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One of India's premiere film bonding company, Infinity Film Completion Services, has acquired 25 per cent stake in Brazil's biggest film distribution company Lumiere. With this arrangement in place, Infinity FCS now becomes a 25 per cent partner in Lumiere's distribution business thereby allowing Infinity FCS to distribute all of Lumiere's films in the Indian market. According to Aanand Mahendroo, managing director, Infinity FCS, “We have ambitious plans in this line of business for the coming years and joining hands with Lumiere is the first step in this direction. We should be announcing more such deals in the coming months.” Founded by Aanand Mahendroo and Mehool Parekh, Infinity FCS is a division of Infinity India Advisors Pvt Ltd. The nature of business conducted includes giving guarantees of completion to producers and financiers of Indian and international films. The General Insurance Corporation of India (GIC)-India's state-owned re-insurer-backs Infinity's services. While Mahendroo refrained from disclosing the financial details of the deal, according to a Brazil's Variety Magazine, Infinity FCS and NYC-based investment advisory and equity participation firm SCGI Financial Partners have together invested $10 million for becoming Lumiere's shareholders. As for Infinity FCS's other investment plans are concerned, company sources indicated that it is either close to or has already acquired 25 per cent stake for an undisclosed sum in Hong Kong filmmaker Yu Lik-wai's upcoming international co-production Plastic City. An acclaimed filmmaker and Cannes award winner Yu Lik-wai is exploring something new and revolutionary in his new movie. […]
Diageo Plc is in talks to buy 10-13 percent of India's United Spirits Ltd for $500-$600 million, the Economic Times reported on Monday, citing unnamed sources. United Spirits, whose enterprise value has been pegged at over $5 billion for the possible stake buy by Diageo, might be open to placing a small stake with the world's biggest alcoholic drinks group without losing management control, the daily said. Officials at United Spirits, India's top spirits maker and the world's third-biggest alcoholic drinks company, could not immediately be reached for comment on the report. […]
Indiaco Ventures Ltd has announced that the Company has acquired 20.83% stake in Laser Cosmetics Pvt Ltd in pursuance of authority given by the Board of Directors of the Company in the Board meeting held on October 26, 2007. The Company has also subscribed 25% in Preference Shares. All the formalities in this regard have been completed now. The Company is presently holding 1,50,000 equity shares of Rs 10/- each out of total 7,20,000 equity shares of Laser Cosmetics Pvt Ltd and 12,500 Preference Shares of Rs 100/- each out of total 50,000 preference shares of Laser Cosmetics Pvt Ltd. […]
Steel baron Lakshmi N Mittal is in talks with financial institutions to buy out 50 per cent in Hindustan Petroleum Corp’s exploration arm Prize Petroleum, sources close to the development said. The size of the deal is said to be about Rs 200 crore. Mittal has made rapid advances in the oil business in India this year first with a 49 per cent stake in HPCL's Bhatinda refinery and then partnering the state-run firm for another refinery on the east coast. “He has looked at a few firms but nothing is finalised just now,” sources said. Besides Mittal, Essar Oil, Jaiprakash Associates and L&T are other firms interested in buying a 50 per cent stake in Prize Petroleum. […]
Swedish security services firm Securitas said on Friday it had signed a deal to buy a 49 percent stake in Indian peer Walsons as part of its strategy to grow in Asia. Securitas said in a statement on Friday it would pay 107 million Swedish crowns ($17 million) for the holding. “The Indian security services market is estimated to be worth about 3,000 million crowns and is expected to grow by at least 20 percent annually in the coming five years,” Securitas said in a statement. It said Walsons is the fourth largest Indian security services company with annual sales of 76 million crowns.(Reuters) […]
Usha Martin Ltd. (UML) has decided to sell the entire equity in its subsidiary company, UM Cables, to the Manchester-based B3 Cable Solutions. A memorandum of understanding (MoU) to this effect has been signed and the ownership changeover is expected to take effect early next year, subject to due-diligence and necessary approvals. UM Cables, with its modern manufacturing facility at Silvassa near Mumbai, is among India’s leading manufacturers of optical fibre and copper telecom cables, with a strong domestic and international customer base. P. Bhattacharya, Joint Managing Director, UML, said the ownership change would allow the company to concentrate on its core business of minerals, speciality steel and wire rope, while creating good opportunity for the cable business. This acquisition will help B3 to strategically position itself in the resurgent optical fibre cable business and also in the fast growing Asian region. […]
