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Renaissance Jewellery buys US co for $40 mn

Renaissance Jewellery, a diamond jewellery manufacturer, has acquired the business and assets of JBR, a jewellery wholesaler based in New York for a total consideration of $40 million through its subsidiary “Renaissance Jewelry New York” in US. JBR having a total annual sales of $70 mn is likely to add to the company's turnover and net profit substantially. “As of now we were selling directly to our retail customers in the US like Walmart from India. But, the acquisition of JBR will give us a competitive edge in addition to help us consolidate our business in the world's largest jewellery sales market,” said Sumit Shah, managing director of Renaissance Jewellery. (Business Standard) […]

Clear Trade floats $12 bn infrastructure fund

Clear Trade, a US-based private equity firm with Indian roots, has floated a $12 billion fund in association with leading US private equity companies to exclusively invest in upcoming power and infrastructure projects over a five year period. Philip Ho, managing director of the US PE firm Cornell Capital, Axis Bank-promoted Axis Private Equity, Morgan Stanley and other leading US funds, including one of the largest PE players in the hospitality sector are participating in this fund. Clear Trade is also talking to some leading European pension funds to join the fund. Power Finance Corporation (PFC) is likely to pick up 20 per cent and has given a letter of intent to join the “Clear Investments Power and Infrastructure Fund”, Deepak Kavadia, managing director of Clear Trade told Business Standard in a telephonic interview from the US. The initial corpus of the fund — set to kick off in the first week of April — will be $1 billion. “We will close this fund within 18 months and raise $2.5 billion. Majority of the investments will be in the power sector, especially thermal projects” he said. Clear Trade has identified about 11 power projects for investments in the first phase, including two projects of over 1000 mw promoted by two leading corporate houses based in Hyderabad and Mumbai, besides two hydro-electric projects coming up in the north east. […]

EID Parry buys 51% in Phytoremedies Biolabs

Chennai-based EID Parry India, a part of Murugappa group, said on Thursday that Pune-based Phytoremedies Biolabs has become a subsidiary of the company consequent to the acquisition of 51% stake. Phytoremedies Biolabs is a company engaged in the business of Nutraceuticals. EID Parry India swung to loss of Rs 233.30 million for the quarter ended Dec. 31, 2007, compared with a profit of Rs 35.30 million in the same quarter, last year. Net sales for the quarter climbed 30.78% to Rs 1,972.80 million when compared with the corresponding quarter, a year ago.(My Iris) […]