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Topsgrup, an Indian security services company, today said it bought a British security company for Rs 125 crore and plans to buy a $300 million company in the US. Topsgrup bought a 51 per cent stake in the UK-based Shield Guarding Company, which provides specialised security services to over 350 clients, including Walt Disney, Fujitsu, Nokia and Porsche. ‘'We were losing out on the global tender contracts of these multinationals in India. Shield's clients include some of the biggest brands in the UK. This (stake buy) will also help us grow Shield's business in the UK as we have been doing business with clients such as HSBC for 15 years,'' Rahul Nanda, Global CMD, Topsgrup told Business Standard after announcing the deal in Mumbai. Nanda plans to outsource all the back-end work for Shield, including making uniforms and accounting, to India, and is targeting a saving of Rs 8 crore (1 million pounds) in three years by exploring the synergies. The savings target for the first year is 300,000-40,000 pounds. “The strategic partnership of the two security brands augurs well for the rapidly-growing global security industry, which is estimated to cross the $230 billion mark by 2015,'' said Gerry Paxton, executive chairman of Shield. The UK company had a turnover of Rs 484 crore and profit before tax of Rs 18 crore in 2008-09. […]
Piramal Life Sciences (PLSL), the recently spun off new drug research arm of pharmaceutical major Nicholas Piramal debuted in the stock exchanges. “Pure drug discovery companies are a new development in India and it will take some time for our investors to realise the worth of such companies,” Ajay Piramal, chairman of Nicholas Piramal told Business Standard. He said the company was planning to dilute about 15-20 per cent of the equity to further infuse capital into PLSL. The company is also exploring various options such as private equity investment in the company, which may happen within the next 12 months, said Piramal. PLSL's strategy would be to take the drugs under development till the final commercialisation stage, than outlicensing the drugs to external parties, he added. […]
The Bangalore based GMR Group with interests in several infrastructure businesses such as airports, energy and highways has sold its ferro alloys business to the Dubai-based Cronimet Mercon Invest Ltd (CMIL) for Rs22.55 crore. The promoters of GMR signed a share purchase agreement with Cronimet on Monday to sell almost their entire holding in GMR Ferro Alloys and Industries Ltd (GFAIL). According to the details of this agreement submitted to Indian stock market regulator Securities and Exchange Board of India, or Sebi, the GMR group’s promoters are selling 86.57 lakh shares out of the 87.08 lakh shares they hold in the ferro alloys company. The Dubai entity has agreed to pay Rs26.04 per share to the GMR promoters and will come out with an open offer to the shareholders of GFAIL to acquire 20% holding from them at the same price of Rs26.04 a share in keeping with Indian stock market laws. The ferro alloys company was created by GMR Industries Ltd (GMRIL) by spinning off its metallurgical division in April 2006. GFAIL has a high carbon ferro-chrome manufacturing facility located at Tekkali in Srikakulam district of Andhra Pradesh. […]
Parsvnath is likely to buy 30 per cent stake for Rs 555 crore in the high-profile Nano City project, The project cost is pegged at Rs 1,850 crore. However, officials from Parsvnath refused to comment on the development. Sabeer Bhatia, chairman, Nano Work Developers, holds 90 per cent stake in the Nano City project, a joint venture of Nano Work Developers with Haryana State Industrial Development Corporation (HSIIDC), and rest is lying with HSIIDC. The much-hyped project will be set up near Panchkula in an area over 11,000 acres. The land acquisition for the project would be done in two phases. In the first phase, 5000 acres of land would be purchased and the remaining would be purchased in the second phase. […]
Anil Nanda Group company Akme Projects Ltd on Tuesday announced a joint venture with German-Swiss based private equity firm MPC Synergy Real Estate to develop seven premium housing projects with an investment of about Rs 1,000 crore. MPC Synergy Real Estate chairman Jay Oberai said the German PE firm is planning to invest $1 billion in Indian real estate sector within a year. Oberai said the company is also in talks with developers in Mumbai and Hyderabad, where it is willing to invest up to $ 400 million. The 50:50 joint venture, named Akme Rhine River Projects will develop seven projects at Ludhiana, Mohali, Greater Noida and two each in Bangalore and Gurgaon by 2012. MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany with over $18.5 billion assets under management. […]
