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Port of Singapore Authority (PSA), one of the world’s largest port operators, has bought 49% in ABG Infralogistics’ subsidiary — ABG Kolkata Container Terminal. The port giant has also subscribed to preference shares in another wholly-owned subsidiary of ABG — ABG Kandla Container Terminal. On October 3, 2007, ET had first reported about ABG’s plans to sell stake in its two subsidiaries. Two foreign shipping lines — Zim of Israel and Geneva-based Mediterranean Shipping Company (MSC), world’s second largest container line — were in race to buy the stake in the two subsidiaries. However, PSA, which already holds 12% in ABG Infralogistics, pipped the two shipping lines to strike the deal. IDFC SSKI is believed to have advised ABG on the deal. ABG Infralogistics managing director Saket Agarwal refused to give any financial details. Sources however told ET that PSA paid around Rs 150 crore for the 49% stake in the Kolkata subsidiary. PSA is likely to pick up stake in Kandla terminal at a later stage. […]
Phoenix Mills announced that the company will be entering into a strategic alliance with Entertainment World Developers (EWDPL) by acquiring over 42% stake in the company. Phoenix is currently building retail led mixed use development centers in Tier I cities under the brand name of `Phoenix Market City` and through partnerships with regional players in the Tier II cities. Phoenix will acquire the 42% stake through a combination of fresh cash infusion to acquire equity in EWDPL, and through the merger of certain entities that currently own equity in EWDPL. As a result of the transaction, EWDPL`s post money equity is being valued at Rs 12,500 million. EWDPL is a Tier II city centric retail mall, mixed use developer, currently engaged in the construction and operation of mixed-use retail centers and townships. The investment and partnership with EWDPL is aligned to Phoenix`s plans of establishing long-term relationship with leading pan-India and regional developers with the objective of achieving a formidable cross-country footprint as the leading retail led mixed format player over the next three years. […]
Tata Chemicals Ltd. has signed an agreement to buy U.S.-based chemical company General Chemical Industrial Products Inc. for US$1.005 billion (€0.68 billion), company officials said. General Chemical Industrial Products is a major soda ash producer with a capacity of 2.5 million metric tons (2.76 tons) a year. Soda ash, or sodium carbonate, is used in the manufacture of glass. “This is a timely acquisition from an Indian viewpoint. We are picking up a U.S. asset at a time when the Indian rupee is strong,” Homi Khusrokhan, Tata Chemical's managing director, told reporters Thursday. “It's strategically important for us as a group. I think, this particular acquisition is going to change the fortune of Tata Chemicals in the years to come,” Khusrokhan added. Khusrokhan said the acquisition will be funded through a mix of debt and equity, but he declined to give details. Tata Chemicals didn't give a timeframe for closing the deal. R. Mukundan, Tata Chemical's executive vice president, said General Chemical Industrial Products has annual revenues of close to US$400 million (€270.09 million) […]
Goose Technologies Private Limited, a Hyderabad-based provider of delivery risk management solutions, plans to raise around $2-million (Rs 8 crore) venture capital fund, said founder and chief executive officer, Debasish Pattnaik. Announcing the launch of Procon, the three-year-old company’s maiden risk management solution for global delivery here on Wednesday, he said they were in talks with a couple of venture capital firms to support the development of new solutions, besides expansion of its overseas sales and marketing operations. Goose Tech, which received an early stage funding from Agnus Ventures, had spent close to two years on developing Procon that enables global enterprises to have real-time visibility and predictability of key performance indicators (KPIs) at different aggregated levels and functional areas. It has a built-in prediction engine that offers future trend of potential risk factors. Besides, it offers an advance analytical engine for risk mitigation. The per-user price of Procon is around $1,000. […]
Bharti Airtel is planning to sell some more tower units in the Bharti group`s tower company, Bharti Infratel, reports DNA. Bharti Airtel joint managing director Akhil Gupta said that some investors, who got left out in the previous round because of its timing, would be accommodated now. The investment this time round is likely to be lower than USD 1 billion. In December 2007, global investors including Temasek Holdings, Goldman Sachs, Macquarie, Citigroup, Investment Corporation of Dubai, AIF Capital and India Equity Partners had together put in USD 1 billion in Bharti Infratel for around 8 to 10% stake. The enterprise valuation of Bharti Infratel was estimated in the range of USD 10 to USD 12.5 billion. ( My Iris) […]
