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'Efforts on to limit bad assets'
Business Standard / January 26, 2010, 0:11 IST

Bharat Forge: It's part of life
As if last year wasn’t difficult enough, Baba Kalyani has said quite clearly that the current year would remain a challenging one for his company. The chairman and managing director of Bharat Forge believes it could be a while before inventories are cleared and sales revive, especially in the commercial vehicle (CV) space. The auto parts maker, a victim of the severe depression in the world automobile markets, saw consolidated sales rise just under 3 per cent last year to Rs 4,774 crore.

News of the day

Dr Reddy's pares gains; ends flat
The stock ended flat at Rs 712. Around 86,350 shares were traded on the BSE today as compared to the two-week daily average traded volumes of 98,591 shares.
Public Company

Sistema Shyam to sell 19.8% stake to Russia

Russian government to pay $676.9 million for the deal. - Russia to buy 19.8% in Sistema Shyam - Sistema-Shyam to go public in H2 of 2010 - Modi invites Sistema to set up chip facility in Gujarat - Sistema Shyam"s Delhi launch comes with a range of offers - Sistema Shyam expands reach - Shyam group promoter Rajiv Mehrotra elected to Sistema Board Sistema Shyam Teleservices (SSTL), a joint venture between Russia’s Sistema and India’s Shyam Group, today said it would sell a 19.8 per cent stake to the Russian government for $676.9 million (Rs 3,166 crore). The company would issue 662.75 million shares, on a preferred basis, to the Russian Federal Agency at Rs 49.31 each. It will also issue up to 228.55 million shares to its Indian promoters at Rs 10 a share. The allotment of shares to the Indian promoters has been done to keep its total FDI below the government-mandated limit of 74 per cent. The stake sale was approved today by the extraordinary general body meeting of the company’s shareholders. The proposal to sell shares to the Russian Federation was recently cleared by the Foreign Investment Promotion Board under the Ministry of Finance. After the sale, Sistema’s stake will come down to 54.2 per cent, while Shyam Group will continue to have 23.5 per cent equity in the JV, which offers CDMA-based mobile services under the brand name MTS. Sistema currently owns 73.71 per cent in the venture. “The new shareholding pattern will improve the financial stability of SSTL and will increase its share value. The funds will be used for further development of SSTL business in telecom circles of its current operation, as well as for network deployment in new regions,” SSTL CEO Vsevolod Rozanov said in a statement. SSTL has licences and spectrum to provide mobile telecom services in all 22 circles across the country. It has a total subscriber base of about 2.8 million. Currently, it operates only in nine circles — Delhi, Kolkata, West Bengal, Rajasthan, Tamil Nadu, Kerala, Bihar, Jharkhand and Karnataka.


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