Business News

• PNB, PFG restructure JV agreement
• Willbur Ross firm acquires MultivaC
• IDFC   launches second tranche infra bonds

PNB, PFG restructure JV agreement

Punjab National Bank (PNB), Principal Financial Group of Mauritius (PFG) and Vijaya Bank have restructured their joint venture agreement. Under the new memorandum of under standing (MoU), PNB sold 30% stake in the distribution joint venture to PFG. PNB also bought 51% stake in Insurance Broking Company from PFG (26% stake) and Berger Paints (25% stake). With this PNB's stake in the company has gone up to 81%.

Willbur Ross firm acquires MultivaC

Billionaire Wilbur Ross owned International Automotive Components (IAC) Group on Wednesday said it has acquired New Delhi based Multivac India Private Ltd for an undisclosed amount.

Multivac is a supplier of automotive interior systems and components to leading players like Volkswagen, Maruti Suzuki and Volvo.

“This acquisition underscores IAC leadership's commitment to selectively expand its global footprint to take advantage of growing vehicle demand in emerging markets such as India”, IAC group chairman Wilbur Ross said in a statement. However, financial details were not disclosed.

IDFC   launches second tranche infra bonds

The Infrastructure Development Finance Co. Ltd (IDFC) launched its second tranche of infra structure bonds that offer tax deduction benefits under Section 80 CCF up to a maximum amount of `20,000.

As against four options that IDFC offered in the first tranche in October 2010--where it mobilized `485 crore--the second tranche has two options, annual and cumulative. The tenure of both options is 10 years, but one can exercise the buyback option after five years.