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L&T Finance (LTF), a subsidiary of L&T Finance Holdings Ltd (LTFH), has executed definitive agreements to acquire FIL Fund Management Pvt Ltd (Fidelity AMC) & FIL Trustee Company Pvt Ltd, the companies carrying on the mutual fund business of Fidelity in India, subject to regulatory approvals. Fidelity AMC, incorporated in 2004, manages the 15th largest mutual fund in India with a market share of 1.3% and an average AUM for the quarter ended December 2011 of Rs8,881 crore (about 68% […] Essel Group said it has acquired a 10.19% stake in infrastructure and construction company IVRCL Ltd. and is in the process of increasing its holding further. The diversified group — which is the parent of media companies such as Zee Entertainment Enterprises Ltd. and Zee News Ltd. — said that none of its media arms were related to this investment. It didn’t give any financial details of the deal in a statement late Tuesday. Source: WSJ Dr Reddy’s Laboratories is set to sign a definitive agreement with Fujifilm of Japan in the first quarter of the next fiscal to set up a drugs joint venture for the Japanese market. Dr Reddy’s would hold 49% stake and Fujifilm the balance in the venture, which would pursue opportunities in generic drugs. The agreement with Fujifilm is being seen as a stepping stone for Dr Reddy’s into the Japanese market, which is estimated to be having significant potential for […] Kolkata-based Linc Pen & Plastics has signed a ‘Business and capital alliance agreement’ with Mitsubishi Pencil Co. of Japan to issue two million equity shares of Rs.10 each at Rs.100 per share, amounting to a 35 per cent stake on the expanded capital of Rs.14.8 crore. The Rs.250-crore Linc Pen has a distribution arrangement with Mitsubishi Pencil for its Uni / Uni-ball brand since 1992. The main objective of the ‘capital alliance’ is to improve Mitsubishi Pencil’s market share and […] Dhanlakshmi Bank Friday said it may sell its 15% holding in New Silk Route controlled Destimony Securities, the company said in a news release. The Kerala-based bank decided to sell its stake after the Reserve Bank of India raised objections to the old-generation private sector bank being categorised as the dominant promoter group. The central bank wants to ringfence the banking entity from any possible capital shock if the broking company faces any hardships in the future. Meanwhile, in October […] US-based conglomerate GE will acquire controlling stake in Advanced Systek Limited that is engaged in offering terminal automation systems and flow metering solutions. GE is aiming to get new platform for GE Energy’s growth in South Asia and the Middle East. It is probably the first independent acquisition by GE India. Earlier in 2008, GE and Mexican industrial group Xignux together acquired majority stake in Chennai-based Indo Tech Transformers. GE is learnt to have acquired 60-70% stake from Advanced Systek […] Private equity funds Blackstone Group and Bain Capital are negotiating to buyout the Automated Teller Machines business of Euronet Worldwide in India to benefit from rising use of electronic transactions, said three people familiar with the discussions. The business, which Euronet classifies under the so-called Electronic Financial Transaction segment, is facing profitability pressures due to steady climb in costs, they said preferring anonymity. It is the biggest third-party operator of shares ATMs across the nation. Euronet, the Nasdaq listed firm, […] ADIA’s investments in Indian real estate to date total $400 million to $500 million, largely through property and private equity funds, and the fund is now scouting for direct investment opportunities, one of the sources said. The sovereign fund, whose assets range from Citigroup bonds to a stake in Britain’s Gatwick airport, is close to hiring a country-dedicated fund manager from a large private equity firm to look for real estate opportunities in Asia’s third-largest economy, the sources said. ADIA […] U.K. asset manager Schroders PLC (SDR.LN) is likely to acquire about 30% of India’s Axis Asset Management Co. Ltd., the Business Standard newspaper reported Wednesday, citing people aware of the matter who it didn’t identify. The deal will help Schroders revive its presence in India and end the Axis Bank Ltd. (532215.BY) company’s search for a strategic partner in the mutual-fund business, the report added. Senior management from Schroders’ is likely to visit Mumbai next week to finalize the deal, […] Financial Technologies (India) Ltd has offered 26,43,916 equity shares of face value of Rs. 10/- each of Multi Commodity Exchange of India Limited (MCX) in the recently concluded IPO for a consideration of Rs. 1,032/- per share. The abovesaid disinvestment by FTIL was in terms of Equity Structure Guidelines dated July 29, 2009, issued by Forward Market Commission. Subsequent to the disinvestment, FTIL is holding 26% in the equity share capital of MCX. Source: Equity Bulls |