Citi names Laskowski as Asia-Pac COO, PE head: Citigroup has named Chris Laskowski as its chief operating officer (COO) and the head of financial entrepreneurs group for Asia Pacific ex-Japan, an internal memo seen by Reuters said on Monday. Laskowski, who previously held the role of head of private equity banking for Citi in Asia, is returning to Hong Kong from Citi's Chicago office.
Cadbury India revamps top management: Five months after Kraft Foods announced the global acquisition of Cadbury Plc, the Indian subsidiary, represented by Cadbury India, has put in place a top team that will lead the combined interests of Kraft Foods and Cadbury in the country. The development is in sync with the company's move to change from a single marketing function for all products, to aligning it with categories. The categories, as they exist in Cadbury India, include chocolates, gums and candies and powdered drinks. This has been done to provide focused attention to every brand in the portfolio.
IDFC to bring global partner aboard for AMC: Infrastructure Development Finance Corporation (IDFC) plans to rope in a global fund manager as a strategic partner in its asset management arm, potentially looking to bolster the business at a time of turmoil in the mutual fund industry. IDFC's executive director Vikram Limaye told ET the firm was looking at a strategic partnership "to either manage the fund or advise foreign flow of funds into the Indian equity market". He declined to give details.
Currency fluctuations may hit exports: Indian exports may loose its growth momentum again due to currency fluctuations and rising raw material costs, a survey conducted by industry body Ficci said. Expected rise in interest cost due to introduction of base rate mechanism and slowdown in Euro zone are some of the other reasons that may slowdown exports that grew 35.1% in May over the year-ago period, the survey said.
Exports have seen a moderately positive growth for the past few quarters but decline in orders from EU has started to hit the exporters. Demand from European buyers has slowed down and in some cases they have asked the Indian exporters to withhold supply. With softer demand in the large markets of Europe and US, the exporters are now exploring alternate destinations.
RCom to sell Infratel stake to GTL, PE firm: The Reliance Anil Dhirubhai Ambani Group (R-Adag) plans to reduce its holding in its telecom tower business to 20-25% from 95%, with stake sales to GTL Infrastructure Ltd and a private equity investor, two bankers familiar with the plan said. The sale of stakes in Reliance Infratel Ltd, which is being spun off from the group's cellphone firm Reliance Communications Ltd (RCom), will take place in transactions that will combine cash and stock, said the bankers, who didn't want to be named. The sale will take place in three stages. First, 54,000 telecom towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be hived off into a special purpose vehicle, or SPV.
Second, the SPV will sell a stake to a private equity investor. Third, the SPV will issue shares to RCom and GTL Infrastructure shareholders, and subsequently seek a stock market listing, one of the bankers cited above said. The details are being worked out and the sale may take place in a few weeks.
Promoters raise stake in Max India to 35%: Promoters of Max India, led by Analjit Singh, have increased their stake in the company to about 35% last week and are expected to raise their holding further in the near future.The promoter group increased stake by 0.69% to 35.47% through open market purchases in the last two trading sessions, sources close to the development said.
The promoters are committed to raise their stake further as they believe group's business has potential to grow multi-fold in profits as well as valuation in the future. The company is into life insurance, health insurance and healthcare businesses through subsidiaries. Sources said that the deals were executed at an average price of Rs163.95 resulting in an investment of about Rs26 crore.
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