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NIIT has signed a share purchase agreement to acquire 47.87% stake in Noida-based Evolv Management Services (Evolv) – a provider of English language and communication training – with 100 employees and pan-India presence and delivery capability. Evolv provides training services to clients across IT and ITeS, banking, insurance and telecom. […] Essar Energy Overseas, a subsidiary of Essar Oil, has entered into an agreement to acquire 50 per cent stake in Kenya Petroleum Refineries (KPRL), a four million metric tonne per annum (MMTPA) refinery, in Mombasa, Kenya. The government of Kenya holds the remaining 50 per cent in KPRL. This will be Essar Oil's first international acquisition in the refining sector. Essar already has three exploration and production blocks in Madagascar and one in Nigeria. Though Essar Oil did not divulge the deal size, it is estimated that the refinery could have cost the company around Rs 3,000 crore. Said an analyst, “It is not a complex refinery and considering that the company would upgrade it by adding secondary units at a project cost of $ 400- 450 million, the cost of the acquisition is likely to be on the lower side.” The government of Kenya and Essar Energy Overseas will equally share the cost of upgrading the refinery. […] Koutons Retail, a leading manufacturer of men’s apparel, is acquiring a 51% stake in Delhi-based brand Upper Class. Upper Class has a strong foothold in the ladies’ apparel segment and is expected to compliment the existing brand portfolio of the Rs 800-crore company—Koutons and Charlie Outlaw—and its planned foray into women’s apparel. Koutons, which was listed in October 2007, has a market capitalisation of over Rs 3,000 crore today. Upper Class, promoted by Rajesh Sachdeva and his wife, Amita, specialises in casual bottom wear for women. The Rs 25-crore company has been exporting apparel to leading brands in Europe such as Armand Thiery, Class, F Ferra, Alcorpe English and is available in stores such as Splash and Lulu Center in the Middle East under its signature brand Upper Class. […] House of Pearl Fashions will acquire 75 per cent stake in Hong Kong-based marketing company, Simple Approach. The acquisition will benefit Pearl Fashions in expanding its customer base into high fashion, mid-market segment. Simple Approach supplies to mid market retailers in the UK and US. The company is expected to clock revenue of Rs 80 crore in the current financial year. It is expected to grow to Rs 100 crore in 2008-09 and to Rs 200 crore by 2010-11. […] Essar Communications Holdings (ECHL), the telecom subsidiary of Essar Global, has acquired a 49% stake in Kenya-based Econet Wireless International (EWI) by subscribing to fresh capital of EWI for an undisclosed amount. The strategic alliance will significantly benefit Econet Wireless Kenya (EWK), which is 70% owned by EWI, from a rollout as well as product offering perspective. Essar will actively participate with EWI in the network rollout of EWK, ECHL said in a statement. Econet Wireless is a diversified telecommunications group with operations in more than nine countries in Africa, Europe and the East Asia Pacific Rim. The group offers products and services in the core areas of mobile and fixed telephony services, internet and satellite. […] Rahul Bhatia, a New Delhi-based entrepreneur who owns IndiGo airlines and InterGlobe group, is selling around 35% stake in the group’s travel reservation arm — InterGlobe Technology Quotient (ITQ). Three financial investors — Standard Chartered Private Equity (SCPE), Singapore-based DBS and Credit Suisse — will pay $140 million (Rs 560 crore) for the one-third stake. Sources close to the development said SCPE would invest around $75 million, DBS $40 million, and Credit Suisse the balance $25 million. The deal, managed by Credit Suisse, is likely to be closed in a week. Mr Bhatia, CEO of InterGlobe and chairman of IndiGo airlines, was not available for comment. A spokesperson said “SCPE and DBS have already concluded the deal, while discussions are on with other potential investors.” Headquartered in New Delhi, InterGlobe Enterprises is a diversified international corporation with business interests spanning air transport management, travel distribution and hotels. It also owns the domestic airline — IndiGo, through its aviation company — InterGlobe General Aviation. […] The board of directors of Koutons Retail India, at its meeting held on Jan. 08, 2008, decided to invest up to Rs 120 million for acquiring 51% or more stake in Touchwood International through its subsidiary DBG Retail Holdings. The company will finance the aforesaid acquisition via a part of IPO proceeds meant for general corporate purposes or out of the internal accrual of the company. Touchwood International is the owner of `upper class` brand, which has presence in the ladies and gents segment.(My Iris) […] Silverline Technologies has acquired Omega Direct Response, a global provider of customer interaction and management services. In the last 10 years, Omega Direct has successfully delivered over 68,251,221 customer interactions with an employee base of over 850 personnel, globally. Omega Direct designs and implements a wide spectrum of call center initiatives ranging from inbound customer care, sales and help desk to outbound services along with in-language services in English Spanish, French, Mandarin, Cantonese, Hindi and other languages. Omega Direct has plans to establish a facility at Gandhinagar and Chennai, India leveraging which it aims to be able to provide extend its far-shore support to its global client and new service support to the other customers wishing to explore new service delivery options. […] The Gitanjali Group has bought ‘Nakshatra’, the premium brand of jewellery promoted by Diamond Trading Company (DTC), for approximately Rs 100 crore through its Dubai-based subsidiary, Gitanjali Ventures. This also includes the purchase of the former exclusive licensee of the brand in India, Brightest Circle. Gitanjali Group had owned 33% stake in the company, while the remaining stake was owned by Kirtilal Kalidas and Mahendra Brothers. The group acquired the remaining stake of the company from these two players. Brightest Circle also had the option to purchase the brand. However, it has terminated its licence and ‘irrevocably waived and surrendered’ all the rights and interests in the Nakshatra brand. The company now plans to extensively broaden the Nakshatra brand portfolio hitherto restricted only as a diamond jewellery brand. […] Advanta India Ltd has acquired the business of Unicom Seeds Ltd (“Unicom”) by acquiring 100% shares in the company for a consideration that includes deferred payment based on achievement of performance related milestones. Unicom has a strong presence in the domestic and export markets of vegetable seeds. Unicom also undertakes the custom production of vegetable seeds for the customers all around the globe. The revenue size of the business of Unicom for the last FY was about Rs250mn. The business has the EBITDA earning capacity of about 30%. With this acquisition, Company's platform in vegetable seeds will become stronger with added crops to its current vegetable product portfolio (Golden). With the added products like Melons and Cucumber from Unicom the combined vegetable portfolio (Golden and Unicom) will make Company a significant player in the Vegetable seed Market. […] |