June 2010
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Superior Industries Acquires Equity Interest In India-based Wheel Manufacturer

Superior Industries International, Inc. announced it has acquired 8.7% of the outstanding shares of privately-owned SYNERGIES Castings Limited, an aluminum wheel manufacturer in Visakhapatnam, India. Concurrently, Superior entered into a definitive agreement to make additional equity investments in SYNERGIES up to a total of approximately 26% of SYNERGIES’ total issued equity by December 31, 2010, subject to certain conditions. “We believe this is an excellent long-term investment opportunity, given the dynamic and growing automotive market in India,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “SYNERGIES is the premier player in the region and an accredited OEM aluminum wheel manufacturer. The company has existing contracts with Toyota, General Motors USA and Chrysler USA, among other major automotive manufacturers.” […]

Delta Magnets To Acquire MMG India, UK's MMG Magdev

Delta Magnets Ltd. said its board had approved acquisition of 100% stake in UK-based MMG Magdev Ltd. and Chennai, India-based MMG India Pvt. Ltd. Financial details of the deal were not divulged. Both the above acquisitions will strategically help the Company in increasing its market presence for magnets in both, the Domestic and Global Market. It said the above acquisitions would strategically help the company in increasing its market presence for magnets in both, the domestic and global Market. […]

Japan's Sumitomo to buy 4.5% in Kotak Bank

Japan's Sumitomo Mitsui Banking Corporation on Wednesday announced that it would invest Rs 1,366 crore (Rs 13.66 billion) for a 4.5 per cent stake in private sector lender Kotak Mahindra Bank . The Bank has entered into an agreement with Sumitomo Mitsui Banking Corporation (SMBC) to sell 1.64 crore (164 million) shares at Rs 833 a piece, aggregating to Rs 1,366 crore, Kotak Bank said in a filing to the Bombay Stock Exchange . The selling price for Kotak shares is 12 per cent higher than Tuesday's closing on the BSE. The agreement for stake sale comes a week after the Dutch financial services company ING exited Kotak Bank by selling its entire 3 per cent stake for Rs 801.1 crore (Rs 8.011 billion). […]

BNP to exit Sundaram MF, SFL to acquire BNP stake in AMC, Trustee co

French Bank BNP Paribas SA is exiting from the mutual fund venture of Sundaram Finance (SFL). SFL board on Wednesday decided to acquire the 49.90 per cent stake of BNP Paribas asset management (BNP PAM) both in Sundaram BNP Paribas Asset management company and Sundaram BNP Paribas Trustee company. This is subject to necessary agreements and regulatory approvals. The two companies will become 100 per cent subsidiaries of SFL. Company officials declined to disclose the deal size citing confidential clause. This is the second time, Sundaram has bought out its MF partner. Earlier, the first partner Newton had exited Sundaram AMC. The latest deal is sequel to BNP Paribas SA (parent of BNP PAM), as part of part of a global acquisition, taking over the banking and financial services activities of the Fortis Group. […]

Mukesh Ambani set to enter financial services

After making a re-entry into telecom, Reliance Industries Limited chairman Mukesh Ambani has now set himself a new target. He wants to manage your money. RIL has now tied up with global financial services giant DE Shaw to offer financial services. Trading in energy, carbon and derivatives may be offered and the joint venture may also look at offering private equity and mutual funds. However, the joint venture may not want to secure a banking licence yet. RIL sources confirmed to NDTV that the announcement regarding the joint venture will be made shortly. As double income families drive the consumption boom in the urban areas of the country, often buying products or services on credit, the financial services companies are sensing a never before opportunity for expansion in India. They are even tying up with global names helps give them a global footprint. […]

Reliance Communications may buy Digicable in cashless deal

Reliance Communications Ltd. could acquire privately owned cable television company Digicable in a cashless deal, the Economic Times reported on its website Wednesday, citing an investment banker familiar with the development. Reliance Communications will spin off its direct-to-home television service Big TV into a special purpose vehicle which will also include Digicable, the website reported the banker as saying. Reliance Communications will own a 60% stake in the special purpose vehicle, with private equity fund Ashmore, Digicable Managing Director and Chief Executive Jagjit Singh Kohli, and joint Digicable Managing Director Yogesh Shah taking the rest, the banker said, the website reported. […]

Prism acquires remaining 50% stake in MBF

Rajan Raheja group firm Prism Cement today said it has acquired the remaining 50 per cent stake in Milano Bathroom Fittings (MBF) for an undisclosed sum. “Post acquisition, MBF becomes a wholly-owned subsidiary of Prism Cement and will continue to be managed through H and R Johnson (India) division,” it said in a release. H&R Johnson (India), the tiles division of Prism Cement, had acquired a 50 per cent stake in MBF in 2006. MBF has a manufacturing plant at Baddi in Himachal Pradesh. The Baddi plant manufactures bathroom fittings and has a capacity of 3 lakh pieces per annum. […]

Raadan chalks out aggressive growth strategy, to infuse VC, PE funds

Radaan Mediaworks headed by actor, R Radhikaa, is working on a slew of new business initiatives to aggressively grow the company in theIndian and overseas markets. It is in the process of appointing an international consultant to finalise the plans in the next couple of months. A top company official said, ” We will retain focus on expanding the core business of producing high quality TV serials and strengthening the exclusive tie up with Sun TV Network. In addition, we want to build a platform or hub around Radaan for hosting events and venturing into new areas in tie up with other players in the industry”. ” We want to achieve a topline of Rs 100 crore in three years against Rs 30 crore last year. Radaan has an early mover advantage in the industry and is quite popular in other parts of India and abroad”, he said. Radaan is also seriously looking at inviting substantial fund infusion by venture capital and private equity firms. […]

RCom-GTL deal leaves key questions unanswered

Reliance Communications Ltd’s subsidiary Reliance Infratel LTd, and GTL Infrastructure had in-principle approved a Rs 50,000-crore deal to create the world’s largest independent telecom infrastructure company, neither owned nor controlled by any telecom operator. The deal may be done but the dust is yet to settle. The clarity on the structure of the merged entity Reliance Infratel's tower assets into GTL infra is still awaited. However, sources indicate that GTL promoter stake in GTL Infra may go down to 26 per cent. As part of transaction, sources say treasury stock of 8 per cent to be also created, which can be reissued later. Sources further say that GTL Infra may get in a private equity investor post completion of the deal. Also, Anil Ambani is likely to hold approximately 26 per cent in GTL Infra, and part of Reliance Infratel debt may be transferred to GTL Infra. […]

RSB acquires 70% stake in Belgian engineering firm

RSB Transmissions, engaged in manufacturing of automotive, construction and farm equipment, has acquired, through its Netherland based arm RSB Europe BV, 70 per cent stake in the Belgium based construction equipment aggregate manufacturer MSI (Mechanical Supplies International) for an undisclosed sum. RSB currently has 10 manufacturing plants spread over 7 locations in India and the USA While the turnover of MSI stood at 21 million Euro in the pre-recession period, its new owners now hope to take the turnover to 28 million Euro by 2012 without any additional investment. The Belgian company, situated in the city of Tessenderlo, manufactures heavy fabrication aggregates for excavators, off-highway machines and windmills which are similar to the products of RSB manufactured in its Jamshedpur, Dharwad and Chennai plants. […]