The Rs 600 crore Flawless Diamonds Ltd (FDL) is planning to acquire a Dubai-based diamond jewellery distribution company to set a foothold in the world’s fastest growing precious metals trading centre. The cost of acquisition is estimated at around $3 million (Rs 100 crore). “Currently talks are on to acquire this company which has a very strong distribution channel throughout Dubai and Europe. If plans goes favourably, all formalities for the acquisition would be completed by December this year,” said Rajeev Kamdar, director - Finance of the company without divulging name. Post acquisition, we would be able to access not only Middle East markets efficiently but also highly remunerative markets like Turkey, Europe and USA, he added.   more »

California Software Co Ltd , a Chennai-based software services firm, is close to buying a UK-based firm for $60 million, said sources familiar with the development. Through the buyout, the company hopes to strengthen its business in Oracle-based business software system integration. US-based Oracle is a major provider of software for creation of databases and automation of various business processes in an organisation. With a workforce of 300, the target company has competency in deployment of Oracle-based business software that enterprises use to streamline and automate various processes. It also has expertise in deploying Microsoft business solutions.   more »

India’s national commodity exchanges are trying to go global through equity route. Global commodity exchanges are queuing to pick up equity stakes in Indian commodity bourses. After India’s largest commodity bourses—the Multi Commodity Exchange (MCX) and the National Commodity and Derivatives Exchange (NCDEX)—divested stakes to foreign bourses, now it is the turn of the National Multi Commodity Excahnge (NMCE) to sell minority stake. NMCE, based at Ahmedabad in Gujarat and known for launching rubber futures in India for the first time, is in talks with the Singapore Commodity Exchange (SICOM) to divest stake. SICOM officials confirmed to Commodity Online that NMCE officials have held two rounds of talks with the exchange in the recent past. NMCE is said to be keen to divest 5% equity stake to SICOM as the exchange is mainly powered by futures trading in rubber.   more »