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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 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 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). […]
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. […]
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 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. […]
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