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Motilal Oswal PE fund invests in Dixon Tech

The Motilal Oswal-managed India Business Excellence Fund has invested Rs 40 crore in Dixon Technologies India to help the consumer durable manufacturing firm expand its existing production facilities and set up a new unit. The fund would also be used to expand Dixon's existing manufacturing capacities at Dehra Dun, Noida and Mohali. Besides, it would also be used to set up a new unit near Chennai to cater to southern India, a release stated. Dixon makes a range of consumer durables and appliances including digital TVs, set top boxes etc for domestic and global brands that are sold under its own 'Weston' brand. […]

Citycom to acquire Spectranet from Punj Lloyd

The Shyam Group and Spanco Telesystems & Solutions, one of India’s leading telecom systes integration and IT services companies, have entered into a pact with Punj Lloyd to acquire the latter’s interests in Spectranet, its ISP division. A joint venture, called Citycom Networks, has been formed for this purpose. The deal is expected to close over the next few months and is subject to statutory and regulatory clearances. The new promoters of Spectranet intend to create a neutral telecom infrastructure for next generation wire line and wireless broadband that promises exciting possibilities for telecom operators and ISPs. […]

Ess Dee to revive Vedanta`s India Foils

Ess Dee Aluminium, India's biggest pharmaceutical packaging company, has won a regulatory approval to bail out India Foils, which is owned by Vedanta Group, ahead of a possible takeover. Ess Dee, based in Mumbai, has been cleared by the Board for Industrial and Financial Reconstruction (BIFR) to help revive Kolkata-based India Foils, part of billionaire Anil Agarwal-controlled Vedanta group. Ess Dee and Vedanta's Madras Aluminium (Malco), the holding company of India Foils, will form a special purpose vehicle (SPV) to turnaround India Foils, which is saddled with liabalities of over Rs 300 crore. The SPV will invest in about Rs 50 crore immediately to upgrade the three manufacturing facilities to US Food and Drug Administration (FDA) standards, eyeing exports to developed markets with value added products and contract manufacturing options, said sources. Datta added that it was still early to predict whether Ess Dee would take over the company. “We have to see how the business prospers and the manner in which it adds value to Ess Dee's business.” […]

Sasken invested in OmniCapital VC Fund

Sasken Communication Technologies, the Bangalore-based Rs 570 crore embedded communication solutions provider, is taking the limited partner route to enter the venture capital segment. The company during the last quarter made an undisclosed investment in US-based technology venture capital firm OmniCapital. This venture fund is led by Arun Netravali, who was earlier president of Bell Laboratories, the place where path-breaking communication technologies took shape. Sasken, chairman & managing director, Rajiv C Mody in a statement to their shareholders said: “Sasken has invested in OmniCapital, a US-based venture capital fund that provides early-stage funding for information technology companies in the US. The investment in OmniCapital augments Sasken's access to the US market, providing another window into the latest technology, industry developments and new markets in information technology, telecommunications, video and multimedia.” Mody goes on to state that the investment also provides opportunities for mutually-beneficial strategic partnership with OmniCapital portfolio companies. […]

Moser Baer plans to raise $300 mln via private placement

Optical storage device maker Moser Baer India Ltd plans to raise $300 million for its solar unit, after raising $150 million through a private placement, a top official said on Thursday. “We closed the $150 million deal on a private placement. We're now raising $300 million. That will also be a private placement,” Deepak Puri, managing director of Moser Baer told Reuters on the sidelines of a conference. In May, the company's unit, Moser Baer Solar Plc, received board approval to raise $150 million. The company also plans to list its photo voltaic unit, Moser Baer Photo Voltaic Ltd, which makes solar cells and modules used in producing electricity from sunlight. “We're going to list. First let the markets stabilise, we will decide by the end of the year whether we're going to list on the London Stock Exchange or the New York Stock Exchange or Nasdaq or Dubai,” Puri said. […]

IVRCL near $100 m Swedish buyout

IVRCL Infrastructure and Projects is close to acquiring a Swedish construction equipment manufacturer. The deal, valued upwards of $100 million, will speed up the $1 billion company's backward integration drive. The deal is currently going through legal due diligence and should be closed soon if everything goes right, group chairman and managing director E Sudhir Reddy told DNA Money. The acquisition will play a key role in IVRCL's goal to be a $2 billion company within the next five years. Apart from meeting its IVRCL's requirement for construction equipment, it will also help the construction major to foray into neighbouring countries like Pakistan and Bangladesh and regions like the Middle East and southeast Asia, Reddy added. He however did not name the target company except for saying that it was a well known and established brand in the construction equipment business. […]