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Engineering and construction major Larsen & Toubro on Thursday said it would acquire Tamco Switchgear Malaysia Sdn Bhd, the de-merged switchgear business of Malaysia-based Tamco Corporate Holdings Bhd. In this regard, the firm entered into a share sale agreement with Tamco Corporate Holdings Bhd in Kuala Lumpur on Thursday, according to a filing with the Bombay Stock Exchange. However, the financial details of the deal were not disclosed. “Tamco has a strong presence in the medium voltage (MV) category. With this acquisition, L&T will be able to offer a comprehensive range of MV switchgears in the domestic as well as international markets. This deal meets our requirements on both fronts of technology acquisition and market access. “L&T's process improvement initiatives will help achieve cost efficiency and contribute to synergy benefits,” said L&T President (Operations) and Member of the Board R N Mukhija. Tamco is a major player in MV switchgear in Malaysia. The Middle East and Malaysia together contribute to over 50 per cent of its revenues. […]
The Gujarat-based milk cooperative Amul, leading maker of ice-creams in the country, has expressed willingness to buy a stake in Vanilla India Producer Company Limited (Vanilco), a producer company based in Kochi that has about 2,500 farmers as members. Amul has also agreed to buy Rs. 3.10 crore worth of natural vanillin extract from Vanilco. The order, biggest in Vanilco’s history, will result in the off-take of the entire stock of cured vanilla beans with the producer company, said Paul Jose, managing director of the company here. The deal with Amul was clinched after discussions with Union Agriculture Minister Sharad Pawar in New Delhi, he added. Amul officials assured Vanilco that the subsidy the cooperative gets from the government will be used for promoting natural vanillin, said a communication from Vanilco here. It has also been decided that synthetic vanillin will be phased out from Amul ice-creams within one year, the communication added. […]
Gitanjali Gems is betting big on the US retail market. After taking over Samuels Jewellers in December 2006, the firm is now close to acquiring another leading jewellery retailer for around $100 million. Sources close to the deal said the due diligence process is almost complete, and the company is going ahead with the transaction. “It’s one of the leading jewellery retailers having over 100 outlets across the country. The deal will be completed in two months,” said sources. The company is being advised by Keynote, a Mumbai-based boutique investment bank. Gitanjali shares rose marginally to close at Rs 361 on Thursday. The Mumbai-based company has also lined up plans to raise capital for its proposed acquisition and domestic expansion. The firm wants to raise $100 million through a global depository receipt (GDR) issue. It has also proposed to issue 10 million convertible equity warrants on preferential basis to the promoters and raise around Rs 320 crore. An extraordinary general meeting (EGM) has been called on November 3 to consider the fund-raising plans. […]
India's pharmaceutical major Lupin Ltd on Wednesday said it had acquired a majority stake in Japan-based generic drug company Kyowa Pharmaceutical Industry for an undisclosed amount, news reports said. “This is a very significant part of our strategy to tap leading global markets. It establishes a beachhead in the second largest pharmaceutical market in the world,” Lupin Chairman Desh Bandhu Gupta was quoted as saying by the PTI news agency. Lupin did not give any financial details, but CNBC-TV 18 network said the company paid 60 million dollars for the buy-out. Kyowa has strengths in product development, manufacturing and marketing of its products in Japan. The product range of the company varies from psychiatry to cardiovascular and digestive portfolio, and comes under the brand name Amel. […]
Infrastructure development finance company (IDFC) is now in the race to acquire stake in IFCI, reports Business Standard. It is now in competition with the Blackstone Group and General Electric Capital Corporation. The other companies looking at IFCI`s stake includes a group led by billionaire Wilbur Ross and comprising the Goldman Sachs Group, Standard Chartered and HDFC, Cargill Financial Services Corporation, Natixis and Newbridge Asia. The winner of the 26% stake in IFCI stake will gain access to a market where lending grew 28% last year, and where the central bank limits foreign banks` ownership of local private rivals to 5%. IFCI, was bailed out by the government in 2003 because of bad debts, in July it announced plans to sell stake to a local or overseas investor to bolster its capital. […]
After the acquisition of the automotive plastics division of Bright Brothers in September for Rs 149 crore, Sintex is again on the prowl and closer to acquiring another overseas firm. The Rs 1,500 crore Ahmedabad-based plastics maker known for its water tanks, is completing due-diligence for acquisition in the composites business at Europe or US. The deal size is seen at $120 million and is likely to be announced in November, sources said. Recently, a clutch of foreign investors — HSBC, Lehman Brothers, Merrill Lynch, Master Trust, Bank of Japan and Batterymarch Financial — had bought 14.3% stake in Sintex Industries from Warburg Pincus. Amit Patel, managing director, Sintex Industries, said at an analysts’ conference on Monday that the company will invest Rs 350 crore in the next three years. […]
Denmark-based Zodiak Television has agreed to acquire 35 per cent stake in Indian production house Sol. The two parties have entered into a memorandum of understanding (MoU) and the deal is subject to due diligence and final agreements. Under the agreement, Zodiak Television World, the distribution arm of Zodiak Television Group, will licence and distribute Sol's programming internationally, excluding India. According to an official release, the two companies will now cooperate on actively developing Sol as a company with the aim of Zodiak increasing its stake in a later stage. […]
Kotak Mahindra Bank is set to raise around $400 million through a qualified institutional offering this week. The private sector bank is in talks with a string of investors including funds of Warren Buffett and other strategic investors for the proposed placement. The bank may issue 17 million equity shares (around 5% equity) to institutional investors. It has also sounded out some of the private equity players, foreign insurance firms and other bluechip investors. The bank is also said to be in talks with T Rowe Price. At present, Warburg Pincus holds 9.14% in the bank. The issue is likely to be completed in the next few days. Sources say the bank is looking at placing shares at around Rs 1,050 per share. Kotak Mahindra shares ended at Rs 959.45 on BSE on Friday. The stock has moved 31% in the last one month, and 4% last week. The deal would enable the bank raise around Rs 1,700 crore. Citi is the advisor to the issue. […]
Hyderabad-based GVK Bio, a joint venture (JV) company between GVK group and DS Brar, former CEO of Ranbaxy Laboratories, plans to raise Rs 1 billion by way of private equity (PE), reports Business Standard. The company, engaged in providing contract research services, will raise the capital by end of 2007 to fund its expansion plans. The company is setting up a new campus near Hyderabad and also is looking at inorganic growth. GVK Bio wants to take the PE route, in a bid to establish a basis for valuation when the company goes public. The company aims at Rs 2 billion in revenues in 2007-08. The company has opened a new drug discovery research centre dedicated to Wyeth Pharmaceuticals with whom it signed a 5-year USD 45-50 million contract in January.(My Iris) […]
International Press Softcom (IPS), a Singapore headquartered supply chain services major, is acquiring majority stake in the Chennai-based print and packaging company Scantrans. IPS, listed on Singapore Stock Exchange (SGX) is picking up 55% stake in Scantrans for over $5 million (Rs 20 crore). IPS, with annualized revenue of over $130 million, is a significant player in the integrated supply chain services market across Asia-Pacific and counts high technology clients like Apple, Dell, HP and Intuit as its key accounts. Print and packaging and media replication figure prominently in its supply chain services play. Set up in 1994, Scantrans has client base across sectors like pharma, electronics goods and hardware, FMCG and automobiles. It is projected to end the year with a turnover in excess of Rs 40 crore during the ongoing financial year. The customer list includes names like Cipla, Orchid, Flextronics, Motorola, Panasonic, Ford and BMW. Veda Corporate Advisors was advisor in this cross border deal making. […]
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