The Fortis group is acquiring 48% stake in Chennai-based Malar Hospital for around Rs 42 crore. This marks the group's first entry in the south. At present, Fortis has a network of 12 hospitals primarily in the north, and 16 satellite and heart command centres. The acquisition will be done through International Hospital Ltd, a wholly-owned subsidiary of Fortis, and group company Oscar Investments Ltd (OIL). In the first tranche, International Hospital Ltd will buy the promoters holding of 28% at Rs 30 per share. The total equity of the company is Rs 1.39 crore. The hospital was promoted in 1989 by a group of doctor's headed by late Dr S Ramamurthy, and his wife now runs the hospital. Shivinder Mohan Singh CEO and MD, Fortis Healthcare told newspersons here on Friday, “Malar Hospital is well established in Chennai with a strong brand equity and is centrally located. We will follow the same strategy in Chennai of setting up hubs and spoke hospitals as we have done in Delhi”. […]

While the ban on future trading in wheat, rice and pulses continue, the country’s oldest financial stock exchange — BSE has received centre’s nod to take 26 per cent equity control in the state-owned National Multi-Commodity Exchange (NMCE). Highly placed government sources informed The Indian Express that the union consumer affairs and food minister Sharad Pawar had approved the move last week. The tie up envisages to create a robust agricultural commodity exchange, which can rival the other two private commodity exchanges — MCX and NCDEX. NMCE will now have access to the large BSE trading platform network besides its expertise in running a large exchange. In addition, the tie-up would also leverage the vast network of agricultural warehouse of the government-owned central warehousing corporation (CWC), which holds 26 per cent control in NMCE. The Ahmedabad-based commodity exchange, which has a strong presence in rubber and spice trading, is promoted by the government-owned CWC, while another 25 per cent stake is owned by one of the NMCE founder companies – Neptune Overseas Ltd. NMCE’s other promoters include National Agricultural Cooperative Marketing Federation of India, Gujarat Agro-Industries Corp Ltd, Gujarat State Agricultural Marketing Board and National Institute of Agricultural Marketing. […]

Insurance major Life Insurance Corporation of India (LIC) is evaluating the option of bidding for IFCI. The Delhi-based term-lending institution has invited bids for a 26% stake in the company. The bids are slated to close on September 14, 2007. Speaking to ET, LIC managing director DK Mehrotra said, “We have not yet submitted a bid. But we are considering it.” Mr Malhotra declined to give further details. Meanwhile, sources said the stake buy would provide LIC an opportunity to build its asset base. According to sources, the country’s largest insurance company has been approached by a number of private equity firms and hedge funds to bid for the IFCI stake as a consortium. However, senior officials from LIC said that they would prefer to bid alone. IFCI has said that a consortium of four members can apply for 26% stake, but each consortium should nominate a lead member. Private equity funds and hedge funds are keen on LIC or IDBI as their lead member. Among Indian entities, Punjab National Bank (PNB) has shown interest in acquiring 26% in IFCI. Similarly, several foreign banks and private equity firms have approached IDBI to bid as a consortium for IFCI. “We are not very keen to bid as this juncture,” said a senior official from IDBI. Even as many foreign entities have shown interest in IFCI, sources said the Central government is very keen that the controlling stake continues with Indian financial firms. “Further, the management of IFCI, too, is keen on inducting an investor who is serious, and would enable IFCI to emerge as a stronger institution,” said a senior IFCI official. […]

Agrochemicals firm Punjab Chemicals and Crop Protection (PCCPL) is once again on the prowl. The Mumbai-based PCCPL is in the final round of negotiations to acquire a 30% stake in PSD Chemicals, a privately-held firm in the US. This will pave the way for the Indian company’s entry into the lucrative North American market. Sources close to the development said the stake deal could be worth Rs 100 crore. Only a fortnight ago PCCPL announced the acquisition of the Netherlands-based Pegevo Beheer for Rs 225 crore. The deal will give the company a presence in Europe’s herbicides, insecticides and fungicides markets. Sources said that PCCPL has been eyeing the US market for some time and had finally identified PSD Chemicals as the potential target. “PCCPL has a technological tie-up with PSD Chemicals and the acquisition of a strategic stake in the US company will take the relationship forward,” said sources. According to industry estimates, the size of agrochemicals market in North America at around $7 billion — the largest in the world. When contacted, PCCPL managing director Shalil Shroff said, “We are scouting for acquisitions in the US and European markets. We are in negotiations with various firms so cannot comment on individual deals.” PCCPL is one of India’s leading manufacturers of basic chemicals used for industrial purposes and production of active ingredients in crop protection including insecticides, herbicides, fungicides. […]

Shreyas Shipping & Logistics Ltd has announced that the Company has acquired a stake of 51% in Haytrans (India) Ltd making Haytrans a subsidiary of the Company. Haytrans’ thriving presence in international freight forwarding, worldwide network of 17 offices, established global reach, industry competence and strategically developed worldwide air freight and ocean freight network would effectively compliment Shreyas’ logistics business resulting in synergy in operations and increase in the geographical spread.(Equity Bulls) […]