lakh. The latest in the German car maker’s line-up is reportedly powered by a 2,993 cc TwinPower Turbo diesel engine mated to an eight speed transmission.
"BMW has reinvented the coupe, creating a four-door car with irresistible dynamics and aesthetics. It has achieved an unusual synergy between pioneering design, uncompromising sportiness and exclusive elegance" said Philipp von Sahr, President, BMW India.
SBI quarterly net profit Rs. 4,575 crore, up 31.84%
The country’s largest bank posted a quarterly net profit of Rs. 4,575 crore, up 31.84% from Rs. 3,470 the same period last year. Deposits were up 16.5% from 9.73 lakh crore to Rs. 11.33 lakh crore and Savings Bank deposits increased 12.52% from 3.52 lakh crore to Rs. 3.96 lakh crore. Gross advances increased 17.94% to Rs. 9.56 lakh crore.
Welspun Energy to invest Rs. 1,000 crore in Chhattisgarh for 100 MW solar project
Welspun Energy, a part of the Welspun Group announced that it will be investing Rs. 1,000 crore in a 100 MW solar project in Chhattisgarh through its subsidiary Welspun Renewables Energy Ltd.
"Dependence on fossil fuels must decrease. We want to bring a change in this power equation and with this MoU we are taking our first step in this direction in Chhattisgarh" said Vineet Mittal, MD, Welspun Energy Ltd. The project is expected to commence in 2015 and the company expects to achieve an annual CO2 emission reduction of 158118 tonnes.
ONGC quarterly net profit down 31.8% to Rs. 5,897 crore
ONGC, one of India’s largest companies in market value reported a quarterly net profit of Rs. 5,897 crore, down 31.8% from Rs. 8,642 crore in the same period last year. Sales revenues declined 12.5% to Rs. 19,853 crore. In October 2012 Sudhir Vasudeva, CMD, ONGC, inaugurated Mumbai High North, a new offshore complex constructed at the cost of Rs. 6,600 crore.
Sun Pharma to acquire DUSA Pharmaceuticals for $230 million
Sun Pharmaceutical Industries Ltd announced that it will acquire Wilmington, Massachusetts based DUSA Pharmaceuticals for $230 million. "DUSA has proven technical capabilities in photodynamic skin treatments, with USFDA approved manufacturing.
DUSA’s business brings us an entry into dermatological treatment devices, where we see good growth opportunities" said Dilip Shanghvi, MD & Founder, Sun Pharma.
Pantaloons to demerge fashion business, to list new entity
According to reports, Pantaloon Retail is set to demerge from Futures Ventures India and a new entity will be listed.
"We grew multiple formats in the early stages of our growth, and now as each one of them has become sizeable, we are giving them independence to propel their growth" said Kishore Biyani, CEO, Future Group. The ownership of brands owned by Future Ventures and Pantaloon Retail will be transferred to the new entity, Future Fashion.
NTPC to invest Rs. 11,846 crore in Chhattisgarh for Lara Super Thermal Power Project
India’s largest state-owned power company NTPC announced that it will be investing Rs. 11,846 crore for its Lara Super Thermal Power Project in Chhattisgarh. According to reports, the overall investment in the project will be about Rs. 30,000 crore and the power plant will have a capacity of 4,000 MW.
Bharti Airtel quarterly net profit down 30%
Bharti Airtel’s net profit for the quarter ending 30 September 2012 dipped nearly 30% to Rs. 721 crore from Rs. 1,027 crore in the same period last year. India’s largest mobile services provider reported the fall in net profit despite an 11% growth in its total worldwide subscriber base to over 26 crore across its service segments which including Mobile, Telemedia and Digital TV services.
"Despite a seasonally weak quarter, I am pleased to see that our overall revenue growth has sustained through diversified segments and geographies as well as the continuing healthy demand in data services" said Sunil Bharti Mittal, Chairman & MD, Bharti Airtel Ltd.
Gulf Oil acquires Houghton International for $1.05 billion
Hinduja Group’s Gulf Oil Corporation Ltd reportedly acquired speciality chemical and fluids company Houghton International Inc for $1.05 billion.
"The acquisition (of Houghton) fits extremely well with Gulf’s lubricant portfolio. Houghton has a very strong industrial portfolio, which perfectly complements Gulf’s very strong presence in the automotive lubricant sector" said GOCL.