Telecom and defence manufacturer Kavveri Telecom Products on Thursday announced its acquisition of Canada's Trackcom Systems International (TSI), a design and development company. It did not disclose the size of the deal which involves picking up 67% stake in the Montreal-based R&D company. It will acquire the remaining 33% over the next 4-5 years. Shivakumar Reddy, managing director of Kavveri Telecom, said the new buyout, which has the R&D capability for radio frequency (RF) products up to 40 gigahertz (Ghz), would help his company transfer technology to its manufacturing units in India and North America.   more »

UK-based hedge fund Laxey Partners Ltd has sold its 11.63% stake in London-listed Hirco Plc. to Halbis Capital Management (UK) Ltd, an unit of HSBC group, people familiar with the development said. Laxey sold eight million shares at 95 pence a share in a transaction on 1 July, they said on condition of anonymity. HSBC, with all its four subsidiaries, holds 9.9% stake in India-focused Hirco. Halbis Capital individually holds 2.15% stake.   more »