MAX INDIA PLANS ARM TO ROUTE NEW INVESTMENTS
Article Abstract:
Max India is setting up a 100 percent subsidiary, Max Corporation, through which it will route its investments in new businesses. Substantial assets which include a part of funds of Max Telecom Ventures Ltd (MTVL), will be transferred to Max Corporation. MTVL earned Rs563 crore in April 1998 by selling a 40 percent holding in Hutchinson Max Telecom and had paid out Rs165 crore as dividend to Max India. MTVL's surplus funds and assets will be transferred to Max Corporation. The funds will be invested in new businesses while MTVL will continue to focus on the telecom sector. Max Corporation will allot three cross shares of the face value of Rs10 each to Max India in consideration of the transfer of assets of MTVL. Max India is presently evaluating and identifying new business opportunities and has appointed Mckinsey & Co to identify and develop its business and investment strategy. (tsm)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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FOREIGN FIRMS IN TELECOM JVs USE PREF ROUTE TO PUMP IN MONEY
Article Abstract:
Foreign partners are bringing in huge amounts through preference capital as they are not permitted to hold more than a 49 percent stake in a telecom venture. Hutchison Whampoa of Hong Kong plans to invest Rs165 crore as preference capital in Telecom Investment India (TII), which holds a 41 percent stake in Hutchison Max Telecom, the cellular operator in Mumbai. This investment will be routed through a Mauritius-based company called CGP India Investments Ltd, which holds a 49 percent stake in TII. TII currently has a small equity share capital of about Rs4 crore while its preference share capital, which is totally owned by CGP, stands at about Rs563 crore. This will further increase to about Rs730 crore after the Rs165 crore preference share issue. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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B&C TO FLOAT ARM FOR NEW PROJECTS
Article Abstract:
Best & Crompton Engineering Limited has planned to set up a 100 percent subsidiary called Beacon Holding and Investments Limited to implement new projects. It plans to invest Rs5 crore in the Beacon Holding and Investments. The new company will implement projects in power, infrastructure, software, property development and other profitable projects. (khr)
Comment:
To form Beacon Holding and Investments in India as its 100% subsidiary
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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