Piramal Healthcare Ltd's chairman on Monday said he was not in merger talks with any firm, including Sanofi-Aventis, after a paper reported the French firm's plans to buy Piramal had failed. A proposed deal by France's Sanofi-Aventis to buy a majority stake in Piramal had fallen through on differences over valuation, the Economic Times reported on Monday, citing two people familiar with the development. “It is an incorrect report,” Ajay Piramal told Reuters. “There was no discussion of this nature with any company, including Sanofi.” In Februray, a source had told Reuters that GlaxoSmithKline Plc and Sanofi-Aventis were bidding for the Indian drug maker, with the sale price going as high as $1.5 billion. […]

Mumbai-based Financial Information Network and Operations (FINO), which provides technology solutions such as biometric smart cards for banks, plans to raise as much as $20 million (Rs102 crore) from private equity funds to increase the number of customers it serves fivefold in two years. “We are in the process of dialogue with a few people. We are looking to raise $15-20 million and it should be finalized in the next couple of weeks,” said Rishi Gupta, chief financial officer and president (sales and marketing) of FINO. Gupta declined to reveal the identities of the likely investors. He said two parties would be infusing funds into the company, whose technology solutions have so far helped financial institutions to reach five million customers. FINO is targeting increasing the number to 25 million by 2011. […]

Logistics major Gati has acquired an additional 26.01 per cent stake in Kausar India, increasing its total stake in the company to 99.73 per cent. The acquisition was done as on March 31, 2009, Gati informed the Bombay Stock Exchange today. The purchase of the equity was through an open offer reverse book building process and other Sebi norms.(Business Standard) […]