The sale of a 26% stake in IFCI may be delayed till the end of the current fiscal since banks and FIs are yet to give a firm commitment on whether they would convert their debt into equity. Besides, at this stage it’s also unclear whether the Centre would want to convert its Rs 923 crore loan into equity. As a result the eight bidders in the fray do not have clarity on what exactly constitutes the 26% stake in IFCI. It appears that banks are in favour of converting a part of their debt into equity. This would, however, increase the number of shares and in turn impact valuation of the 26% stake. Last month, the IFCI board had decided to offer 30 odd banks and FIs, which had helped in restructuring its liabilities, the option to convert a part of their debt, worth Rs 1,479 crore, into equity. […]
Delhi-based auto component group Amtek is close to acquiring a UK-based automotive machinery company Triplex Ketlon Group. According to automotive industry sources, the size of the deal is pegged at an estimated Rs 600 crore ($155 million). When contacted by ET, group CMD Arvind Dham and CFO Santosh Singhi declined to comment. Triplex Ketlon was acquired by the UK-based Barr family in September 2003. According to the company’s website, Triplex, it has three manufacturing sites — at Hereford, Stratford-upon-Avon and Paddockwood. The company supplies fully-machined components and sub assemblies to passenger car makers, commercial vehicle makers and tier-I manufacturers. The auto component sector has seen some aggressive deal making in recent times with Bharat Forge, M&M and Amtek being the most active in the deal space. M&M sealed two deals this year (German forging company Jeco and Schoneweiss) and has reportedly emerged highest bidder for a third-Italian gear maker, Metalcastello. As more and more vehicle manufacturers look at sourcing from India, local auto component makers are looking to scale up through both domestic and overseas acquisitions. […]
You know Venugopal Dhoot for his consumer durables empire. But he now wants to be the retail rajah. Dhoot's first consumer durables retail venture Next is already a hit and now NDTV has learnt that Videocon is getting into music retail by picking up majority stake in Planet M. Planet M stores were owned by Bennett Coleman and Co Ltd which was set up in 1999. It has 150 stores across the country and has been planning to open 500 stores in the next four years across metros, mini metros and Tier II cities. Planet M has been growing at 40 per cent over the last four years. Even though no official announcement has been made yet sources say that the deal was sealed last weekend. What is interesting is that BCCL itself is a strategic investor in Videocon. But with Dhoot looking at the retail space aggressively, it makes a strategic fit. According to the sources, the deal could be worth around Rs 125 crore-Rs150 crore. […]
The promoter family of Unitech is close to acquiring up to 40% of Orissa Sponge Iron and Steel (OSISL). Prakausli Investment — a closely-held investment company owned by the Chandra family — has acquired 15% stake in the company, through a preferential allotment, triggering a 20% open offer to buy the shares of other shareholders. In addition, the investment company would also convert another 27,50,000 warrants into shares, accounting for an additional 4.13% stake in Orissa Sponge. Sources say Prakausli Investment is shelling out about Rs 82 crore for the 19.42% stake and it will have to pay extra for the open offer. If the open offer is fully subscribed, the investment company of the Unitech promoters will own around 40% in OSISL. Before the expansion of the company’s equity base, the majority 51% stake in Orissa Sponge was held by Torsteel Research Foundation in India, and its managing director BK Mahanti, a local entrepreneur. In addition, George Soros’ Quantum Fund, and IDFC, who are both shareholders in Unitech, have each bought a 2.5% equity stake in the company. Sources close to the deal say the Unitech promoter family is making a strategic investment in the loss-making OSISL as a backward integration exercise for the promoters of the country’s second-largest real estate company. […]
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