July 2007
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Morarjee Textiles acquires 67 pct stake in Men’s Club

The Rs. 213 crore Morarjee Textiles Ltd., an Ashok Piramal Group-owned company has acquired 67 percent controlling stake in an Italian brand of shirts, Men’s Club, Mr Harshvardhan Piramal, Executive Vice-Chairman, Morarjee Textiles Ltd. said. He clarified that the company is scouting for another acquisition for its front-end business in Europe, but has not zeroed in on anything as the company would prefer to acquire a brand that offers high value-added products and fits well within our strategy. Although, the manufacturing has been outsourced to a plant in Southern Italy, the company wants to maintain a relative independence with Men’s Club as they hopes to make a dent in the Japanese and European markets through this acquisition. […]

DCB to sell 16.6 pc stake

Private sector lender Development Credit Bank plans to sell 16.6 per cent stake to five investors and raise around Rs 3.10 billion, a senior official said on Tuesday. The shares will be issued at Rs 105 each, Managing Director and Chief Executive Officer Gautam Vir said. The investors are Tata Capital Ltd, Al Bateen Investment Co of the United Arab Emirates, GRA Finance Corp, DCB Investments Ltd, Mauritius and India Capital Opportunities 1 Ltd. […]

Avesthagen to raise $100mn for expansion

Avestha Gengraine Technologies (Avesthagen), a Bangalore-based biotech firm, has outlined plans to raise $100 million (Rs 410 crore) to fund its growth and acquisition plans for the next three years. The amount will be raised through a mix of private equity and an initial public offering (IPO). Avesthagen, which focuses on the convergence of food, pharmaceuticals and clinical genomics, provides solutions to agriculture and health problems such as degenerative conditions, metabolic disorders and infectious diseases. […]

Dishman to buy Solvay Pharma vitamins unit

Dishman Pharmaceuticals & Chemicals will soon acquire the vitamin and fine chemicals business of the Netherlands-based pharmaceuticals major, Solvay Pharmaceuticals (Solvay), for an undisclosed amount. According to a memorandum of understanding between the two parties, Dishman will take over Solvay’s facilities, people and activities located in Veenendaal in the Netherlands, besides acquiring the technology, patent and intellectual property rights for fine chemicals. After the completion of due diligence and employee information procedures and gaining the approval of relevant authorities, the transfer of ownership will be completed, during 2007, according to Dishman. […]