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LT Overseas closing in on overseas acquisition

CNBC-TV18 has learnt that LT Overseas is closing in on an overseas acquisition for a likely sum of USD 20-30 million. Sources said the acquisition will be for branding purposes and the deal is likely to be in the range of USD 20-30 million. Funding is likely to be via internal accruals and borrowings. LT Overseas may raise USD 20 million via FCCB/ GDR or preferential issue, said sources. The management has declined to comment on the deal. […]

India's UB Group buys Whyte & Mackay for $1.2 bln

India's United Spirits Ltd. said on Wednesday it had bought 100 percent of Scottish spirits maker Whyte & Mackay for 595 million pounds ($1.18 billion), sending the company's shares up as much as 6.4 percent. United Spirits, part of the UB Group of companies, has 60 percent of the Indian market and plans to introduce Whyte & Mackay's brands into India immediately. “Until today, the only missing link in our portfolio has been Scotch and due to the shortage and rapidly increasing prices of Scotch Whisky, we needed a reliable supply source,” the company's chairman, Vijay Mallya, said in a statement. Shares in United Spirits were up 6.3 percent at 890 rupees at 0904 GMT, slightly below their peak of 891 rupees in a firm Mumbai market. […]

Helion venture fund invests in Chennai outsourcing firm

Helion Venture Partners, a $140-million India-focused, stage independent venture fund, will announce today (Wednesday) its decision to invest in Chennai-based Anantara Solutions Private Limited, ‘a new generation outsourcing firm’.

In Chennai, to announce the investment, Mr Sanjeev Aggarwal and Mr … […]

Gujarat NRE reaches agreement to acquire BHP Billiton's Elouera Mine

Gujarat NRE Coke Ltd has announced that the Company has signed an Agreement with Illawarra Coal Holdings Pty Ltd (Illawarra Coal), a subsidiary of BHP Billiton Ltd., for the acquisition of the Elouera Colliery in NSW, Australia through its Australian subsidiary Gujarat NRE FCGL Pty Ltd. The mine has large available reserves of premium grade Hard Coking Coal (as referenced in BHP Billiton's 2006 Annual Report). This would be the third coking coal mine to be acquired by the Company after NRE No. 1 Colliery and NRE Avondale Colliery. With this acquisition the Company's short term production of coal is expected to be boosted from 1 million MTPA to around 2 million MTPA. […]

Kavveri Acquires DCI Digital

Kavveri Telecom has purchased DCI Digital Communications, a provider of Radio Frequency Interference (RFI) products. The deal was closed at CAD 2 million.

The Company will be headed by Uma Reddy as President in Canada. “Acquisition of DCI will give … […]

CVC may buy majority stake in Sharekhan

It was the sher khan of retail broking but now ShareKhan is all set to change hands. NDTV has learnt that Citi's venture capital arm CVC may pick up majority stake in Sharekhan and the deal might be announced in the next 48 hours. Even though management has declined to comment, it did admit that Citi is a top contender and an announcement on the buyer will be made by Thursday. […]

HDFC buys out Chubb in non-life JV

HDFC has bought out its US partner Chubb from its non-life insurance joint venture. The shareholders have approached IRDA with their decision to part ways. After the buyout, HDFC Chubb General Insurance will be a wholly-owned subsidiary of HDFC. The corporation is likely to bring in another foreign partner in the future. HDFC has already been approached by insurance groups from the US, Europe and Japan for its proposed non-life venture. […]

Infotech picks up 74% stake in Hyderabad company

Infotech Enterprises, a geospatial, design engineering and software services and solutions company, has picked up 74 per cent stake in Hyderabad-based Geospatial Integrated Solution Private (Geospace Integra) for Rs 2.96 crore. Under the terms of the agreement, both the companies will merge their geospatial business in India and West Asia into a single entity. The new entity, which will operate as a subsidiary of Infotech, will be led by Chandrasekhar Nori, chief promoter and managing director of Geospace Integra. […]