Aiming to become a global player, country's one of the leading tyre cord manufacturer SRF Ltd on Tuesday announced the acquisition of a Thailand-based firm Thai Baroda Industries (TBIL) for Rs 100 crore. Formalising the takeover, the domestic firm has signed a definitive agreement with the Thai firm. “The acquisition will cost SRF approximately Rs 100 crore for the fixed assets and other transaction costs,” the SRF said. In addition, the company would also finance the working capital of TBIL as would be required on the date of the completion of the transaction, it added. “We have always aspired to become a global leader in our business space and this acquisition is a significant step in that direction. Post the financial restructuring and subsequent take over of the management of TBIL, we are confident that we will be able to turn the company around in a very short time-frame,” SRF Ltd Managing Director Ashish Bharat Ram said. […]
proposed deal between South Africa's MTN Group and India's Reliance Communications may result in a transfer of Chairman Anil Ambani's two-thirds stake in the Indian firm to MTN, the Economic Times said on Tuesday, citing sources. That would trigger an open offer from MTN for another 20 percent of Reliance Communications, as Indian law mandates such an offer to shareholders after an acquisition of more than 15 percent of a company. MTN would become a holding company of India's No. 2 mobile operator, and Ambani would in return get around a third in the South African firm, and keep an indirect holding of nearly 20 percent in Reliance Communications, the paper said, citing sources. The transaction would be a share-swap deal, the paper said, with the offer to minority shareholders in cash. […]
Reliance Communications Ltd., India's second-largest mobile-phone company, may combine its operations with MTN Group Ltd. after the South African operator's talks with Bharti Airtel Ltd. collapsed. Reliance has exclusive negotiating rights with MTN for as long as 45 days, the Mumbai-based company said in an e-mailed statement today. There is no certainty on the completion or the timing of any agreement, it said. An agreement would help Reliance Chairman Anil Ambani form an operator with a combined market value of more than $65 billion and offer mobile-phone services to 1.7 billion people stretching from the Cape of Good Hope to the Himalayas. New Delhi-based Bharti said on May 24 it ended talks with MTN after failing to overcome differences over control. […]
Reliance Communications, controlled by Anil Ambani, has agreed to buy the entire business except Vanco Direct USA, which is being sold separately. The parent, Vanco Plc, goes into administration today. Trading in Vanco’s shares was suspended at the beginning of the month, when the company gave a serious profit warning. Allen Timpany, the company’s founder and chief executive, who bought the company for £1 in 1988, resigned on the same day. Cable & Wireless had confirmed that it was talking to the company, and BT and T-Systems, a division of Deutsche Telekom, were also considered to be contenders. At its peak two years ago Vanco was worth almost £400 million, but its shares have tumbled over the past year and by the beginning of the month it had run out of cash. Analysts estimated that the group had burnt through £60 million in five weeks. […]
CRH, an Irish building materials company, bought a 50 per cent stake in the Hyderabad-based cement manufacturer My Home Industries (MHIL) for Rs 1,875 crore. The Irish company paid about $235, or Rs 9,414 a tonne, according to a Kotak Mahindra Bank executive who advised on the transaction. It had earlier rejected bids valuing its cement operations below $200 a tonne. MHIL has a production cement capacity of 3.2 million tonnes and plans to expand this to 4.2 million tonnes by 2009. Industry analysts said the sale price is higher compared to the prevailing market valuation of $150 a tonne for a cement plant in India. Holcim, the world's largest cement maker, paid $200 a tonne for buying Ambuja Cements in 2005, while Cimpor paid $162 a tonne for Shree Digvijay Cement in 2007. Samba Shiva, director finance and commercial, MHIL, confirmed the sale, but declined to give further details. […]
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