September 2008
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IFC to acquire 12% in Polycab for Rs 552 cr

In one of its largest equity deals in the country, International Finance Corporation (IFC), the private sector investment arm of the World Bank, is picking around 12% stake in Polycab Wires for Rs 551.5 crore ($120 million). The deal values the flagship cable manufacturing business of Mumbai-based Jaisinghani family at Rs 4,600 crore ($1 billion). The deal involves a mix of fresh shares and warrants. According to sources, IFC is picking a 10% stake for around Rs 450 crore besides picking warrants which would give it an additional 2% equity stake for around Rs 100 crore. These warrants will be fully paid and will be convertible based on achievement of certain financial milestones. Polycab is one of the largest domestic players in the market for cables. It is the flagship company of the Polycab group, which has eight cable manufacturing companies and is the leading manufacturer of power cables and light duty cables in India. [...]

Sanwaria Agro to raise Rs 200 cr in 2 yrs for expansion

Looking at expansion, Sanwaria Agro Oils Ltd is all set to explore avenues to raise funds. “We plan to raise Rs 2 billion in the next 2 years for our expansion / diversification projects. However, due to market volatility, we are a bit cautious in fund raising,” said Anil Agrawal, whole-time director, Sanwaria Agro Oils. “We will be setting up factories at our existing locations in Madhya Pradesh. We will also focus on our captive power plants with the pace of capacity expansion,” Agrawal added. The company plans to raise funds through a combination of QIB, ECBs, GDR or private placement. In the first phase, it will raise Rs 50 crore. The expansion will increase its current capacity of 2,650 mtn of soy seeds crushing to 4,000 mtn. [...]

Tata buys 7.29 pct stake in Riversdale Mining

India's largest private sector steel producer Tata Steel has bought 7.29 per cent additional stake in Australia-based Riversdale Mining for a sum of USD 120.7 million, through its Singapore subsidiary. Tata Steel's Singapore-based subsidiary TS Global Minerals Holdings purchased 13,705,000 shares, representing 7.29 per cent stake in the Australian firm which owns coal blocks in mineral-rich Mozambique. According to the information available with the Australian Securities Exchange, the arm of Indian steel major has increased its shareholding in the mining company to 42.3 per cent from 35 per cent, since the JV was formed last year. A Tata Steel spokesperson confirmed the move but declined to reveal any details. [...]

Infotech Enterprises in acquisition mode

Software services company Infotech Enterprises plans to acquire three companies by the end of the current fiscal and has set aside Rs. 300 crore for the acquisitions. Infotech said it is in talks to acquire a Germany-based auto-engineering firm for $30 million – 40 million but did not name the company. Infotech Chairman and managing director B.V.R.Mohan Reddy said, “We have a letter of intent which is written. We are in the exclusivity period. If everything goes in time, we’ll complete the acquisition by December end.” Earlier this month, Infotech had said it was acquiring California-based chip designer Time to Market Inc. The company also said it had entered the Japanese market recently and appointed three local sales managers there. The company, which said 45% of its revenues come from the North American market, 45% from European operations and 7% from Asia Pacific. [...]

Sterlite Tech in talks to acquire UK-based co

Sterlite technologies, part of Anil Agarwal’s Sterlite group, is in advanced discussions to acquire UK-based cabling company Brand-Rex for roughly $55 million, or approximately Rs 250 crore, sources said. The acquisition move, advised by PricewaterhouseCoopers (PwC), is in line with the company’s target of establishing itself among the top three players on the globe in every business segment it is into. Edinburgh-based Murray Capital controlled Brand-Rex has been scouting for a buyer, and a potential transaction with the Rs 1,690-crore Sterlite Technologies could be unveiled within 3-4 weeks after completion of necessary formalities, sources close to the company added. [...]

Etisalat to pick up 45% in Swan Telecom for $900 m

UAE-based Emirates Telecommunications Corp (Etisalat) has signed an agreement to acquire 45 per cent stake in India's Swan Telecom for around $900 million.The deal puts the value of the Indian GSM service provider at around $2 billion. Etisalat has operations in 16 countries, including Saudi Arabia, Pakistan and Egypt, and was looking at entering the Indian market, which is the second largest in terms of subscribers in the world. (BS) [...]

ADAG, Cisco in talks to invest in SureWaves

Anil Dhirubhai Ambani Group-promoted Reliance Tech Ventures, venture capitalist Artiman and Cisco Ventures are in talks to invest Rs 30-35 crore in SureWaves, the Bangalore-headquartered startup engaged in providing media convergence technology solutions and funded by the former Broadcom India honcho Rajendra Khare. Reliance Tech Ventures, which provides early-stage capital for scaling up businesses linked to the group companies, is in the fray as multiplex chain and distribution entity Adlabs is reportedly a client of SureWaves, sources said. The startup plans to dilute a stake of 20-26% for a capital infusion of $7-8 million. Mr Rajendra Khare, CMD, SureWaves could not be reached despite several reminders. [...]