UK asks Tatas to accept revised JLR proposal
The UK Government has asked Indian conglomerate Tatas to accept a revised proposal to guarantee hundreds of millions of pounds of short-term funding for luxury brands Jaguar Land Rover or risk the plan being taken off, says a media report.
UK Business Secretary Lord Mandelson has warned Tatas -- the owner of Jaguar Land Rover -- to accept a revised proposal to guarantee hundreds of millions of pounds in short-term funding or risk seeing it taken off the table, The Telegraph has reported.
Quoting people close to the situation, the report said,
"Ministers were surprised that Tatas had not yet provided a response to the latest proposal".
"The warning is understood to have been delivered by Lord Mandelson to Tata Motors (TATAMOTORS.BO : 296.2 +7.55) in recent days following a fresh funding proposal that was made by the Government earlier this month," the publication said in a report published online on Saturday.
According to the newspaper, at stake is a Government guarantee for 340 million euros (290 million pounds) of European Investment Bank loans.
Further, a separate short-term commercial loan of up to 200 million pounds is also understood to be being negotiated by the company before a longer-term financing structure is established, it added.
Essar talks with Dhabi Gp. on Africa telecom deal
MUMBAI (Reuters) - India's Essar Group may invest into Dhabi Group's telecommunication business in Africa to expand operations in the region, the Indian energy-to-steel conglomerate said in a statement on Sunday.
Dhabi, a group of investors based in the UAE, and Essar agreed to enter exclusive talks for the latter to put equity into the African businesses of the middle eastern group for growth capital, Essar said.
The investment "will be the basis of a partnership to create a significant presence in Africa," Essar said.
Dhabi's telecom assets in Africa include Warid Telecom Uganda and Warid Congo SA, the group's website showed.
The Indian group already offers mobile services in Kenya under the 'yu' brand through its unit, Essar Telecom Kenya.
Essar Group is Vodafone's partner in India's No.3 mobile firm, Vodafone Essar. It holds a 33 percent stake in Vodafone Essar and holds a stake of less than 10 percent in Loop Telecom's parent, Loop Mobile.
Standard Chartered Bank is acting as exclusive financial advisor to the Dhabi Group, the Essar statement said.
The UK Government has asked Indian conglomerate Tatas to accept a revised proposal to guarantee hundreds of millions of pounds of short-term funding for luxury brands Jaguar Land Rover or risk the plan being taken off, says a media report.
UK Business Secretary Lord Mandelson has warned Tatas -- the owner of Jaguar Land Rover -- to accept a revised proposal to guarantee hundreds of millions of pounds in short-term funding or risk seeing it taken off the table, The Telegraph has reported.
Quoting people close to the situation, the report said,
"Ministers were surprised that Tatas had not yet provided a response to the latest proposal".
"The warning is understood to have been delivered by Lord Mandelson to Tata Motors (TATAMOTORS.BO : 296.2 +7.55) in recent days following a fresh funding proposal that was made by the Government earlier this month," the publication said in a report published online on Saturday.
According to the newspaper, at stake is a Government guarantee for 340 million euros (290 million pounds) of European Investment Bank loans.
Further, a separate short-term commercial loan of up to 200 million pounds is also understood to be being negotiated by the company before a longer-term financing structure is established, it added.
Essar talks with Dhabi Gp. on Africa telecom deal
MUMBAI (Reuters) - India's Essar Group may invest into Dhabi Group's telecommunication business in Africa to expand operations in the region, the Indian energy-to-steel conglomerate said in a statement on Sunday.
Dhabi, a group of investors based in the UAE, and Essar agreed to enter exclusive talks for the latter to put equity into the African businesses of the middle eastern group for growth capital, Essar said.
The investment "will be the basis of a partnership to create a significant presence in Africa," Essar said.
Dhabi's telecom assets in Africa include Warid Telecom Uganda and Warid Congo SA, the group's website showed.
The Indian group already offers mobile services in Kenya under the 'yu' brand through its unit, Essar Telecom Kenya.
Essar Group is Vodafone's partner in India's No.3 mobile firm, Vodafone Essar. It holds a 33 percent stake in Vodafone Essar and holds a stake of less than 10 percent in Loop Telecom's parent, Loop Mobile.
Standard Chartered Bank is acting as exclusive financial advisor to the Dhabi Group, the Essar statement said.
