COUNTRY CLUB (INDIA) EXPANSION PLAN

STRENGTHENING OVERSEAS PRESENCE

Leisure and infrastructure firm Country Club (India) which has 55 properties across 10 nations is planning to strengthen presence overseas and is targeting one million memberships in a decade. The e Country Club India has over 3 laky members. About 75 per cent of the company’s business is through membership and 25 per cent is through nonmembers. The e company is done with expansion process in the country, and it will add properties only if there are right opportunities. However, it is planning to expand to 25 cities overseas in Saudi Arabia, the US and South East Asia.

RESTRUCTURING GETS GO AHEAD

Suzlon Energy’s directors approved a proposal for cashless restructuring of its existing foreign currency convertible bonds (FCCBs). The e company and an ad-hoc committee of bondholders ended negotiations and agreed on the proposed restructuring terms. The e ad-hoc committee comprises select bondholders with signify cant holdings across each of the existing bonds. TREASURES UNVEILED Oil and Natural Gas Corporation’s (ONGC) giant gas if led in Mozambique holds 50 to 70 trillion cubic feet (TCU) of recoverable reserves, 43 per cent more than the minimum estimated resources when it invested USD 4.12 billion. ONGC Videsh, the overseas arm of state-owned ONGC, bought a 16 per cent stake in the off shore Rovuma Area-1 over the past one year.

FUND RAISING PLANS

SREI Infrastructure Finance is planning to raise `600 crore through retail bond this fiscal. Bonds will be raised for an amount up to `75 crore with an option to retain oversubscription up to `75 crore, aggregative to `150 crore. The management has indicated that they are planning to raise minimum of `600 crores this fiscal in 4 tranches, every quarter similar to what was done last fiscal. The objective is to reach out SREI brand into the retail segment, broaden the investor/lender base and de-risk concentration from bank funding.

PLANS REVIVED

Realty firm Ansal Properties and Infrastructure has revived its plan to develop a 75-acre IT special economic zone (SEZ) in Greater Noida and will invest about `130 crore over the next three years on construction. The IT SEZ was notified by the Commerce Ministry in 2006, but the company was going slowly in the development of SEZ project due to global economic slowdown.

ARBITRATION FILED

Reliance Industries along with its partners BP and NIKO have issued a notice of arbitration to the government of India seeking implementation of the revised price for gas produced from the Krishna-Godavari basin (KG-D6). The ‘Domestic Natural Gas Pricing Guideline 2014’ was notified on January 10, 2014 after the government approved the Rangarajan formula doubling gas prices to USD 8.4 per unit from April 1. While the change was criticised by political parties and consumers, RIL defended it saying that the new price is still below the price of imported liquefied natural gas (LNG)