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Mahindra & Mahindra Ltd, top utility vehicle maker, is likely to acquire 51 percent in Chinese tractor firm Kianbsu Yueda Yancheng, CNBC-TV18 news channel reported on Monday, citing unnamed sources. A spokesman for Mahindra, which is holding a news conference later on Monday, was not immediately available. Mahindra, also the country's top tractor maker, now has a joint venture with Chinese tractor maker Jiangling Motors Co. The venture, Mahindra China Tractors, began operations in July 2005. Mahindra last month bought the assets of motorbike and scooter maker Kinetic Motor. Sources have also said General Motors Corp is in talks with the Indian firm about selling its Hummer brand. (Reuters) […]
Healthcare services provider Kerela Institute of Medical Sciences is looking to acquire two hospitals in South India and has earmarked a budget of Rs 300 crore for the purpose. The company is primarily interested in acquiring hospital with a capacity of 100-150 beds in Bangalore and surrounding areas in South India. The company is presently in talks with two leading private equity funds to raise corpus for the expansions. Out of these two players, one is Singapore based healthcare focused PE player and other one domestic one who has made sizeable investments in healthcare segment. Besides this, KIMS also plans to get itself listed in Bombay Stock Exchange also in the next three years. […]
Fortis Healthworld has acquired CRS Health, a Delhi-based pharma and wellness retail chain. It is also planning to rebrand itself and the pharma chains it acquires in future as Religare Wellness. CRS is the drug retailing arm of the diversified Delhi-based SAK Industries. Though the size of the deal is not big, it is Malvinder Singh and Shivinder Singh’s first acquisition since they sold their pharma company Ranbaxy to Daiichi Sankyo. Fortis will pay around Rs 15 crore to acquire 90% stake in CRS Health. Ravi Rajan & Company was the advisor to the deal. […]
Hinduja group company HTMT Global Solutions has set aside $110 million (Rs 440 crore) for acquiring companies abroad. “We have set aside a cash of $110 million for acquisition. We are looking at acquisitions in the US and Europe. Especially in Europe where we have limited presence,” HTMT Global Solutions CFO Anand Vora said. In 2006, HTMT had acquired a US-based BPO firm, Affina, for $30 million. At present, the company offers BPO services in healthcare, BFSI and telecom sectors in the US. […]
Famy Care, the world's largest contraceptive pill producer based out of India, is planning to divest about 15 per cent of its stake to private equity firms to fund its expansion plans. The company, which is fully owned by JP Taparia and sons Sanjeev and Ashutosh, has initiated discussions with four-five global private equity funds for the stake sale, sources said. Famy Care had recently formed a strategic alliance with the third largest off-patent generic drug maker Mylan Laboratories of the US, to sell 22 women healthcare products in the US market by 2010. Famy Care is one of the world's biggest producers of generic intra uterine device Copper-T and oral birth control pills such as Mala-D. The company also makes various contraception products such as injectables, tubal rings and emergency contraceptives, catering to a $7.5 billion global market for women reproductive health products. […]
Greater Pacific Capital (GPC), a London-based strategic investment firm, will acquire 38% stake in Ahmedabad-based BPO, Azure Knowledge Corporation, for a consideration of $32.5 million, the company said on Tuesday. GPC will subscribe to around 26.4% shareholding for $10 million in the first phase while the balance will be invested in 2010 based on Azure’s performance evaluation. The strategic investment will enhance Azure’s position as a specialist company in the two upcoming and promising domains—financial services and knowledge-based customer interaction services. It is in line with GPC’s investment model based on identifying and taking stake in strong, high potential public and private companies in the highest growth industries within India and China, the company said in a statement. […]
Voltas Ltd, an engineering projects company belonging to the Tatas, today, announced acquisition of a Mumbai based firm. The Tata group company said it would acquire 51 per cent stake in Rohini Industrial Electricals for Rs 62 crore with an understanding that it could increase its holding upto 100 per cent in future, a release said here. Rohini Industrial, a 25-year old company with a turnover of Rs 120 crore last fiscal, is engaged in undertaking large turnkey electrical and instrumentation projects and commands healthy profit margins. […]
Global interest in Indian automotive strengths is reviving. US-based automotive giant Federal-Mogul is learnt to have acquired a 51% equity stake in the recently-delisted Perfect Circle — part of the New Delhi-based, Rs 3,000-crore Anand group — to strengthen its presence in India. The foreign company had recently acquired the engine bearings unit from the Anand group’s Gabriel. The combined sales of the engine bearings division and that of Perfect Circle is estimated to be around Rs 300 crore. While the acquisition of the controlling stake in Perfect Circle is at Rs 17 crore, it is a strategic step that will complement Federal-Mogul’s recent move to build an automotive friction components manufacturing facility in Chennai, besides taking over business from an Indian group that makes components for almost all vehicle and engine parts manufacturers in the country. […]
India’s housing finance regulator, National Housing Bank (NHB), will pick up 12.5% stake in Mahindra Rural Housing Finance Ltd, a wholly owned subsidiary of non-banking financial services firm Mahindra and Mahindra Financial Services Ltd (MMFSL), for an undisclosed sum. NHB would also help the home loan firm raise funds in the next two years and would eventually get 12.5% stake of the capital raised, said Uday Phadke, vice-chairman of MMFSL. NHB has so far invested Rs5.80 crore in Mahindra Rural Housing for its stake. This figure could go up depending on the capital raised. The capital base of Mahindra Rural is expected to be Rs100 crore in the next three-four years, said MMFSL’s managing director Ramesh Iyer. […]
US private equity investor Wilbur Ross and Goldman Sachs will invest $100 million (around Rs 420 crore) in India’s second-biggest budget carrier SpiceJet under a definitive agreement signed today. The money will be invested in two phases, dependent on shareholder approval and certain unspecified conditions. Under the earlier agreement, signed on July 15, Ross was supposed to invest $80 million (Rs 336 crore). Fresh equity warrants are being issued to Goldman Sachs under the preferential issue guidelines of the Securities and Exchange Board of India (Sebi). […]
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