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PE may relook India strategy amid Subhiksha, Satyam

Collapse of discount retailer Subhiksha coupled with economic downturn and fear-psychosis created by the Satyam scam is leading private equity investors to rethink their investment strategies in India, mainly in those firms with significant promoter control, experts say. “The Subhiksha incident will make PE firms more cautious on how much of a free hand they allow to a promoter. Some PE funds are concerned that promoters have a wide range of authority in their companies and could look to establish structures that would limit some of this authority,” KPMG Head of Private Equity Advisory Group Vikram Utamsingh told media. Meanwhile, SMC Capitals equity head Jagannadham Thunuguntla said success and failure are a part of the PE business. […]

Aegis to acquire ICT group for about $128 mln

Aegis Ltd, a back-office unit of India's Essar Group, has proposed to buy global business process outsourcing firm ICT Group for about $128 million in cash. The $8 per share offer price is more than double that of ICT's Friday close of $3.60 on Nasdaq. Aegis said it is seeking support and approval of ICTG board to effect the transaction on a friendly basis. ICT Group provides outsourced customer-care services, primarily to U.S.-based companies, including Pfizer , Washington Mutual Inc WM.N and Virgin Mobile USA and has operations in Ireland, UK, Canada, Australia, Mexico, Philippines, Costa Rica, India and Argentina. […]

RIL-RPL merger India's 10th largest M&A deal ever

The all-share merger deal valued at about Rs 8,500 crore between the two Mukesh Ambani group firms, RIL and RPL, has become probably the 10th-biggest ever for the country and the first billion-dollar deal this year. As per the merger deal approved by the boards of Reliance Industries and Reliance Petroleum, shareholders will get one RIL share for every 16 RPL shares – resulting into issuance of 6.92 crore new shares by RIL. The new RIL shares to be issued as part of the merger would be worth Rs 8,478 crore (about $1.69 billion) at the current market price. RIL shares today dropped 3.15 per cent to Rs 1,225.15. This is the only billion-dollar M&A deal announced by an Indian entity so far this year. Prior to this, the biggest M&A deal for the year was Quippo Telecom's 49 per cent purchase in Tata Tele's telecom tower arm for 533 milllion dollar. […]