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August 1, 2001
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Money > Business Headlines > Report August 1, 2001 |
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Reliance group keen on UTI's stake in BSESBS Corporate Bureau The Reliance group, which is the single-largest shareholder in the Bombay-based power company BSES, with a 30 per cent stake, is keen on hiking its pie further. It is eyeing the 10.79 stake held by the Unit Trust of India. "We are open to the idea of buying out UTI's stake in BSES provided the price is right," Anil Ambani, managing director, Reliance industries said at a press conference in Bombay on Tuesday. Ambani's statement assumes significance as UTI is planning to sell its stake in various companies to bail out its flagship scheme US-64. Last year, the Reliance group had made an open offer for an additional 20 per cent stake in BSES after its holding crossed the threshold of 15 per cent, triggering the takeover code. LIC, GIC and UTI which held over 30 per cent in the company did not sell a single share to the Reliance group. In the wake of the US-64 debacle, this may change. Powered by YOU MAY ALSO WANT TO READ:
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