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Textile baron Sanjay Lalbhai has opened discussions with a clutch of private equity players to fuel the expansion of Arvind's discount fashion chain Mega Mart. It is believed that Arvind has mandated Enam to raise around Rs 100 crore in Mega Mart, which is spun off as separate company within the Arvind fold, sources said. Sources said Mega Mart would have received interests from Indian private equity players, such a ICICI Ventures and IL&FS, for a possible private placement. The restrictions on FDI in multi-band retail will limit Mega Mart's suitors to pure-play India funds. Mega Mart could be seeking a valuation of around Rs 700-800 crore. Mega Mart closed with approximately Rs 140 crore tunover in FY08. […]
Medical Devices major Opto Circuits has shelled out $70 million to acquire US-based Criticare Systems, a non-invasive medical devices manufacturer in April 2008. It borrowed $52 million to finance the overseas purchase. On Tuesday, Opto chairman & MD Vinod Ramnani said: “The founders of the foreign company sold their stake early on and it was being run by a group of people who had no stake in the company. We saw the synergy and knew that we could integrate the company and take it forward.” Criticare currently outsources the production of its products to Taiwan. Opto, however, plans to transfer production to its Bangalore facilities by June 2009. The company projects that this will add an additional 20% to the bottomline. […]
Balaji Telefilms on Tuesday said it is ending a four-year old association with Star group under which an associate company of Rupert Murdoch-led global media conglomerate have been holding nearly 26 per cent stake in TV celebrity Ekta Kapoor-run entertainment content provider. However, six existing shows produced by Balaji and currently on air with 'Star Plus', would continue on terms mutually agreed upon by the two parties. As per an agreement reached between concerned parties and approved by Balaji Telefilms' board, the promoters of the Indian company would be allowed to buy back 25.99 per cent stake from Asian Broadcasting FZ-LLC (ABF), an associate of Star Group, within eight months, failing which these shares could be sold to any non-competing entity. Pursuant to the agreement, Balaji promoters are entitled to purchase the entire shareholding held by ABF in the company for an average price of Rs 190 per share, within a period not exceeding 240 days. […]
Tata Consultancy Services is close to acquiring Citigroup's captive backoffice unit in India for about $500-$550 million, the Economic Times said on Tuesday, citing a source close to the development. The announcement of a deal for Citigroup Global Services is likely to be made “within three weeks”, the paper said. TCS, India's top software services exporter, has edged IBM in the race for the Citi unit and the deal would guarantee TCS business for the unit from Citigroup for five years, the paper said, citing this source. A spokesman for Citi in India declined comment on the report. A spokesman for TCS also declined comment, calling the report speculative. […]
Engineering firm Subhash Projects and Marketing Ltd and power equipment maker Emco Ltd have agreed to jointly buy 83% of Indonesian coal mine PT Bism for about Rs300 crore, joining Indian firms trying to secure fuel supplies by buying assets abroad. “We are jointly taking an 83% stake in PT Bism by acquiring shares from local owners. The deal will be closed in a month,” said Anil Sethi, chairman of Subhash Projects, adding the mine has reserves of about 105 million tonnes (mt). Subhash Projects will buy equity in the mine through its group company Subhash Kabini Power Corp. Ltd, which owns and operates the Kabini dam hydropower project in Karnataka. […]
Media & Entertainment Group, UTV Software Communications, on Monday said it has acquired 80 per cent stake in US-Based online game publishing Group, True Games Interactive for an undisclosed sum. The acquisition, which has been executed through the group's gaming arm, UTV Interactive, is in line with the business strategy of achieving growth through the inorganic route, the company said in a press statement issued here. The company had recently acquired UK-based console developer, Ignition Entertainment and India-based mobile gaming company, Indiagames Limited. […]
ITC Ltd. said ITC Infotech India Ltd's U.S.-based wholly-owned unit ITC Infotech (USA), Inc. has acquired Pyxis Solutions, Llc., a New York limited liability company. Financial details of the deal were not disclosed. Accordingly, Pyxis has also become a wholly-owned unit of the company, ITC said in a filing with Bombay Stock Exchange. (Trading Markets) […]
Berger Paints Ltd said it has acquired Poland's Bolix SA, an external insulation finishing system supplier, for an undisclosed sum from Advent International, a private equity group. Bolix also exports to countries such as Ukraine, Russia, Lithuania, Latvia, Estonia and other European nations, and recorded a turnover of $45.5 million in 2007, the Indian firm said in a statement on Monday. […]
Auto component maker Minda Industries (MIL) is bidding for Vimercati, an Italian full-service switch products supplier, which supplies automotive switches to car majors like BMW, General Motors and Fiat in the European market. The transaction is being valued at around $50-55 million, sources said. When contacted, MIL chief financial officer Sudhir Jain said: “We have identified acquisition as one of the strategies to expand our operations in the international market. We are in talks with various firms in the Europe. At this stage, we cannot, divulge any specific names.” Earlier, US-based Stoneridge, had entered into an agreement to acquire Vimercati. However, the deal did not take off. MIL is believed to have also identified a couple of more target companies in the European market. The Delhi-based NK Minda group has set aside Rs 500 crore for expansion and merger/acquisitions, company officials said. […]
Goa-based Dempo Group is planning to divest 40 per cent in a company that will house its 100-million-tonne iron ore reserve. The group’s iron ore reserves are currently with the flagship V S Dempo & Co Pvt Ltd, and its two subsidiaries Dempo Mining Corporation and Sindhudurg Mining Corporation. The group is planning a restructuring under which all the three mining companies will transfer its resources to a new company in which the stake will be sold. The restructuring is expected to help the group convert V S Dempo & Co, a pure play holding company for all group companies after its assets are hived off. “We are already in talks with three to four private equity players,” said Shrinivas V Dempo, chairman, V S Dempo & Co. “We expect to finalise the deal by the end of December,” he added. […]
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