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A V Rajwade: Financial regulation - The US model
A V Rajwade / New Delhi September 26, 2009, 0:41 IST

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Carlson ties up with local player to open luxury brand Regent
Global hospitality chain Carlson today announced plans to open its luxury brand Regent in India with the opening of a hotel in Gurgaon in 2013.

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Singur land not 'formally' sought: Industry minister
The West Bengal government had not sought return of the land at Singur from Tata Motors ‘formally’, said West Bengal commerce and industry minister Nirupam Sen, a day after Ratan Tata said the government had not approached for the land. Speaking on the sidelines of a seminar organized by Assocham in association with the Bengal Chamber of Commerce & Industry and Merchants’ Chamber of Commerce, Sen said, though the government had not formally asked for the land, the company had been informed about the Bhel proposal and later the Railways proposal. Sen said, unless the Railways submitted a formal proposal, the government would not ask for the land back. With Sen’s comments, it appears that Singur was once again in limbo, as Railways has made it clear that it would not visit the land as it belonged to Tata Motors.
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ArcelorMittal issues $750mn convertible bonds

Global steel giant ArcelorMittal today said it has raised $750 million (Rs 3,500 crore) through issue of convertible bonds by its wholly-owned arm based here. - As projects falter, steel MNCs forge partnerships - Steelmin seeks more power on grant of iron ore mines - States" panel to prepare rules for land banks - ArcelorMittal appoints Peter Kukielski in Group Mgmt Board - Posco, ArcelorMittal may get land of fert, cement cos - It"s Destination K"taka for steel firms The proceeds from the bonds will be utilised to help fund investments in notes linked to shares of Turkey’s Eregli Demir & Celik Fabrikalari and Australia’s Macarthur Coal Ltd, both of which are held by ArcelorMittal subsidiaries. The bonds have been privately placed with a Luxembourg affiliate of Caylon, an investment-banking subsidiary of Credit Agricole. "The bonds will have a maturity of 17 months and ArcelorMittal will be entitled to call it in the year prior to maturity," the company said in a statement. The company added that the subsidiary may also invest in other financial instruments in consultation with investment banker. "ArcelorMittal has no intention to sell its shares in Erdemir or Macarthur," the statement added. In ArcelorMittal"s consolidated financial statements, the mandatory convertible bond is expected to be recorded as minority interest and debt, the company said.


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