|
|
Renaissance Jewellery, a diamond jewellery manufacturer, has acquired the business and assets of JBR, a jewellery wholesaler based in New York for a total consideration of $40 million through its subsidiary “Renaissance Jewelry New York” in US. JBR having a total annual sales of $70 mn is likely to add to the company's turnover and net profit substantially. “As of now we were selling directly to our retail customers in the US like Walmart from India. But, the acquisition of JBR will give us a competitive edge in addition to help us consolidate our business in the world's largest jewellery sales market,” said Sumit Shah, managing director of Renaissance Jewellery. (Business Standard) […]
Chennai-based EID Parry India, a part of Murugappa group, said on Thursday that Pune-based Phytoremedies Biolabs has become a subsidiary of the company consequent to the acquisition of 51% stake. Phytoremedies Biolabs is a company engaged in the business of Nutraceuticals. EID Parry India swung to loss of Rs 233.30 million for the quarter ended Dec. 31, 2007, compared with a profit of Rs 35.30 million in the same quarter, last year. Net sales for the quarter climbed 30.78% to Rs 1,972.80 million when compared with the corresponding quarter, a year ago.(My Iris) […]
California-based IT firm Digital Liberty Group (DLG) has taken over 55 per cent stake in Comprehensive Software Solutions and Services (CS3). Both DLG and CS3 are working towards consolidating the merger process and once it is through, CS3 will go in for a re-branding exercise targeted towards positing it as a DLG group company. CS3 will also undergo a HR revamp by adding another 150 IT professionals capable of serving the global clients. DLG is also planning to enhance CS3 presence in the Indian IT space, by extending solutions and services across India. The new entity will be working towards achieving CMM certification at the earliest. […]
Bangalore-based drugmaker Biocon will acquire a 70% stake in German pharmaceutical company AxiCorp GmbH for a consideration of euro 30 million. According to a release issued by Biocon to the BSE today, this will enable the marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and innovative pharmaceutical products in Germany and Europe. Allegro Capital was the financial advisor to Biocon for the transaction, the release added. AxiCorp is a specialised marketing and distribution company established in 2002 by a group of industry experts to address the lucrative generics and parallel distribution market in Germany and Europe. AxiCorp is ISO-9001 certified with a differentiated distribution model that is aligned with the functions of the German pharmaceutical market. […]
Apar Industries entered into an agreement to acquire 42% %in the listed Uniflex Cables to become the single largest shareholder in the company. Apar Industries will make a public offer for acquiring another 20% stake in the company. In addition Apar will subscribe to 4 million warrants at the SEBI formula price to increase its stake to 49% making the deal size about Rs 700 million plus the open offer. Uniflex Cables has been valued at an enterprise value of over Rs 1,600 million. The key members of the Baid family, Ajay Kumar Baid and Jay Kumar Baid will assume leadership positions of managing director and joint managing director of the company. Vijay Kumar Baid, will continue as the non executive chairman of the company. The family continues to hold about 15% shareholding on a fully diluted basis. The Rs 70 billion cable industry has been growing at over 25% on a per annum basis and holds promise to continue this growth for the next decade. […]
CMYK Printech Ltd, publisher of English daily The Pioneer, has engaged consulting firm Deloitte and Touche Consulting India Pvt. Ltd to find strategic investors willing to take up to 49% stake in the media company, a person close to the development said. The firm, with interests in print, Web and media education business, had held equity talks in August 2006 with Jagran Prakashan Ltd, publisher of Dainik Jagran. The talks failed because Jagran Prakashan wanted a majority stake and the Pioneer management was unwilling, according to this same person who did not want to be identified. CMYK Printech is currently majority owned by the promoter group, which holds 74% stake in the firm. The promoter group comprises Chandan Mitra, who is also editor of the newspaper and a member of Rajya Sabha; Durbar Ganguly, who looks after marketing and administration, and Amit Goel, who handles the media education business. “In May this year, the present management will complete 10 years of running the paper. We posted small profits in the past two years, so now we feel it’s time to go in for an aggressive expansion. We will sell some equity to fund these plans,” confirmed Ganguly, joint managing director and vice-chairman, CMYK Printech. […]
Indiabulls Real Estate, the realty arm of Indiabulls group, has said that Indiabulls Infrastructure (IIL), a subsidiary of the company, has acquired 100% shareholding of Catherine Builders and Developers (Catherine) from DLF Home Developers. Catherine owns 50% shareholding of Kenneth Builders & Developers (Kenneth) which had earlier won the auction by DDA to develop a residential project on 35.8 acres of land located at Tehkhand in South Delhi. […]
Mindteck India, a Bangalore-based publicly listed IT outsourcing firm, has acquired US-based Infotech Consulting for $21 million. Mindteck is paying cash of $1.5 million while the rest is in stock. Mindteck has issued stock for this acquisition at Rs 98.50 per share, a premium of Rs 88.50 per share on a stock swap basis on a base price of Rs 58 per share. Infotech Consulting founder Pankaj Agarwal is the current CEO of Mindteck. Infotech Consulting topline is $31 million and brings in 250 people to Mindteck along with presence in Business Application Consulting, infrastructure and managed services. According to Mindteck, it will acquire three more companies within the end of the current fiscal for a total of $30.6 million including the $21 million it paid out for Infotech. […]
Matrix Partners India has acquired a stake in Kijiji India and will be jointly owning it with shopping site eBay. The financial details of the transaction, however, were not disclosed. Kijiji India (www.kijiji.in) is an online classifieds-style website that allows local communities to meet, help one another and interact over shared interests. It is a platform that meets the personal needs of the local community in a city. Kijiji can help users to buy or sell a used car, look for an apartment on rent, buy or sell a house, look for a job or hire people, and much more. In India, Kijiji launched in November 2005 and is now present in 12 cities including Mumbai, Delhi,Bangalore and Chennai. […]
Telecom network services provider GTL Ltd, part of the Global Group Enterprises, is set to acquire a European company. A banker in know of the development said the acquisition would be in the network operations and maintenance space. The deal, valued at $200 million, is likely to go through in the next two quarters, he added. However, Manoj Tirodkar, chairman and managing director, GTL told DNA Money, “We don’t want to comment anything on any particular buyout at this stage, but acquisitions are in our radar and whenever anything happens, the company will inform the exchanges.” Tirodkar said the main objective of acquisitions was to strengthen the customer base in Europe and become a top-notch player in the network services business. At an organic level, the company is focusing on high-margin segments like network planning and designing, infrastructure management and application management. As of H1FY08, it had reduced the share of network deployment to 68% from 75% in FY07. Going forward, it aims to get 30% of its revenues from GTL Infrastructure Ltd (GIL) through network deployment and maintenance. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|