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Essar to acquire Avaya stake in AGC Networks

The Essar Group and Avaya, a global leader in enterprise communications systems, software and services, on Sunday said they had entered into a definitive agreement under which the Essar Group would acquire Avaya's entire 59.13 per cent stake in BSE and NSE-listed AGC Networks (earlier Avaya Global Connect) for $44.5 million, or Rs.206.19 crore, at Rs.245 a share subject to customary Indian regulatory requirements and completion of the mandatory open offer. The acquisition would be done through Essar Services Holdings Limited (ESHL) and Essar Capital Finance Private Limited (ECF). They will come out with the mandatory open offer for an additional 20 per cent stake in AGC Networks at a price determined as per the formula specified in the Securities and Exchange Board of India (SEBI) Takeover Regulations. ECF will make a mandatory public announcement on Monday. Assuming all shares are tendered in the open offer, its total size will be about Rs.78 crore. […]

Amtek Auto bought 26.3% Stake in Amtek India

Amtek Auto, an automotive component manufacturer that is based in Delhi has obtained a 26.3% stake in group Company Amtek India from the supporters in a contract worth Rs. 215 crore to merge industry under one flagship firm. On Friday it said that the deal is part of an accord where public-listed Company Amtek Auto has approved to purchase a 40.2% stake owned by the promoters in another listed firm Amtek India at a price not more than Rs. 68 a share. “We are looking at consolidated operations for the automotive vertical under a single company that would give better value for our investors and synergies in our different operations such as purchases, recruitments and sales,” Amtek Auto CFO Santosh Singhi said. […]

PE firm may buy 30% in Catmoss

Private equity firm SAIF Partners is in advanced talks to buy around 30% stake in Delhi-based kidswear retail chain Catmoss for Rs 70 crore, a person familiar with the matter said. The fund will help the apparel maker expand across the country. Catmoss runs around 150 exclusive brand outlets besides contributing to large format stores and multi-brand outlets. While an email sent to Catmoss did not elicit any response, senior executives of SAIF Partners declined to comment on the proposed transaction. Established in early 2000, Catmoss clocked net profit of around Rs 7.5 crore with revenues of Rs 130 crore. […]

United Interactive acquires 51% stake in Netesoft India Ltd

United Interactive Limited (Formerly Neemtek Organic Products Ltd.) has acquired 51% stake in Netesoft India Limited ( UIL has acquires 7,81,400 equity shares of Netesoft India Limited at Rs.10/- per share for cash consideration of Rs.78,14,000/- (Equity Bulls) […]

Actis to buy stake in GVK power

Private equity investor Actis is set to acquire a stake in infrastructure major GVK’s power business for about INR 1,000 crore. As per report the deal was close to being finalized and would be done over the next six to eight weeks two sources involved in finalizing the deal. A person involved with the negotiations said that the UK based PE fund could invest in the Hyderabad headquartered company through its USD 750 million Emerging Markets Fund with infrastructure in focus. Actis which focuses on emerging markets had earlier talked about India having the highest share in its USD 2.9 billion global fund. Mr JM Trivedi Partner and Head for Actis South Asia said that for Indicating a build up in deals in the pipeline the share of the company’s investment in India could go as high as USD 1.2 billion. […]

ACK Media acquires India Book House

ACK Media has acquired India Book House (IBH) as part of its strategy to develop `end to end` content, distribution and experience delivery capabilities for family entertainment. The new entity will be one of the largest integrated publishing and distribution firms in India. Speaking at the announcement Samir Patil the CEO and founder of ACK Media said , “This acquisition is essential for our overall strategy of expanding the children`s media category to all forms – print, video, games, toys, merchandize, and other products. We are keen to have a direct relationship with the end customer and this is one step forward.“ ACK Media is also looking to raise nearly Rs 1 billion in the next 18 months to expand its portfolio of products and promote itself in India and abroad. […]

Bank of India plans asset management business, looking for a partner

State-run Bank of India is planning a re-entry into asset management business five years after scrapping its solo venture and is looking for a foreign partner, the Mint newspaper said on Tuesday. Senior Bank of India officials could not be immediately reached for comment. The bank would retain majority 51% stake in the venture and wants a partner with proven expertise in handling the business, the paper quoted an unidentified senior official with the bank. Watch CNBC-TV18 live only on MYTV >> RELATED NEWS RBI: Difficult for H1 borrowing to be cut Also Read See latest News about Bank of India See previous management interviews See what other Experts & Brokerages are saying about Bank of India RSS feed for news Click here The bank has identified five or six players, who can bring offshore funds, and would make a shortlist before starting dialogue, the paper quoted the senior official as saying. […]

GMR Infra to raise $100 mln in energy unit

GMR Infrastructure will announce a $100 million private equity investment in its energy unit in a week, a senior company official said, without elaborating. The private equity deal in the energy unit GMR Energy should be closed this week and there was no plan to list the unit this fiscal, Group Chief Financial Officer Subbarao Amarthaluru told Reuters over the telephone on Tuesday. GMR Energy, which has an installed capacity of 800 megawatts and plans to increase it to 5,500 megawatts, raised $200 million in private equity from Singapore state investor Temasek Holdings last month. GMR Infrastructure also raised $315 million from a share sale to institutions last month. […]

Net4 India to raise 8 cr via PE for expansion

Leading Network and Application services provider Net4 India today said it has approved raising 8.04 cr via preferential allotment to Granite Hill India Opportunities Fund, for its expansion drive. Net4 has also posted impressive results for the year ended March 31, 2010 with the consolidated sales of Rs 195 cr (up by 21%) , a 36.9% rise in PAT at Rs 11.5 cr and a 32.67 % growth in EPS to Rs 6.66. Granite Hill India Opportunities Fund comes in as the second PE participant with Net4 diluting 4.7%. Earlier Madison India Capital had invested Rs 14.9 cr acquiring a 9.2 % stake in the company. Apart from expanding its service bouquet, Net4 is also setting up a large 30,000 sq ft Data Centre at Chennai. […]

StanChart PE eyes 15% in CK Jaipuria Group

Standard Chartered Private Equity fund is in talks to buy a 15% stake in bottling company CK Jaipuria Group for as much as Rs 150 crore. The bottler for PepsiCo in India may use the funds to diversify into hotels and restaurants business and also expand the bottling business, said a person familiar with the plans. CK Jaipuria, chairman & MD at the bottling company, did not respond to an e-mail on the issue. Nainesh Jaisingh, managing director at the Standard Chartered PE fund declined to comment for the story. The PepsiCo bottler’s earlier efforts to get funds from Motilal Oswal Private Equity Advisors and Beacon India Private Equity Fund failed for undisclosed reasons. […]