February 2010
« Jan   Mar »

Contact us

Tube Investments buys major stake in France’s Sedis

Tube Investments of India, part of the $3.14 billion Murugappa Group, has bought controlling stake in France-based 37 million euros Sedis Group, a leading manufacturer of industrial and engineering chains, for 6.8 million euros. This move is expected to help Tube Investments create its base in the European market. Besides, the acquisition will also enable Tube Investments access superior technology of Sedis for manufacture of special and engineering class chains and make products that are today being imported into India. Sedis Group has been associated with the Murugappa Group for last nine years. Tube Investments has acquired 77 per cent of equity of Sedis Group’s holding company, Financiere C10. TII acquired this shareholding directly from the financial investors in FC 10 (75 per cent) and a few other shareholders. The management shareholders will continue to hold the remaining shares in FC 10 and be associated with Sedis for a period of three years, according to a company statement. […]

MCX-SX promoters to sell 45%

The promoters of India's newest stock exchange are set to sell 45% of its equity to a consortium of three global stock exchanges and six global funds, a sale that will take the exchange one step closer to getting regulatory approval for equities trading and thus turn further the heat on the two warring incumbents, National Stock Exchange and the Bombay Stock Exchange. A person with knowledge of the deal said the list of buyers include London Stock Exchange, New York Stock Exchange-owned NYSE Euronext, US-based General Atlantic Llc, Abu Dhabi Investment Authority, hedge fund TPG-Axon Capital Management Lp, a fund owned by Fidelity International Ltd, and Temasek Holdings Pte Ltd. The nine buyers will own 5% each of the stock exchange, the maximum allowed to them by local regulations. The deal will value MCX-Stock Exchange (MCX-SX) at Rs5,000 crore, exactly the same valuation during earlier share sales in 2009. […]

Indian private equity ventures into the neighbourhood

Pakistan’s largest private school chain, Beaconhouse School System, and Indian private equity (PE) firm New Silk Route Partners (NSR) have a unique relationship. The Lahore school, run by the Kasuri family, one of the oldest political families in Pakistan, raised money from NSR a couple of years ago and in turn gave the PE firm its first taste of investing in India’s troubled neighbourhood. NSR now wants to invest one-third of its $1.4 billion (Rs6,510 crore) corpus in firms in Pakistan, Sri Lanka and Bangladesh—the fear of risks bowing to the draw of higher returns. And with Sri Lanka more stable after ending decades of internal strife with the Tamil Tiger rebels, NSR is already evaluating potential deals with mobile phone companies and banks in the island nation. The Beaconhouse deal, in a way, set a trend for India-centric funds to look at the country’s neighbours and other developing nations in Asia for high-return deals. […]

Bharti bid for Kuwait's phone company

Zain, Kuwait’s biggest phone company, received a formal $10.7 billion offer from Bharti Airtel Ltd. for most of its African assets, Al-Rai reported, without saying where it got the information. The offer, which does not include purchasing Zain’s operations in Sudan, is to be discussed soon in a Zain board meeting, the newspaper said. Zain spokesman Ibrahim Adel declined to comment on the report when contacted by Bloomberg News today. Bharti spokesman Senjam Raj Sekhar didn’t respond to calls made to his mobile phone. […]