Mumbai-Based business process outsourcing company Accentia Technologies has acquired three US-based healthcare BPO companies for about Rs 80 crore, sources close to the deal said. It bought Florida-based GSR Physician Billing Inc and GSR Systems Inc and Oregon-based medical transcription services provider DenMed Inc, in cash-cum-stock deals. Confirming the development, Accentia director Pradeep Viswambharan said the stock portion of the deals would be issued in the form of global depository receipts. Sources said the company plans to go in for a $15-million GDR issue to be listed in Singapore. This issue would involve raising cash of $2.5 million and issuing GDRs worth $12.5 million to the promoters of the acquired firms.On Tuesday, the shares of Accentia Technologies rose by 5%, or the maximum gain allowed in a day, to Rs 221.90 on the BSE. […]

US-based Caterpillar, the world’s largest manufacturer of construction & mining equipment amongst others, has just picked up a significant minority stake — well over 30% — in Polyhose India (Rubber), a Chennai-based privately held company, for an undisclosed valuation. Polyhose India (Rubber) manufactures rubber hydraulic hoses at its manufacturing plant in Sriperumbudur near Chennai. Almost 90% of the production is exported to the US, Europe and other developed markets. With brand Caterpillar backing it, Polyhose now plans to aggressively make its presence felt in the domestic market. Incidentally, Caterpillar happens to be the only equipment manufacturer to make their own hoses and couplings. Polyhose’ other arm, Polyhose (India) is the only manufacturer of high pressure thermoplastic hoses in south east Asia and has its manufacturing facility at Kelambakkam, also near Chennai. The decade-old Polyhose group expects a combined turnover of around Rs 105 crore from both the units this financial year, even as Polyhose (India) continues to remain a wholly-owned unit of the group. […]

Pharma major Wockhardt Ltd is in the final stages of acquiring US drug maker Morton Grove Pharmaceuticals Inc, a company that makes prescription liquid pharmaceutical products, sources close to the development said. Wockhardt is likely to announce the deal soon, say merchant banking sources. But the Mumbai-based pharma company declined to comment on the development. “We do not respond to any speculations or rumours,” a company spokesperson replied to an ET query. Morton Grove could not be contacted for comments. Informed sources said the deal is in the range of $50 million to $70 million. Wockhardt has ambitious plans for boosting its revenue from the US, the largest pharmaceutical market in the world. At present, the US contributes just about 9% of the company’s revenue (about Rs 200 crore) while Europe contributes 52%, Wockhardt chairman Habil Khorakiwala had recently told ET. “As per our growth strategy in the US, we would increase the revenue from there three to four times by 2009 through the organic route alone. We are also looking at acquisitions to expedite our growth there,” he had said. […]

Gujarat-based Cadila Pharmaceuticals is close to buying an European company that specialises in neurology and opthalmology medicines. The deal, said to be valued at $80 milllion (about Rs 320 crore), will be announced soon. A Cadila executive said that the acquisition would enhance the company’s marketing capabilities in Europe. This will be Cadila’s second overseas facility. Last month, the company had invested $15 million (about Rs 60 crore) to set up a joint venture facility in Ethiopia. As a part of its agressive growth plans, Cadila will develop a state-of-the-art medicine production facility at its pharma special economic zone (SEZ) coming up near Ahmedabad. […]

Partner may be international player with presence in developed markets. UTI Mutual Fund, owned equally by Life Insurance Corporation and three public sector banks, is likely to rope in a strategic partner by offering 15 per cent equity in the Asset Management Company, ahead of its Rs 2,000 crore ($ 500 million) initial public offering (IPO). The strategic partner is likely to be an international player, having a presence in developed markets, said sources. According to the plans, the country’s oldest fund house, which nearly collapsed at the height of the Ketan Parekh-scam of early 2000 due to bad investments in several penny stocks, plans to issue fresh shares to the strategic partner. The strategic partner would be offered a slot on the UTI AMC board with a view to bringing in technology expertise and international knowhow, among other things. […]