Steel Authority of India Ltd (SAIL) has decided to defer its decision to enter the market till a firm time-slot is announced for its disinvestment. The time-slot would have to be announced by the Disinvestment Commission headed by Mr. G. V. Ramakrishna. SAIL is among the 40 public sector undertakings shortlisted for disinvestment. SAIL plans to tap the market to garner a part of the required resources. It has, however, decided to withhold its modernisation plans till the Disinvestment Commission approves a time-frame for the sell-off.

BT, MCI merge to form Concert

British Telecom (BT) unveiled the largest merger in Britain’s corporate history today, linking up with MCI Communications, the No. 2 US long-distance phone company, to create a $54-billion group. Six months after alliance talks failed with BT’s British rival Cable and Wireless, BT announced that its deal with MCI, to be called Concert Plc, would create one of the world’s largest telecom groups with 43 million business and residential customers in 70 countries. BT already owned 20 per cent of MCI with which it has created the Concert joint venture.

Birlas, Bangurs join race for Nihon Nirmaan takeover

More companies, including a C.K. Birla group company, Shree Cements of the B. G. Bangur group and the Dhanukas of IG Petro have entered the race for the takeover of Nihon Nirmaan Ltd (NNL). This follows the month-long extension of the earlier October 31 deadline by the lead institution, the Industrial Credit and Investment Corporation of India (ICICI), which invited on September 2, proposals for sale, takeover or merger of the country’s only Indo-Japanese joint venture in white cement.

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