BRIEFING - ASIA JOINT VENTURES - MAY 16, 2007

SAUDI-UAE ECONOMIC FORUM CLEARS DOUBTS
RIYADH - Officials, who had gathered at the Saudi-UAE Economic Forum, agreed that urgent measures were needed to solve economic obstacles between the Kingdom and the UAE, and that small differences between Saudi and Emirati businessmen should not be allowed to hamper further progress in joint ventures between the two countries.

In the conclusion of the two-day conference, which was organized by Asharq Al-Awsat, a sister publication of Arab News, several officials including the UAE Minister of Economy Sheikha Lubna Al-Qasimi, Saudi Research and Marketing Group (SRMG) Chairman Prince Faisal ibn Salman, and President of the Saudi Chambers of Commerce and Industry Abdul Rahman Al-Rashed attended the final session of the conference.
YATRA CAPITAL TO INVEST US$29 MLN IN INDIAN REAL ESTATE
NEW DELHI - Real estate investment company Yatra Capital Limited on Tuesday announced its foray in India with plans to invest 21.6 million Euro (US$29.2 million) in a joint venture firm.
The JV company set up with Kolte Patil Developers will develop three residential sites in Pune, a company statement said.
MELLON FINANCIAL CORP TO SET UP FUND MANAGMENT JV IN CHINA
BEIJING - Mellon Financial Corporation is talking with a Chinese securities company on jointly setting up a fund management company, and the deal is likely to be hammered out this month, Xinhua-run Shanghai Securities News quoted a Mellon official as saying.
In addition, Mellon has decided to join hands with a Chinese fund management company to develop fund products for qualified domestic institutional investors.
WORK STARTS ON AIRBUS A320 CHINA ASSEMBLY LINE
TIANJIN - Construction of an assembly line for European aircraft maker Airbus A320 planes began on Tuesday in north China's port city Tianjin with a ceremony to mark the occasion.
The assembly plant is a joint venture between Airbus and Tianjin Zhongtian Aviation Industry Investment Co., a Chinese alliance of China Aviation Industry Corp I, China Aviation Industry Corp II and Tianjin Bonded Zone Investment Co.
CHINA SOUTHERN IN TALKS WITH AIR FRANCE OVER JV CARGO AIRLINE
BEIJING - China Southern Airlines (SEHK:1055, SSX:600029) confirmed on Tuesday that it was in talks with Air France to explore the possibility of establishing a joint-venture cargo airline.
A statement released by the company stressed that discussions were at an early stage and as yet, no solid agreement had been reached.
ITALIAN APPAREL CO DIESEL FORMS JV WITH INDIA'S ARVIND MILLS
NEW DELHI - Italian luxury and casual apparel maker Diesel on Tuesday agreed to set up a joint venture company with Arvind Mills Ltd (BSE:500101) through which it would open 15 exclusive stores in India in the next three years.
"The two companies have formed a joint venture named Diesel India Fashion Arvind Pvt Ltd for representing Diesel in India. The brand enjoys huge demand coming from the high end fashion lovers in the country," Arvind Mills CEO Darshan Mehta said.
INDIA'S HDFC TO BUY CHUBB'S STAKE IN INSURANCE JV
MUMBAI - Housing Development Finance Corporation Ltd (HDFC) (BSE:500010) on Tuesday said it will acquire US-based Chubb Global Financial Services Corporation's 26 per cent stake in their joint insurance venture.
In a communique to the Bombay Stock Exchange (BSE), HDFC said it would acquire 32.5 million equity shares of Rs 10 each, representing 26 per cent of the paid up share capital of HDFC Chubb General Insurance Co Ltd (HCGICL), from Chubb Global.
AUSTRALIAN MINERS FORM NEW URANIUM JOINT VENTURE
PERTH - Gold and base metal explorer Talisman Mining Ltd (ASX:TLM) has teamed up with Proto Resources and Investments Ltd (ASX:PRW) to create a new uranium joint venture.
The two companies plan to sell their combined uranium exploration assets in Western Australia and the Northern Territory into a new vehicle called Protal Metals Group Ltd.
SPECULATION RIFE THAT HDFC WILL EXIT FROM INTELNET JV
MUMBAI - HDFC Limited (BSE:500180) may be looking at selling off its stake in its joint venture, Intelenet Global Services, a leading business process outsourcing (BPO) company.
HDFC owns a 50 per cent stake in the venture while the other 50 per cent is held by UK-based Barclays Bank.
CARLSBERG ACQUIRES BREWERY IN INDIA'S HIMACHAL PRADESH
NEW DELHI - Danish beer major Carlsberg on Monday said it has acquired a brewery in Himachal Pradesh to scale up capacity as part of its growth acceleration in India.
The company, however, did not disclose any financial details of the acquisition.
RITZ-CARLTON, NITESH ESTATE PARTNER FOR HOTEL IN BANGALORE
NEW DELHI - Ritz-Carlton Hotel Company on Monday announced its plan to enter India with a hotel in Bangalore, which will be set up in collaboration with property developer Nitesh Estates by 2010.
The 250-room hotel also marks the entry of Bangalore- based Nitesh Estates into hospitality, the developer said in a statement.
ANALYSIS - PHILIPPINES' ICTSI CUTS DEALS IN CHINA, BRAZIL, SYRIA
(Analysis from Asia Today International - Philippine global port operator, International Container Terminal Service Inc. (ICTSI), is continuing aggressive expansion, with deals cut in China, Brazil and Syria.
Its China entry is through acquisition of a 60 per cent stake in Yantai Gangtong Container Terminal Co. Ltd. (YGCTCL). ICTSI told the Philippine Stock Exchange that its holding company, ICTSI (Hong Kong) Ltd, had signed a joint venture with Yantai Port Group Co. Ltd. and SDIC Communication. YGCTCL manages the Yantai Gangtong Terminal in Chinas Shangdong province. Yantai Port Group and SDIC will each retain 20 per cent in YGCTCL.
CONSTRUCTION TO START ON AIRBUS A320 CHINA ASSEMBLY LINE
TIANJIN - A ground-breaking ceremony is to be held later Tuesday to launch the construction of European aircraft maker Airbus' A320 assembly line in north China's port city Tianjin.
The plant in the Tianjin Binhai New Area, the first for Airbus outside Europe, is expected to start operating in August next year and have an annual capacity of 44 aircraft in 2011, sources with the project said.