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Brokerage house India Infoline is looking at a Rs 200 crore private-equity funding for its recently started consumer finance subsidiary, a senior company official said on Tuesday. The deal is expected to be concluded this quarter. “We are talking to several private-equity players of repute, though nothing has been finalised. We expect to conclude the transaction during the current quarter,” chairman and managing director Nirmal Jain told analysts after declaring its July-September quarter results. Last quarter, from distribution of retail finance products like personal and home loans for other banks, India Infoline entered the personal finance space on its own through Moneyline brand. During the quarter, it managed a book size of Rs 25 crore and has suffered a loss of Rs 5.5 crore. It expects to break even in 2-3 quarters. Overall for the quarter, India Infoline reported revenues of Rs 195 crore, up 146% from a year ago, and 46% from sequentially. Net profit rose 157% on-year to Rs 36 crore. […]
Companies from US, Europe and Australia are among 15 firms in the race to acquire a stake in India's No. 3 asset management firm, UTI, ahead of an IPO, its chairman said. Asset Management Co, with a corpus of Rs 45,000 crore ($11.4 billion) at the end of September, aims to sell 20% of the firm before the IPO, the first by an Indian asset manager. “We are going to issue 10 million additional shares through private placement,” chairman UK Sinha said. He said companies from US, Europe, Australia, Southeast Asia and the Middle East had approached the fund house for the pre-IPO placement. No company will be offered more than 5%, he said. Sinha said UTI would appoint bankers for the IPO in the first week of November, but did not say how much he expected to raise. […]
Deepak Roy, one-time blue-eyed boy of spirit baron Vijay Mallya, has picked up a 5% stake in Mallya’s arch-rival Kishore Chhabria-led company BDA, makers of Officer’s Choice whisky. Officer’s Choice is the second largest selling whisky brand in the country after Mallya’s UB group owned Bagpiper. This move, according to industry watchers, may trigger off another round of competition given that Mr Roy is seen as a man to contend with in India’s spirit industry. The liquor market hasn’t witnessed any major competitive action after Mr Mallya took over the nearest competitor Shaw Wallace in 2005. Besides the stake purchase, Mr Roy will also take over the management of BDA as its executive vice-chairman and CEO from November ‘07. BDA is an unlisted company. When contacted, Mr Roy and Mr Chhabria declined to comment on the development. Mr Roy who rejoined Mr Mallya in 2002 after a decade-long stint with the world’s largest spirit company Diageo, makers of Johnnie Walker whisky, had left UB group in 2005 over differences with Mr Mallya. Mr Roy had hoped to head the combined UB group spirit business now christened United Spirits. However, Mr Mallya opted to appoint long-time confidante Vijay Rekhi to head the spirit business. […]
Domestic drug maker Wockhardt said on Wednesday it acquired US-based speciality drugs company Morton Grove Pharmaceuticals, which has annual sales of $52 million. Though the company did not disclose the price, sources in the know said Wockhardt paid nearly $38 million for the Illinois-based company. This ends a long wait for the Mumbai-based drug maker, which had been scouting for acquisition in the US market for over two years, and also brings it closer to its Indian rival Cipla, which had signed a supply agreement with Morton Grove in 2004. This acquisition will allow Wockhardt to expand its operation and product portfolio in the world’s largest pharmaceutical market. Shearman & Sterling, LLP advised Wockhardt on this deal while ABN AMRO represented US-based private equity investment firm GTCR, which holds a majority stake in Morton Grove. […]
Construction firm Shapoorji Pallonji & Co. Ltd, which is developing four special economic zones (SEZs) focused on the information technology and back-office businesses, plans to sell up to 10% equity in these projects to private equity (PE) firms. “We are talking to a lot of private equity firms, including (the private equity arms of) Goldman Sachs and Deutsche Bank, but we have not frozen on anybody as yet,” said Ashutosh Pathare, vice-president (commercial sales and business development) at Shapoorji Pallonji. People familiar with the development, who did not wish to be identified, said Singapore government-owned investment management firm GIC and local firm HDFC Realty were also interested in buying a stake in these projects. Several reports in the media had earlier said that Shapoorji Pallonji was considering selling a stake in its real estate projects that are FDI (foreign direct investment) compliant. Currently 100% FDI is allowed in projects covering a minimum area of 10ha for residential developments and more than 50,000 sq. m for commercial properties; such investments come with a lock-in period of three years. […]
