August 2008
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BSE calls off deal to buy NMCE stake

The Bombay Stock Exchange (BSE) has called off its plan to acquire 26 per cent in the Ahmedabad-based National Multi Commodity Exchange (NMCE). The deal was terminated just before the resignation of BSE Managing Director and CEO Rajnikant Patel. Patel quit late on Thursday evening, citing personal reasons. A release issued by BSE today said that its present Chief Operating Officer (COO) Mahesh Soneji will look after the interests of the exchange until a new appointment is made in place of Patel. NMCE Managing Director Kailash Gupta confirmed that the stake sale agreement with BSE has been terminated. Patel was also on the NMCE board as an independent director, but Gupta said a further course of action relating to Patel’s role in NMCE would be decided once the commodity exchange’s board meets next month. Reliance Capital had recently picked up 26 per cent stake in NMCE. […]

Allied Digital nears UK acquisition

Close on the heels of its acquisition of EnPointe Global Services, Allied Digital Services (ADSL) is in 'the final stages of buying a similar infrastructure management services (IMS) capability' in the UK, sources close to the development said. IMS involves IT asset management, remote control for problem resolution, patch management, operating system imaging & migration, software license monitoring etc. In June DNA Money had reported about ADSL's intent to make an acquisition in the IMS space in the US, Europe and India. A month later, ADSL announced its acquisition of a 80% stake in US-based EnPointe Global Services for $28 million. […]

PEs still heading to India

A slowdown in private equity(PE) dealmaking in India has not altered the plans of new PE firms including some bulge-bracket funds to set shop here. The latest to join the group is US billionaire Leon Black’s Apollo Management, which has appointed an Indian expat based at its UK unit to head the Indian operations. The firm joins a group of fund houses such as European buyout major Candover, Englefield Capital and Babcock & Brown. While a few of these new players have roped in the talent available within the country to head their businesses, others are bringing executives from across the shores. US-based Apollo Management has appointed one of its partners from the UK unit, Mintoo Bhandari, to head the India operations. According to sources, he is in the process of putting together a team in Mumbai. Globally, Apollo is estimated to have an asset base of more than $20 billion. Its portfolio includes companies like Linens n Things, the second largest home furnishing retail chain in the US, besides AMC Entertainment, which is America’s second largest theatre chain, and Countrywide (UK). It focuses on underperforming companies and distressed assets. Some of the sectors in which it has invested include chemicals, supply chain management, BPO, media, healthcare and transport. […]