Real estate major Unitech., which has acquired licences to offer telecom services in 22 circles in the country, will sell 10-50 per cent stake to a foreign company in its telecom services operations, a senior company official said. The company is in talks with various foreign players for an equity tie-up for the same, he said. “A lot of foreign companies already have tie-ups with Indian companies for various operations. We too are talking to a few for prospective partnerships. We will give the foreign partner 10-50 per cent stake,” the official said. As per existing guidelines, foreign direct investment of up to 74 per cent is allowed in telecom services. […]
UTI ASSET Management Company is roping in an international strategic investor for expanding its operations abroad. The investor, to be chosen from a slew of interested parties, will buy 10-12% equity in the country’s second largest mutual fund house for around $200 million. Half-a-dozen interested parties including Goldman Sachs, Lehman Brothers, Warburg Pincus, Singapore’s GIC and Japanese Shinsei Bank — are vying for the stake. Sources close to the development said the deal is expected to be finalised very soon. The shortlisted parties will submit final financial bids by end of the week. Valuations may take a minor plunge, owing to the current volatility in the market, said the sources. The country's second largest fund house, after R-ADAG's Reliance Capital Asset Management, had asset under management (AUM) of about Rs 57,000 crore, as on December 31, 2007. Last month, Eton Park Capital Management, the hedge fund firm founded by former Goldman Sachs Group partner Eric Mindich, acquired 4.76% in Reliance mutual fund house for Rs 501 crore. The deal valued Reliance’s mutual fund at Rs 10,521 crore. The company said in a statement that the equity proceeds would be utilised for its domestic and international expansion. […]
Indian drug makers Ranbaxy Laboratories, Dr Reddy’s Laboratories (DRL) and Lupin are learnt to be in the fray to acquire 53% stake in Romania’s leading pharmaceutical company Antibiotice. The state-owned company, which is being privatised, is to be auctioned in March with a reserve price of $200 million (Rs 800 crore). Ranbaxy Laboratories’ CEO & MD Malvinder Singh said: “We cannot comment on acquisition conjectures. However, in the generics pharmaceuticals space, we believe there is more opportunity for acquisitions in the emerging markets because we see more sustainability and earnings growth from this region. We will consider target companies based on the value and the synergies that can be unlocked from such a deal that can ultimately enhance the shareholders’ value.” A source added that while Ranbaxy Laboratories has established a strong presence in Romania following its acquisition of Terapia in 2006, it made sense for the company to buy attractive assets to pre-empt competition from any Indian company in the lucrative Romanian market. […]
Mumbai-based Indian Oiltanking (IOT), promoted by Oiltanking Gmbh, Germany and Indian Oil Corporation, has picked up 81% stake in Vadodara-based Engineering and Construction company Anwesha Comtech Engineering. Anwesha Comtech is engaged in engineering and construction of storage tanks and piping work for refineries, oil terminals, fertilizer and chemical industries.The new company will be called IOT Anwesha Engineering & Construction. According to Jatin Mavani, vice president and company secretary, IOT, the acquisition is to improve its margins by having in-house storage tanks and piping work infrastructure which used to be outsourced before. IOT has been eyeing inorganic growth in recent times. Earlier it had acquired 54.9% stake in Stewarts & Lloyds of India from Tata Steel and associates. Next on the company's plans is acquisition of companies in the design engineering space and creation of a separate division to offer Exploration and Production (E&P) services. An IPO is also on the cards by the end of 2008 to raise Rs 500 crores from the capital markets. […]
Media and communication conglomerate WPP said on Monday that it has acquired a majority stake in Indian event management company Encompass for an undisclosed amount. Encompass would be aligned with JWT, WPP's Indian advertising operations. The event management firm's founders Roshan Abbas and Sukrit Singh will remain in their current positions of Managing Director and CEO respectively to ensure a smooth transition, WPP said in a statement said. “JWT has been working with Encompass on several client engagements and this transaction is a natural extension of our established relationship,” JWT President Michael Maedel said in the statement. […]
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