Chennai-based communication services provider Dhanus Technologies is set to acquire two US-based communications companies and a Chinese telecom services provider as part of its global expansion, a source close to the deal said. The company plans to raise up to Rs 800 crore to finance these acquisitions. Dhanus has zeroed in on VPN and VoIP services firm Seawolf Technologies in China, a vehicle tracking services provider Hetrogenous and an NYSE-listed company serving the US market for satellite telephony and mobile virtual networking, the source said. The name of the third company could not be ascertained. Dhanus plans to acquire 60-70% stake in each of these companies. The company has valued the Seawolf deal at $52 million and that of Hetrogenous at $40 million. Dhanus would use $100 million to acquire a majority stake in the NYSE-listed company. […]
KDDL Ltd, manufacturer of premium watch dials, on Tuesday said it is exploring options to acquire a watch company in Switzerland with an aim to tap the European and Swiss market. Besides, the company (formerly known as Kamla Dials & Devices) also plans to invest Rs 60 crore for expanding its retail chain of Swiss watches under the brand Ethos in the domestic market in the next couple of years. “We are quite keen on acquiring another watch company in Switzerland as there is a huge potential for a firm like us in this luxury watch region. But it will take some time to get things materialised,” KDDL CEO Yashovardhan Saboo said. KDDL was the first Indian company in the watch business segment to acquire a watch factory in Switzerland with an investment of $2.7 million this year. […]
Companies from the United States, Europe and Australia are among 15 firms in the race to acquire a stake in India's No 3 asset management firm, UTI, ahead of an initial public offer (IPO), its chairman said on Tuesday. UTI Asset Management Co, with a corpus of Rs 450 billion ($11.4 billion) at the end of September, aims to sell 20 per cent of the firm before the IPO, the first by an Indian asset manager. “We are going to issue 10 million additional shares through private placement,” Chairman UK Sinha told media in an interview. He said companies from the United States, Europe, Australia, Southeast Asia and the Middle East had approached the fund house for the pre-IPO placement. No company will be offered more than 5 per cent, he said. Sinha said UTI would appoint bankers for the IPO in the first week of November, but did not say how much he expected to raise. […]
Kerala Ayurveda Ltd, one of the leading ayurveda and healthcare companies in India, on October 22, 2007 has announced that its newly incorporated subsidiary CMS-Katra Holdings LLC, USA has acquired a 51% equity stake in US-based CMS-Katra Nursing LLC, which is acquiring the entire business and assets of CMS Inc, a leading healthcare staffing Company based in Florida, USA, with a strong focus in hospitals and other healthcare facilities through placement of credentialed pool of foreign nurses. CMS is a leading healthcare staffing company in the United States, with over 20 years of experience in the industry. The investment in CMS will augment the Company’s presence in the nursing vertical and provide access to leading hospitals and other healthcare facilities in the US for rolling out the Company’s products and services. CMS has a strong management team, client base, and client relations, which will provide numerous synergistic opportunities both for the Indian capabilities and address the increasing demand in the US healthcare market. […]
Satyam Computer Services Ltd on Tuesday has entered into a definitive agreement to acquire 100% stake of UK-based Nitor Global Solutions Ltd (NITOR), a niche consulting firm providing Infrastructure Management Services (IMS), for up to GBP 2.76mn (US$5.5mn) in cash. The deal marks the second acquisition in Europe by the Indian software giant which recorded revenues of US$1.46bn in the fiscal year ended March 31, 2007. NITOR, which was founded in 2002, posted revenues of US$3mn for year ended September 2007. NITOR has rich expertise in end-to-end solution implementation and program / project management in the IMS space. NITOR brings to Satyam new relationships with some of the dominant players in Banking, Pharma, and Telecom & Media industry in Europe. […]
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