November 2010
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Abbott India to merge with Solvay India

Abbott India Ltd., a listed subsidiary of drug maker Abbott Laboratories, and Solvay India Ltd. have jointly announced on Wednesday they will merge at a swap ratio of 2:3 where every shareholder of Abbott Laboratories will receive three shares of Solvay India for two shares they own. This merger follows a global acquisition of Belgian-based pharmaceutical company Solvay SA by Abbott in 2009 in a 4.8 billion euro global deal. Anuj Mithani, director-healthcare, UBS Ltd. said, “We have used a bottom-up analysis by looking at various parameters including valuation of like companies in the sector and Abbott’s future plans.” […]

M&M inks SsangYong deal; buys 70% for $463 m

It was literally a big-bang event for Mahindra & Mahindra in Seoul on Tuesday. M&M said it would pay $463 million (around Rs 2,100 crore) for a 70 per cent stake in SsangYong. Of this, $378 million would be in new stock and the balance $85 million in corporate bonds. After completing all the acquisition procedures and repayment of claims, the corporate rehabilitation process is likely to be finalised by March 2011. “The coming together of M&M and SsangYong will result in a global UV (utility vehicle) player. With its financial capability, M&M offers competence in sourcing and marketing while SsangYong has strong capabilities in technology,” Dr Pawan Goenka, President of M&M's Automotive and Farm Equipment Sectors, said in a release. […]

Valuemart Retail acquires 59.86% stake in Residency Projects

Valuemart Retail (India) (Valuemart) that Valuemart have acquired 573,950 equity shares of Residency Projects & Infratech representing 59.86% of the total paid up equity of the company from the existing promoters. The acquisition was done on Nov. 18, 2010 as an off market transaction vide share purchase agreement dated Nov. 18, 2010. The stock had underperformed the market over the past one month till Nov. 23, 2010, 0.00% compared with the Sensex`s 2.35% decline. It underperformed the market in past one quarter, 0.00% as against 6.97% rise in the Sensex. […]

Intel venture capital fund buys into two Bangalore companies

Intel Capital, the global venture capital arm of chipmaker Intel Corp, has announced $77 million of investments across 11 countries, including India and the US. The fund is reported to have invested $3 million in Bangalore-based company Althea Systems. The fund also invested in California and Bangalore-based Verismo Networks, and made a follow-on investment in Noida-based Wortal Technologies. However, financial details of the two transactions are not available. Intel Capital said the new investments will help enable advancements in adjacent computing areas including smart TVs, tablets and smartphones. […]

Sonalika joins race to acquire stake in ailing Scooters India

Sonalika has joined the race to pick a stake in the sick public sector enterprise Scooters India (SIL). The company is in talks with the department of heavy industry which is scouting for a strategic partner for Scooters India following the recommendation of the Board for Reconstruction of Public Sector Enterprises (BRPSE). Sonalika Group chairman L D Mittal confirmed that he is negotiating with the government for purchasing a stake. “It is still at an initial stage, so I can't say how much we will pick up. But yes we are examining the options,” Mittal said. […]

ChrysCap exits Infy with 129% gain

Private equity firm ChrysCapital has made a blockbuster exit , estimated at close to $400 million, from the tech bellwether Infosys Technologies in recent weeks. The marquee private equity investor, with over $2 billion in assets under management in India, recouped more than double its investment of around $175 million made in the company less than 30 months ago, said multiple sources directly familiar with the development. This probably reflects the windfall gains that several private investors—ranging from private equity funds to family offices—are sitting on after mopping up blue chip stocks during the most recent market crash. ChrysCapital is left with a residual stake in Infosys after offloading most of the shares two-to-three weeks ago, sources added. ChrysCap entered the Infosys counter in mid-2008 . Since then the stock vaulted from Rs 1,400 level to over Rs 3,000 earlier this month on the back of a bull run in the domestic bourses. The fund had cornered under 2% stake through open market bulk deals, and the exit bolsters the story of private investment in public equity in markets like India with a large pool of listed firms, and where private enterprise valuations are mostly at a premium to stock markets even in a bull run. […]

'M&A deals in India touch $42.8bn'

India Inc's shopping spree for October remained unabated with 46 merger and acquisition transactions (M&A) worth over $530 million taking place during the period and the year-to-date deal touching a whopping $42.76 billion in value terms. According to global consultancy firm Grant Thornton, there were 46 M&A deals worth $530 million in October 2010. So far this year India Inc has announced 546 M&A deals of $42,759 million — highest in last two years both in value and number terms. […]

Hitachi, PEs eye stake buy in India's Patni-report

Japan's Hitachi and PE firms including Apax Partners [APAX.UL] have shown interest in buying more than 60 percent of Indian software firm Patni Computer , the Economic Times reported on Friday. The stake is likely to be sold at about 500 rupees a share, the newspaper said, citing people with knowledge of the deal, valuing the transaction at 39.32 billion rupees ($870 million). The founding Patni brothers – Narendra, Gajendra and Ashok – are looking to exit their entire 45.8 percent stake, while private equity firm General Atlantic also plans to sell its 17.7 percent holding in the Indian company, the paper said. Officials at Patni Computer, Hitachi and private equity firms could not immediately be reached by Reuters for a comment. […]

Global PE cos eye stakes in Gitanjali units – report

Global private equity firms Bain Capital, Advent International and Apax Partners are in the race to buy stakes in Gitanjali Group's subsidiaries, the Economic Times paper reported on Friday, citing two people familiar with the matter. Mumbai-based Gitanjali is negotiating to raise around $100 million from the stake sales to cut debt, the report said. “The stake sale is part of a restructuring exercise within the group and could involve hiving off of one of the company's business units,” the report quoted one of the persons as saying. Gitanjali Gems, the flagship of the group sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India. Apart from diamond and jewellery, the group has presence in infrastructure and retail sectors. Mehul Choksi, chairman of the Gitanjali group, could not be immediately reached for a comment by Reuters. […]

Dabur Acquires Namaste Group For $100 Million

Dabur India Ltd today acquired 100% equity in Namasté Laboratories LLC and its three subsidiary companies — Hair Rejuvenation & Revitalization Nigeria Limited, Healing Hair Laboratories International, LLC, and Urban Laboratories International, LLC along with its South African arm – for $100 million, in an all-cash deal. This marks Dabur’s entry into the fast-growing $1.5-billion ethnic hair care products market in U.S., Europe and Africa. “This acquisition is in line with our strategy to build a global presence in the international FMCG market,” Dabur India Ltd. Chairman Dr. Anand Burman said. “The Namasté Group has a complementary product mix that can be easily integrated with Dabur and will also serve as a gateway to the US market for our portfolio of consumer products. This transaction will also enhance our profitability, increase stakeholder value and substantially add to Dabur’s already strong presence in Africa, serving as one of the key pillars in strengthening our competitive position in the African continent.” […]