The Rs 600 crore Flawless Diamonds Ltd (FDL) is planning to acquire a Dubai-based diamond jewellery distribution company to set a foothold in the world’s fastest growing precious metals trading centre. The cost of acquisition is estimated at around $3 million (Rs 100 crore). “Currently talks are on to acquire this company which has a very strong distribution channel throughout Dubai and Europe. If plans goes favourably, all formalities for the acquisition would be completed by December this year,” said Rajeev Kamdar, director – Finance of the company without divulging name. Post acquisition, we would be able to access not only Middle East markets efficiently but also highly remunerative markets like Turkey, Europe and USA, he added. […]

India’s national commodity exchanges are trying to go global through equity route. Global commodity exchanges are queuing to pick up equity stakes in Indian commodity bourses. After India’s largest commodity bourses—the Multi Commodity Exchange (MCX) and the National Commodity and Derivatives Exchange (NCDEX)—divested stakes to foreign bourses, now it is the turn of the National Multi Commodity Excahnge (NMCE) to sell minority stake. NMCE, based at Ahmedabad in Gujarat and known for launching rubber futures in India for the first time, is in talks with the Singapore Commodity Exchange (SICOM) to divest stake. SICOM officials confirmed to Commodity Online that NMCE officials have held two rounds of talks with the exchange in the recent past. NMCE is said to be keen to divest 5% equity stake to SICOM as the exchange is mainly powered by futures trading in rubber. […]

Ahead of its proposed initial public offering (IPO),SRL Ranbaxy Ltd, a diagnostics firm owned by the promoters of Ranbaxy Laboratories Ltd, might integrate itself with group drug retailer Fortis HealthWorld Ltd. The move aims to increase the valuation of the merged entity before it hits the capital market, said a person familiar with the development. “While Fortis HealthWorld was brought under the Religare brand recently (by changing its name to Religare Wellness Ltd last week), a decision to extend the same to SRL Ranbaxy will be announced soon,” he said, requesting anonymity. A Religare spokesman, however, said, “Though there are synergies between the two businesses, there are no merger plans as of today.” SRL, which runs a chain of pathological laboratories, plans to raise Rs200-250 crore through an IPO. It is part of the Religare group that has interests ranging from technology services and business process outsourcing to health care and financial services. […]

Vijay Kirloskar is set to unveil a German acquisition for his flagship Kirloskar Electric. Sources said KEC has clinched the bid for Lloyd Dynamowerke & Co (LDW) which manufactures motors, machines and drive systems for Siemens, Alstom, ThyssenKrupp and Gottwald in a deal estimated at around 50 million euro ($70 million). The acquisition, to be announced later this week, will be effected through a newly-floated subsidiary in Netherlands called Kirsons BV. Sources said a definitive deal to acquire LDW could be signed as early as Thursday. However, the exact deal size could not be ascertained with KEC working on a debt facility with multiple lenders. […]

The promoters of East India Hotels Ltd, part of the Oberoi group, are in advanced talks with several corporate houses and private equity firms to sell a part of their stake, the Business Standard paper reported. Reliance Industries Ltd through various associate companies is one of the front runners, and talks between both groups are at an advanced stage, the paper said on Thursday, citing investment banking sources. Although PRS Oberoi, chairman of EIH and a Reliance spokeswoman denied to the paper that Reliance was in the race to pick up stake, the paper said Oberoi confirmed EIH was in discussions with various investors, though nothing was finalised. […]