Ranbaxy, Binani in recast mode

Indian corporates appear to be turning aggressive on restructuring. While infotech outsourcing firm GTL announced it has appointed Deloitte ...

Indian corporates appear to be turning aggressive on restructuring. While infotech outsourcing firm GTL announced it has appointed Deloitte Haskins and Sells for mapping its revamp plan, Binani is disinvesting 25 per cent stake in its cement arm. Meanwhile, ICICI Venture is buying Ranbaxy’s non-core businesses.

GTL announced that it expects the advisors to submit their recommendations to the board in the next 30 days. ‘‘The plan would cover the restructuring of the existing business into network services and infrastructure segment in the light of the recently formed GTL Infrastructure Ltd, a 100 per cent subsidiary of the company.’’ The plan would bring the company’s all service offerings under one platform as a unified service offering, it said. GTL would retain the services portion of the business.

Binani Industries will divest 25 per cent in its subsidiary Binani Cement to an international financial investor. The board of directors have approved a proposal for a swap of up to 50 per cent equity shares in its share capital for existing shares of BCL and Binani Zinc Ltd, held by the company.

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Meanwhile, ICICI Venture Funds said it has arrived at an understanding with Ranbaxy Laboratories (Ranbaxy) to acquire its allied business portfolio, comprising the Fine Chemicals business, part of the diagnostics business and animal health care business. The value of the transactions was not given.

Ranbaxy CEO & MD Brian Tempest said, ‘‘Ranbaxy has decided to divest its allied businesses. This will enable Ranbaxy to focus on its core pharmaceutical business in the future.’’

Also, Godrej Industries said it will invest another Rs 20 crore in Godrej Consumer Products Ltd, and another Rs 50 lakh to buy securities of Avestha Genngraine Technologies Ltd, USA and another Rs 20 crore in CBay Systems Ltd, USA.

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