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An internal committee of the Surface Transport Ministry set up to examine the Disinvestment Commission report on Shipping Corporation of India (SCI) has supported the move to reduce Government equity in the company but failed to specify the quantum of disinvestment. The Ministry had set up the committee, headed by its Financial Advisor, to examine the recommendations of the Commission in view of the State-run company's desire to remain within the Government stable.
Hyundai to partially divest stake in Indian subsidiary
Hyundai Motor Co (HMC) has plans to divest part of its stake in the wholly-owned Indian subsidiary, Hyundai Motor India Ltd, to part-finance the future expansion plans of the company. This was revealed by Mr. Y.S. Kim, Managing Director, HMIL, in an informal chat with Business Line here. The expansion will take place in 2003 which will take the company's total investment in the project to $1 billion, he added.
India Foils EGM okays enabling resolutions
AS per the deal finalised with the Kumar Mangalam Birla- controlled Hindalco Industries Ltd, India Foils Ltd (IFL) — a member of the Williamson Magor Group — will soon be issuing 90,00,000 equity shares of Rs. 10 each at a price of Rs. 45 (premium of Rs. 35), and 55,00,000 warrants of Rs. 10 each (each convertible into equity shares on a preferential basis to Renuka Investments and Finance Ltd (Renuka) and Renukeshwar Investments & Finance Ltd (Renukeshwar), wholly-owned subsidiaries of Hindalco Industries Ltd.
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