Accentia Technologies has acquired 51 per cent stake in Oak Technologies, US for an all-cash deal. Oak Technologies is an integrated services provider in healthcare receivables management operating from US and several locations in India. Through this acquisition, Accentia got into its fold a global workforce numbering 700. Oak Technologies has 5 units operational in US and India. In India, it has presence in Hyderabad, Nagpur and Bhubaneshwar. […]

Global financial institutions such as Goldman Sachs, Morgan Stanley, JP Morgan, Credit Suisse and Nomura among others are in the race to acquire a minority stake in ICICI Securities (I-Sec) — the broking arm of ICICI Bank — in a pre-initial public offering placement of equity. source close to the development said they have shortlisted close to 12-15 expressions of interest from these institutions and the deal is likely to be sealed shortly. JP Morgan is the advisor for the pre-IPO placement. However, merchant bankers for the IPO are yet to be finalised. Sources added that 3-5 per cent will be placed with institutional investors ahead of the proposed IPO of ICICI Securities and the rest 5-7 per cent will be sold to the public through a share sale. ICICI Bank is looking at selling about 10-12 per cent of its equity in the broking firm. Sources said ICICI Securities has been valued at $7.5 billion (around 30,000 crore). […]

Delhi-based publishing house MBD Group is in talks with international private equity firms to offload equity in its mixed-use development MBD Zephyr in Bangalore, as it tries to raise funds in a nervous and choppy market. The mixed-use development, which is expected to be completed by 2011 will have a luxury hotel, space for luxury and premium retail, and entertainment spaces. The company is looking at offloading between 26% and 49% equity in the retail portion of Zephyr, which is spread over more than 80,000 sq. ft. “We have started sensing the market. We have been approached by some private equity funds,” said Sonica Malhotra, executive director, MBD. She did not say how much the company expected to raise from this divestment. The eight-acre MBD Zephyr project at Whitefield near Bangalore is targeting luxury brands such as Gucci, Versace, Louis Vuitton and premium ones such as Debenhams, Zara, Mango and Body Shop. Zephyr will also have a 450-room luxury hotel owned and managed by the MBD Group. […]

The Rs. 3500-crore Gitanjali Gems Ltd., India's largest integrated diamond and jewellery manufacturer and retailer, today announced the complete acquisition of Gili. Earlier the Group had 65% stake in the 'Superbrand'. The first jewellery brand to be launched in India- Gili is evaluated at INR 85 cr today and had achieved a Superbrand status in 2004. For more than a decade now, the brand offers Indian consumers a world of choice in gold and diamond jewellery – truly “Easy Elegance”. Gili was launched in the year 1994 with its primary brand value being, “Genuine diamond and gold jewellery at affordable prices” and it has come a long way becoming andd sustaining itself as one of the most preferred brand in its category. Gitanjali Gems Ltd has also acquired 100% Shares of 'Modali Gems Pvt Ltd.' (MGPL), earlier a joint venture Company. By way of this acquisition, MGPL has become a wholly owned subsidiary of the Company. The main business of MGPL is to manage the distribution of the brand Asmi and allied products. It is currently a 120 people company with about 45 distributors and 345 retailers under its banner. These powerful acquisitions will drive much more value to key stakeholders including end customers, and partners of Gitanjali Group. This all adds up to advantages including better deals for consumers and access to the world's most coveted brand than ever before. […]

Japanese conglomerate Itochu Corporation has bought around 30% stake in Mumbai-based Rajendra Plastics (RPPL) from the Punamiya family for nearly Rs 90 crore, putting the valuation of the plastic bag maker at Rs 300 crore. This is the Japanese company’s first investment in the growing plastics industry in India. Neemit Punamiya, managing director, RPPL, confirmed the deal, but declined to divulge its exact size. “They (Itochu) have bought 29.94% stake in our company. Their expertise in international operations will help us improve our corporate governance and provide us with better technology in manufacturing and marketing. The association with the Japanese giant will also help our exports. Their exposure and experience may lead to diversification into allied products and services.” Itochu officials could not be reached for comments. Post deal, the promoters will hold over 70% stake in, and retain management control of, the privately-held company. The sale proceeds will be utilised to double the company’s annual capacity to 44,000 tonne by next year. […]