Renault Re-enters China Bus Market
France's automaker Renault will invest RMB1.5 bn in a minibus project in Hubei province. It is the second time that the company has attempted to enter the Chinese automobile market after it cancelled an agreement with Dongfeng Motors in 2004 to build 300,000 cars on a yearly basis. The new project will have an annual capacity of 40,000 vehicles and is slated to begin in 2010. The minibuses will be sold in China and exported to Brazil, India and Russia.
HSBC Buys 73 Per Cent of India's IL&FS
Hongkong and Shanghai Banking Corporation (HSBC) has bought a 73.21 per
cent stake in retail broker IL&FS Investsmart for USD261m. The bank
has acquired the stake from E*Trade Mauritius (43.85 per cent) and an
additional 29.36 per cent from IL&FS, the Business Standard
reports. In addition, HSBC has paid a non-compete fee of USD19.4m for a
three-year period to IL&FS. HSBC may delist the Indian company as
it tries to acquire the remaining shares. IL&FS currently has a
market capitalisation of USD300m.
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