J K Tyre has acquired Mexican tyre company, Tornel for Rs 270 crore to become India's fourth largest four-wheeler tyre company. JK Tyres' turnover will now exceed USD 1 billion. The company will fund the acquisition through a mix of internal accruals and debt. This buyout is expected to be completed by the end of May, subject to regulatory approvals. The acquisition makes a strategic fit for JK Tyres as it is already the largest exporter, exporting almost 48% to the North and South American Markets. Mexico-based Tornel offers free access to the NAFTA trade block and Central and Southern America. Therefore, together both the companies would considerably strengthen the market positioning in these territories. […]

John Keells Holdings (JKH), the largest public conglomerate in Sri Lanka, has picked up 44% stake in Quatrro F&A. Quatrro, along with John Keells, has acquired US-based RSM McGladrey’s financial process outsourcing (FPO) unit. Quatrro F&A is the new entity formed after the merger of Quatrro’s finance & accounting unit with the newly-acquired FPO. As part of the deal, John Keells will shell out $5.72 million upfront and will bring in additional funds over a period of time for the FPO acquisition. “We have carved out a new legal entity from the merger of our own finance and accounting practice and RSM’s FPO unit. John Keells has picked up 44% stake in this new entity,” said Quatrro CMD Raman Roy. The acquisition of the FPO unit would be financed through a mix of debt and equity. […]

In a bid to unlock value at one of the world’s largest gas finds in the Krishna-Godavari basin, Reliance Industries Ltd (RIL) is believed to be planning to divest up to 10% stake in its K-G D6 block to a strategic foreign partner. A 10% stake in the block, valued at Rs 59,800 crore according to Deutsche Bank, will fetch RIL a neat sum, which could be further pumped into exploration and production (E&P). RIL holds 90% in the K-G D6 block and Nikko Resources, the rest. Agencies reported on Thursday that RIL has initiated talks with a host of big global energy E&P players as potential partners. Hydrocarbon giants with the required expertise include the likes of ExxonMobil, Shell, BP, Total and Petrobras. However, the move could not be independently confirmed, as Reliance officials remained tight-lipped about it. An RIL spokesperson declined to comment. […]

Financial Technologies India acquired 90% stake in ICX Platform (Pty), a technology company situated at Johannesburg, South Africa, having IPR & corporate ownership of electronic warehouse receipts technology, at a cost of upto USD 1.50 million, subject to applicable approvals and fulfillment of certain representations and warranties by the sellers of ICX. Financial Technologies (India) is a flagship company of Financial Technologies Group. Financial Technologies is India`s leading vertical specialist enterprise delivering mission-critical, straight through processing (STP) solutions comprising domain expertise, technology licensing, development and transaction outsourcing services. […]

Opto Circuits India has acquired majority stake in Wisconsin based Criticare Systems Inc. Upon completion of share transfer process, Criticare Systems will become a subsidiary of Opto Circuits. Having access to the expanded product line and leading edge technology offered by Criticare will allow Opto Circuits to enter new markets and compete more effectively with leading manufacturer of vital sign monitors, anesthesia monitors, pulse oximeters and patient monitors and accessories. In addition, the acquisition now adds anesthesia gas monitoring capability to Opto's technology portfolio. (ET) […]