|
|
IT services major Cognizant Technology Solutions Corporation is strengthening its capabilities in the life sciences segment by acquiring New Jersey-based marketRx, provider of analytics and software services to global life sciences companies, for $135 million. The company has signed the agreement to acquire marketRx in an all-cash deal. The transaction may be concluded in the fourth quarter of 2007. The acquisition will be funded through the company’s current cash reserves. “This acquisition expands our capabilities in the analytics segment and broadens our service offerings in the life sciences industry, while providing strong synergies with our existing business intelligence/datawarehousing and CRM services,” said Francisco D’Souza, president and chief executive officer of Cognizant, marketRx is a leading offshore KPO/analytics business with revenues expected to cross $40 million. It has 430 employees, operating on a global delivery model with 260 professionals in Gurgaon, 160 at four locations in the US, and 10 in London. […]
The Tayals who are the promoters of Bank of Rajasthan (BoR) are on course to pare their shareholding in the private sector bank from 44% to close to 15% by end-March 2009, the deadline for implementing new global banking norms popularly known as Basel II. The plan to dilute equity holding is to conform to the banking regulator’s directive to promoters of all private banks to reduce their shareholdings to close to 10%. “We have given a road map on dilution of equity stake to RBI, and are now in advanced stages of negotiations with investors for a preferential issuance,” said BoR managing director and chief executive officer BM Sharma. Most private sector banks have now adhered to the regulator’s rule which aims at lowering of the promoter’s stake in the bank. BoR and IndusInd Bank are among the only ones which are left. […]
Himatsingka Seide Ltd has announced that the Company has completed the acquisition of a 100% stake in DWI Holdings Inc. (“DWI”). This was consequent to signing definitive agreements in New York on October 18, 2007. Himatsingka acquired the stake through its wholly owned subsidiary, Himatsingka America Inc,. This acquisition follows the acquisitions of Giuseppe Bellora SpA, in February 2007 and Divatex Home Fashions Inc., in July 2007. The acquisition of DWI is in line with Himatsingka strategy to forward integrate by acquiring high-end brands and large distribution networks in the home textile space. The enterprise value for the transaction was USD 30 Million. For the fiscal 2007, DWI reported revenues of 47 Million. […]
Sydney-based Macquarie Bank has acquired a 50 per cent stake in Religare Enterprises’ wealth management subsidiary. The bank has bought the stake at par, but hasn’t disclosed the amount received. The wealth management company would be renamed as Religare Macquarie Wealth. The two companies have entered into a JV with the aim of providing advisory-based wealth management solutions to the fast growing high networth investors (HNIs) in India. The number of individuals in the country with net assets of at least $1 million increased by 20.5 per cent to one lakh last year, according to 2007 report on Asia Pacific Wealth by Merrill Lynch Cap Gemini. […]
Quintegra Solutions Ltd, a Chennai-based information technology company, has acquired the US-based PA Corporation for Rs 198 crore to strengthen focus on IT consulting services. The company will pay $20 million (Rs 80 crore) in cash as advance and the balance will be paid based on ‘financial milestones’ in the next three years, Mr Shankarraman Vaidyanathan, Chairman and Managing Director, Quintegra, told reporters. State Bank of India will provide debt funding to the tune of $20 million as foreign currency term loan to Quintegra, he said. The acquisition will help Quintegra report a profit of Rs 50 crore on revenue Rs 400 crore for the fiscal ending March 31, 2008, against a net profit of Rs 7 crore on revenue of Rs 75 crore last fiscal. The combined entity will have around 1,000 employees, including 350 of PAC, he said. […]
Love is in the air for Ferns ‘N’Petals. The world’s oldest floral services company, Chicago-based FTD, is in talks with India’s only lifestyle flower boutique chain to pick up a stake in the company. FTD Inc is the parent company of the group, which operates online, stores and phone floral services connecting retail florists and floral delivery networks in 150 countries. Ferns ‘N’Petals confirmed talks with FTD. “We are offering them about 25% stake,” Ferns ‘N’Petals managing director Vikaas Gutgutia told ET. The Rs 60-crore Ferns ‘N’Petals has 54 stores in 20 cities in India. Riding on the growth in the flower retail market, Mr Gutgutia plans to introduce another 46 outlets in the next six months. […]
U.S.-based Mylan Inc , Mukesh Ambani's Reliance Pharmaceuticals and Ranbaxy Laboratories may bid for Shasun Chemicals and Drugs Ltd's bulk drug business, a news paper report said on Thursday. In the early rounds, both global and India-focussed private equity funds such as ChrysCapital have also shown interest in the bulk drugs business worth about 4 billion rupees, the Economic Times report said, citing unnamed sources. “There is no truth in this,” Shasun's wholetime director Vimal Kumar said. A Ranbaxy spokesman declined to comment. Chennai-based Shasun had also roped in a Mumbai-based investment banker and may be looking to sell the unit for about 160 rupees per share of the de-merged unit, the paper said. Shasun's bulk drug business, which includes nizatidine, gabapentin, ranitidine and ibuprofen, accounted for almost half of the company's revenue last year, the paper said. ( Reuters) […]
IT Solutions company 3i Infotech has penned an agreement to buy J&B Software Inc., USA and it subsidiaries. For the deal, Infotech would be paying USD 25.25 million during the conclusion of the transaction. The acquisition will be EPS accretive. V. Srinivasan, Managing Director and CEO, 3i Infotech said, “The acquisition of J&B Software Inc. is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally”. “We believe that through this partnership we will be able to take J&B Software solution offerings globally,” said Bala Balasubramanian, Chairman and CEO, J&B Software. […]
Knowledge and finance BPO firm Azure Styx Infosoft is close to buying 49 percent stake in Philadelphia's Citizen Financial Mortgage (CFM) for Rs 100 crore. “The deal, signed two weeks ago, is worth Rs 100 crore and it is a combination of cash (to be raised through internal accruals and private equity participation) and support services”, Azure Styx Infosoft's Chief Executive Officer Dushyant Joshi told PTI here today. CFM, set up five years ago, has licence to function in 16 states of the US. In its 45 branches, it employs 290 workers and has a turnover of USD 200 million. The US subprime crisis created an opportunity, he said. […]
Leading mid-sized pharma company Glenmark Pharmaceuticals would soon enter the European market by acquiring a front-end pharmaceutical company for about Rs 100 crore. Glenmark MD and CEO Glenn Saldanha told ET that the target company is in Central Europe and the deal is likely to be through before the end of March. It has a strong marketing force and some approved products, Mr Saldanha said without disclosing the company’s name. Glenmark now has just an office in UK for business development. Merchant bankers said there are many small and medium-sized family-owned pharma firms in Europe that have a low profitability and are up for sale. They would suit the needs of Indian companies planning to enter the EU market, they said. Glenmark has presence in over 80 countries, including the US, in the business of finished products and key ingredients called APIs. It is strong in therapeutic segments such as dermatology, internal medicine, paediatrics, gynaecology, ENT, diabetes and oncology. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|