Sealing its second acquisition in a week, Tata group company, Telcon, on Friday said that it has signed a deal for acquiring a 60 per cent stake in Spanish company, Comoplesa Lebrero SA. An agreement was signed with existing shareholders of Comoplesa, a construction equipment company, to acquire 60 per cent stake in the company, Telcon said in a press release issued here. The balance 40 per cent will be retained by the existing shareholders who will continue to be associated with the venture, the release said.   more »

Jindal Drilling & Industries Ltd (JDIL) has informed that the company has acquired 49% holding in Virtue Drilling Pte Ltd. (VDPL), Singapore for Rs 40 Crores. The stake has been bought from Jindal Pipes Ltd. as part of its business strategy of expansion and consolidation of its offshore drilling business. Pursuant to this acquisition, Virtue Drilling Pte Ltd (VDPL), Singapore has become a joint venture Company (JVC) of the Company. The company also owns a 49 percent stake in another Singapore-based firm, Discovery Drilling.   more »

Reliance Industries is in talks with IDFC Private Equity to acquire the latter’s 48 per cent stake in city gas firm, Krishna Godavari Gas Network. (KGGNL), a senior Andhra Pradesh government official said. Krishna Godavari Gas Network is a joint venture between the Andhra Pradesh government, Gujarat State Petroleum Corporation and IDFC Private Equity. “RIL is keen on holding a controlling stake in KGGNL. GSPC is also keen on this. But, IDFC PE is in favour of RIL for the deal,” the state government official said in Hyderabad. KGGNL was planned to source gas from GSPC’s KG Basin block. While IDFC holds 48 per cent in the company, Gujarat State Petroleum and Andhra Pradesh Industrial Development Corporation the investment arm of the Andhra Pradesh government, hold 26 per cent each.   more »

Manipal Education and Medical Group will raise $100-150 million through private equity placement in a month or two. The leading private medical education group plans to utilise the proceeds for an overseas acquisition and for its greenfield initiatives in India. The Manipal Group is also simultaneously raising $100 million through private equity for its hospital segment in the next three months, which it plans to deploy to roll out more hospitals in the country. Several leading Indian and foreign private equity players, including ICICI Ventures, are in the race for the two investments. IDFC Private Equity and Capital International had infused $70 million in Manipal Health Systems in 2006. With the new investment, Manipal Group will go for a large overseas acquisition in the education space, expected to be finalised in the next three months. Besides, it has planned greenfield campuses in three Indian cities, of which Jaipur would start by this year-end.   more »