Spencer's Retail to break even by 2011

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.
 

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T Rowe Price to manage proposed overseas fund of UTI MF

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.

 

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Proposal mooted to nationalise Goa's inland waterways

NWAI officials have held discussions with the Goa government on nationalising inland waterways, especially along the Mandovi and Zuari rivers, frequently used by iron ore barges to transport minerals

The inland waterways of Goa used for cargo transportation—primarily export of iron ore—may soon be nationalised if the state government gives a green signal to the proposal mooted by the National Waterways Authority of India (NWAI), reports PTI.

Senior NWAI officials were in Goa to hold discussions with the Goa government on nationalising these inland waterways, especially along the Mandovi and Zuari rivers, frequently used by iron ore barges to transport minerals.

"It is for the state government to decide on nationalisation, and the proposal would not be thumped on them," NWAI chairman SP Gaur said in an event organised by the Goa Chamber of Commerce and Industries (GCCI) in Panaji on Thursday.

If the proposal goes through, Goa's waters would be the fifth in the country to be nationalised and developed by the central agency.

Goa’s waterways are used by 1,000-odd barges besides shipping trawlers and passenger ferry boats on a daily basis.

The state's major mineral industry traditionally uses these inland waterways to carry ore from mines to trans-shippers (vessels anchored in ports).

NWAI's initial estimates indicate that the state would need Rs400 crore-Rs500 crore to develop the waterways, river banks and navigational gadgets helping ship movements during the night.

"Currently, ships cannot explore the complete potential of the waterways because of many factors including the night-time visibility issue. Once developed properly, all these issues would be solved, (thereby) increasing productivity," Mr Gaur said.

During his Goa visit, the NWAI chairman interacted with major industry players in the programme hosted by GCCI.

Allaying fears that nationalisation of inland waterways would take away rights of the state government, Gaur said that the agency would only look after the development aspect while regulation will still remain with the state.

"We have nothing to do with the areas surrounding the rivers. We will be looking after only the navigational channel," he added.

NWAI officials said that the state government can boost its revenue with nationalisation as the trade along the inland waterways will increase manifold.
 

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