NMDC and Tata Steel have signed an MoU to examine the possibility of a strategic alliance for acquisition, exploration and development of mines and setting up integrated steel plants
State-owned iron ore producer National Mineral Development Corp Ltd (NMDC) and Tata Steel Ltd on Friday signed a memorandum of understanding (MoU) to examine the possibility of a strategic alliance for acquisition, exploration and development of mines and setting up integrated steel plants, reports PTI.
NMDC chairman and managing director Rana Som and Tata Steel managing director HM Nerurkar signed the MoU at a ceremony in Kolkata.
Describing the signing of the MoU between the two companies as 'historic', Mr Som said that it would be converted into a joint venture company later.
He said that the two companies would set up a working group to explore and finalise the areas of cooperation and submit its report to a steering committee. Thereafter, a decision to enter into a joint venture would be taken, he said.
On the equity structure, he said that the working group would decide on the same and it would depend on the areas in which the two companies were going to operate.
Mr Nerurkar said that in the current scenario, in which the country's steel policy envisaged doubling of steel-making capacity over the next decade, an opportunity has come for both the companies to work together towards this goal.
Tata Steel and NMDC have planned to jointly address mining and steel-making opportunities, he added.
Spencer's Retail, the RPG group's retail unit, is expecting to break even by 2011. It is also in talks with private equity players to raise funds
Spencer's Retail, a 100% subsidiary of power utility CESC Ltd, expects to break even by 2011, a top company official said on Friday.
Spencer's Retail is making losses, but they are declining over time, CESC vice-chairman Sanjiv Goenka told reporters in Kolkata.
"We intend to break even by 2011," Mr Goenka said, adding that the company is expecting a turnover of Rs95 crore per month.
He said that the RPG group company is also in talks with private equity players to raise funds, but nothing has been finalised as of now.
T Rowe Price, which recently acquired 26% stake in UTI AMC, will manage the proposed overseas fund of the Indian fund house
US-based foreign institutional investor T Rowe Price, which recently acquired 26% stake in UTI AMC, will manage the proposed overseas fund of the Indian fund house, reports PTI.
"We are trying to raise money from here for investing in foreign securities and that money will be managed by T Rowe. We have filed the proposal with SEBI. As soon as we get SEBI’s approval, we will launch the product," UTI MF chairman UK Sinha said.
Around 65%-100% of this fund would be invested in foreign securities in emerging markets, Mr Sinha said.
Meanwhile, T Rowe Price (TRP) ruled out any immediate plans for upping its stake in UTI AMC. "We have no plans at this stage," TRP vice-chairman Edward Bernard said when asked whether his company wants to raise its stake in UTI MF.
Mr Bernard added that there are also other shareholders involved in UTI MF and his company's interest in the mutual fund is high.
TRP completed its acquisition of 26% stake in UTI AMC through its wholly-owned subsidiary T Rowe Price Global Investment Services for Rs650 crore and gained representation on the board of UTI AMC.
The foreign fund acquired 6.5% stake from each of the four original stockholders—State Bank of India, Punjab National Bank, Bank of Baroda and LIC—amounting to 26% in UTI Asset Management Company and UTI Trustee Company.