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The $7.6-bn Estee Lauder Group has acquired a minority stake in Delhi-based Forest Essentials, a fledgling ayurvedic skin, body and haircare product maker. This will help Estee Lauder strengthen its foothold in the expanding Indian beauty market. It will give Forest Essentials products access to the global markets. Though the company officials declined to divulge details, according to sources, almost 10-15% of equity has been offloaded. “India is a very important market for Estee Lauder and with this agreement we hope to expand our competitiveness in the natural products arena,” Estee Lauder senior vice-president (international business development) Daniel Rachmanis said. The world’s leading skincare product manufacturer will be bolstering Forest Essentials’ retail expansion and brand building in India, and also take it outside India. […]
Murugappa group firm EID Parry ( India) said it has received Rs 747.39 crore from Roca Bathroom Investments SL for offloading 47% stake in Parryware Roca, a JV between the two companies. Parryware Roca is a 50:50 JV with the bathroom ceramics major Roca of Spain. The JV company offers products of international quality and designs and enable Parryware to access international markets. EID Parry India in a filing to the Bombay Stock Exchange said “the sale has been completed and consideration of Rs 747.39 crore has been received. With this transfer EID-Parry (India) Ltd's equity holding in Parryware Roca Pvt Ltd is 3%.” Board of directors had earlier approved the sale of EID-Parry (India) Ltd's 47% stake in Parryware Roca to Roca Bathroom Investments SL. Source: Times of India […]
ITC Ltd has acquired about 2.3 million shares, or 0.5 percent of the equity, in paper maker Ballarpur Industries Ltd for 56 million rupees, the Times of India reported on Friday. ITC has interests in paper, through ITC Bhadrachalam Paperboard, which was doing well, the paper said quoting unnamed sources. Ballarpur, belonging to Avantha Group, is India's top paper maker. “We are not there to sell stake. Our shares are there in ITC's balance sheet, but it's nowhere close to 0.5 percent. This is just a story,” Anil Pahwa, chief general manager at Ballarpur said. ITC officials were not immediately available for comment.(Reuters) […]
Concept Communication has taken a strategic stake in the public relations business of Zzebra. This strategic partnership with Concept Communication would result in a stronger team and a wider footprint for Zzebra PR, which will now cover 12 cities and 36 other major centres across India, as also in the UK, Middle East and Singapore. Speaking on strategic alliance, Vivek Suchanti, Managing Director, Concept Group, said, “Zzebra is a fast-growing company and has created strong brand equity in a short span of time. The public relations industry in India is growing at a rapid pace, and we believe that consolidation of resources and skill sets between like-minded organisations will help us emerge as a leader in the space. With this strategic partnership, we will be enhancing the range of services provided by the Concept Group of Companies.” […]
Indian fertiliser cooperative IFFCO will invest $100.5 million for a significant stake In Australian mining firm Legend International Holdings, it said on Wednesday. Under the deal, IFFCO will purchase 15 million shares in Legend, which owns phosphate deposits in Queensland, Australia, and hold options for buying another 30 million shares, in a phased manner. IFFCO has also agreed to buy and distribute 4 million tonnes of concentrated rock phosphate, or 80 percent of Legend's output, through its farming network. IFFCO has the right to nominate two members on Legend's board. Last year, it had agreed to invest $100 million in Senegalese phosphates producer ICS for a majority stake and supplies of phosphoric acid. […]
Half a dozen foreign institutional investors (FIIs) are eager to pick up Citigroup’s 11.74 per cent stake in Housing Development Finance Corporation (HDFC) should the US financial services giant want to sell its holding. Citigroup, which has been involved in a massive cost cutting exercise, has recently sold some of its non-core investments and this has sparked speculation that it may sell its stake in HDFC. HDFC chairman Deepak Parekh told reporters after the annual general meeting here today that the sense he got after discussions with Citigroup officials was that the US giant would hold on to its stake. But if it decided to sell, Parekh said there were “enough buyers” who were ready to pick up the stake.Parekh added that after reports surfaced that Citigroup might be looking to sell its stake in HDFC, at least six FIIs had approached him evincing interest. […]
Khaleeji Commercial Bank, a Bahrain-based Islamic private bank, has launched its Global Logistix Navi Mumbai Investment Company with a target capital of $430 million. The fund will aid in the development of India's first integrated logistics city project on a 400 acre site in Navi Mumbai. Khaleeji Commercial Bank is 60 per cent owned by a group of regional strategic investors and 37 per cent by its founding shareholder, Gulf Finance House. “Global Logistix stands to play an integral part in Navi Mumbai. We are looking forward to sustaining this important endeavour as it will aid the infrastructure and logistics industry development that is sorely needed in that region of the world, the bank's CEO and board member Ebrahim H Ebrahim said. The project is a logistics focused real estate development comprising of an integrated logistics park on 400 acres of land. […]
The Coimbatore-based Shanthi Gears Ltd, amongst the largest gear and gear-box manufacturer in the country is scouting for partners. The partner would be offered equity, even as it is not known how much stake the company is willing to offload. According to sources, Shanti Gears has mandated Ernst & Young to find a “strategic player” who could bring in newer technologies which can spur the next level of growth. The maker of industrial gears and gear products is learnt to be in discussions with companies based in Germany and the US for a possible tie-up that would involve a stake sale. While some sources believe that the promoters of the company could be planning a “sell out”, company insiders rubbished it by saying that the hunt was on, only for strategic partners. It is learnt that the company has been in talks with various players for quite sometime. […]
UAE based Emaar Properties is set to inject $ 150 million for a 20 to 25 per cent stake each in three real estate developments in India, to boost funds in its Indian joint venture. Emaar and MGF Developments of India, which set up a joint venture in 2005 called Emaar MGF, currently holds India's largest foreign direct investment in real estate through projects, with a combined development value of $ 1 billion. Emaar is now considering to pick three separate special purpose vehicles (SPVs) which will then develop two retail properties and one office property in Gurgaon and Mohali. […]
Gammon India is said to be in talks with the Italy-based power firm, Sofinter, for acquiring majority stake in the latter, reports Economic Times. This will be the third acquisition by Gammon in the Italian market, if the deal is clinched. The company is looking for more than 50% equity stake and it is learnt that the deal may go well over USD 70 million. Last month, Gammon acquired a majority stake in Italian turbine maker Franco Tosi Meccanica for Euro 40 million and a 50% equity stake in power sector services firm Sadelmi for Euro 7.5 million. (My Iris) […]
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