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Allied Digital Services acquired a 80.5 per cent stake in the US-based IT infrastructure management services provider, EnPointe Global Services (EGS) for $30 million. The company expects EGS to generate revenues of $40 million and EBDITA margin of 15-20 per cent in the current financial year. Allied Digital, which has about 10 per cent market share in the domestic infrastructure management services segment, derives 94 per cent of its revenues from India. (Business Standard) […] Reliance Money, the financial products distribution arm of the ADAG, is acquiring a 26% stake in Ahmedabad-headquartered National Multi-Commodities Exchange (NMCE), the third largest commodities bourse in the country in terms of turnover, for an undisclosed sum of money. Reliance Money and NMCE are expected to approach Forward Markets Commission (FMC), the commodities market regulator, for approvals. “We are in talks with NMCE to buy 26% in the exchange,” Sudip Bandyopadhyay, director and CEO, Reliance Money, told TOI. “Looking at the growing opportunities in the commodities space, we are planning to enter this space in a big way,” Bandyopadhyay said. Post-deal, the ADAG company would get two board seats on NMCE. Reliance Money's decision to buy into the commodities bourse came in after the government recently announced new norms for investors intending to buy into commodities bourses. Among those rules is a minimum networth requirement of Rs 100 crore and limiting a single investor's holding at 26%. […] World's biggest bank Citigroup is planning to sell its stake in the country's housing finance major HDFC to private equity firm Oman Investment Corporation for about USD 1.5 billion, a media report said. However, when contacted HDFC's vice chairman and managing director Keki Mistry said that the company has spoken to Citi and the banking major has said it has no plans to sell the stake. “We have spoken to Citi and Citi has no plans to sell the stake,” Mistry said. A private news channel on Friday reported that Citi may sell its stake worth USD 1.5 billion in HDFC to Oman Investment Corp. Noting that the move is part of Citi's restructuring plan, the channel said both the banking major and Oman Investment declined to comment. Earlier, UK's Sunday Times had reported that Citi is planning to offload its stake worth USD 2 billion in HDFC. […] The Kolkata-based Pawan Ruia Group, which has a controlling interest in Dunlop India and in Falcon Tyres, has acquired British auto component manufacturer Schlegel Automotive Europe, according to group chairman Pawan Kumar Ruia. The deal was made through a special purpose vehicle Global Finvest Ltd based in the U.K. “Keeping in mind the growing demand in the automotive sector, we are planning to set up a Schlegel manufacturing unit in India.” Mr. Ruia said here on Wednesday. The acquired company, founded in 1952, makes rubber sealing products used in automobile doors, windows, hoods and trunks and most of the global auto sector customers whom it serves in Europe have already set up plants here. There were indications that Schlegel might set up a plant in India soon. However, the location has not been finalised as yet. The Ruia Group was little known till it acquired Dunlop and Falcon from Chhabria in 2005. […] Back-office firm WNS (Holdings) Ltd has acquired insurer Aviva's BPO in India and Sri Lanka for $230 million, the Economic Times said on Thursday, without citing sources. Mumbai-based WNS is expected to make an announcement on Thursday, the newspaper said. The acquisition of Aviva Global Services will give WNS $1 billion worth of outsourced work committed to Aviva over an eight-year period, the paper said. A spokesman for WNS called the report “speculative”. WNS will fund the buyout through a $200 million line of credit from ICICI Bank , with buyout firm Warburg Pincus , which owns a majority stake in WNS, contributing around $30 million, the paper said. WNS, which draws about half its business from British and European operations, in April acquired a British auto insurance claims-processing services provider, Call 24/7 Ltd.(Reuters) […] Landmark, part of the real estate investment group of the Dalmias, has entered a mixed-use development project in Tirupur, in the southern Indian state of Tamil Nadu. The project envisages 20 acres of residential, retail, commercial & hotel development with a built up area of 1.9 mn. sft., resulting in an estimated revenue of approximately USD 140 million. Landmark has taken up a 25% stake in the project, which is being set up by Prime Textiles, one of the reputed industrial groups in Tirupur. Tirupur is widely considered the “Manchester of India”, and accounts for $3 billion of knitted apparel export. Prime Textiles, manufacturers in textile sector who recently forayed into real estate, has in its fold an ideal land situated in the heart of the city that will be put to use for the project. The first phase of realty development by Prime Textile is at an advanced stage of progress. […] Tanti group of companies, the promoters of Suzlon Energy Ltd, jointly with Bahrain-based Arcapita Bank, has acquired Honiton Energy Holdings, a Chinese wind energy firm. The company has not disclosed the value of the deal. The joint venture partners will invest $2 billion by 2012 to develop a 1,650-MW portfolio of wind farms in the Inner Mongolia region of China. The acquisition is being channelled through Colossus Holdings, a Singapore-based holding company of the Tanti group. The group directly and indirectly owns 66 per cent of Suzlon Energy, the world’s fifth leading supplier of wind turbines with a 10.5 per cent global market share. […] Japanese fund manager Nomura Asset Management is set to pick up a stake in LIC MF Asset Management Company which manages LIC Mutual Fund. In a statement issued in Japan, Nomura Asset Management Company, the fund management unit of Nomura Holdings, said it has agreed to invest in an asset management unit of Life Insurance Corporation of India. Agency reports quoted Riyo Azechi, a spokeswoman for Nomura Asset stating that the Japanese fund manager will work together in India with LIC Mutual Fund Asset Management Company on the asset management business. Speaking to ET, LIC MF chief executive Sushobhan Sarker said that a memorandum of understanding has been signed with Nomura whereby both companies would look at ways of working together. He said that the outcome of these explorations would decide whether Nomura would pick up a stake in LIC MF or not. A team comprising of officials on both sides would be constituted to take the partnership forward. […] World's biggest lender Citigroup may sell its stake worth $2 billion in the country's leading mortgage lender HDFC, a media report said. “The bank's German operation has already been put up for sale… and it is understood Citi may also sell its $2 billion stake in Indian bank HDFC,” the report said. Battered by billions of dollars of losses from the sub-prime crisis, Citi has embarked on a major restructuring drive led by its India-born chief executive Vikram Pandit. Recently, various reports said the world's biggest bank is gearing up for an aggressive round of layoffs, with plans to cut 6,500 jobs from its investment banking business. […] The Securities and Exchange Board of India (SEBI) has issued a no objection to the inclusion of Pioneer Global Asset Management SpA (Pioneer Investments) as a co-sponsor in BOB Mutual Fund. Consequently, Pioneer Investments has acquired a 51% shareholding in BOB Asset Management Company Limited. Pioneer Investments through this joint venture with Bank of Baroda is set to commence its asset management operations and mutual fund business in India. The new venture will now be named as “Baroda Pioneer Asset Management Company Limited”, with Pioneer Investments holding 51% stake with management control and Bank of Baroda holding 49% in the AMC. . The joint venture combines world class investment management skills of Pioneer Investments, gained over the last 80 years from various markets across the globe, with the very strong presence in India of Bank of Baroda’s wide network of branches. For Investors, this would result in newer opportunities for wealth creation combined with easy accessibility. […] |