As regards global markets, Asian indices closed in the green. European indices have also opened firm. The rupee was trading at Rs 62.1 to the dollar at the time of writing.
Canada Pension Plan Investment Board (CPPIB) will invest an initial Rs 10 bn in L&T Infrastructure Development Projects Ltd (L&T IDPL), a unit of Larsen and Toubro Ltd (L&T). Foreign investment promotion board (FIPB), which has given the go-ahead to the deal, said that CPP Investment Board Inc, Singapore, a wholly-owned subsidiary of CPPIB will invest the money through equity shares, compulsorily convertible preference shares and/or compulsorily convertible debentures. This is the first tranche and CPPIB will investment a further Rs 10 bn at a later date.
Ultratech Cement is in talks to buy the Jaypee group's cement assets in Solan, Himachal Pradesh, for about Rs 40 bn. This deal comes only a few months after it bought Jaypee group's cement plant in Gujarat. Two European companies were also in the race to buy the Solan assets-a grinding and blending unit and a cement plant, but the talks did not work. UltraTech's intention of buying the assets is solely with the aim of entering the North Indian market where they do not have much presence. Along with the assets, the deal could also give them access to limestone reserves and new markets. For Jaypee, it is beneficial since the proceeds will give them some lifeline to tackle the debt. So the deal is in the right direction for both the companies if it happens.