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Reliance Industries Ltd is looking to buy a 50 percent stake in Kenya's sole refinery, half owned by Shell, BP Plc and Chevron, the Hindustan Times reported on Tuesday. The Kenyan government owns the remaining half of Kenya Petroleum Refineries and the newspaper, quoting industry sources, did not specify whose holding Reliance was eyeing. A successful acquisition will allow Reliance, India's biggest private sector company with a market value of over $67 billion, to source petroleum products for selling to European and American markets, the paper said. A Reliance spokesman could not be immediately reached for comment. The newspaper said a regional Web site, allafrica.com, had reported Reliance' interest in the refinery, which has a capacity to process about 60,000 barrels per day (bpd). […]
AEI Cables has a turnover of about Rs5.33bn. It is a leading manufacturer of cables solutions to global markets and is a wholly owned subsidiary of TT Electronics. Paramount Communications Ltd. said on Tuesday that it will acquire the business of UK-based AEI Cables in an all cash deal. The company did not disclose the consideration to be paid for the acquisition. AEI Cables has a turnover of approximately £65mn (Rs5.33bn). Elara Capital Plc, a London-based mid-market advisor, was the sole corporate finance adviser to the company for this transaction. AEI Cables is a leading manufacturer of cables solutions to global markets and is a wholly owned subsidiary of the international electronic sensors and components group TT Electronics Plc, listed on The London Stock Exchange. The acquisition of AEI Cables will make the company the largest listed Indian company in the cable industry with an annual turnover of over Rs11bn, Paramount Communications said. It will significantly strengthen its product range for infrastructure segments in India and the UK, it added. […]
Kalyani Group said it acquired RSBconsult GmbH, a Muenster, Germany-based wind turbine maker, for an undisclosed sum. The deal further positions the company in the wind turbine sector, considering our presence as a wind farm operator and a supplier of components, chairman B N Kalyani said in a release to the Bombay Stock Exchange. Kalyani Group said it will initially focus on Europe before it expands to other key markets like US and China by 2010.(Forbes) […]
Kaveri Telecom will be buying a company, which is involved in antenna and radio frequency manufacturing. The size of the deal is seen at Rs 40-50 crore. Kaveri Telecom is likely to announce the deal in 1-2 months. The management has declined to comment on the deal. Meanwhile, they see FY08 turnover at Rs 100 crore. The reason for the acquisition is that the product they sell in India is for Rs 500 and if they sell the same product in North America, they can earn USD 42. (MoneyControl) […]
Staffing and HR company Adecco has completed the acquisition of its Indian arm Adecco India (formerly known as Peopleone Consulting). The Swiss major had earlier bought 67% stake in the Bangalore-based company in September 2004 for $10-15 million (Rs 40-60 crore). Sources said that the final enterprise value of the acquisition is now $50-60 million (Rs 200-240 crore). The final value makes the deal the biggest in the HR services space in India so far. The other transactions like Vedior buying Mafoi, Randstad buying EmmayHR and Manpower’s deal with ABC Consultants were in the Rs 10-40 crore range. Peopleone Consulting started operations in 2000 by Ajit Isaac, current CEO of Adecco India with equity investment from JP Morgan Partners and one other financial investor. In 2004, Adecco’s acquisition had included the 20% stake that JP Morgan held in Peopleone, and the rest from promoters and individual investors. […]
Indian businessman Vijay Mallya plans to buy a controlling stake in U.S.-based Epic Aircraft for about $200 million, the Mint newspaper said on Monday. “I am in talks with Epic promoter,” Mallya told the paper. Epic makes private business jets. A joint announcement by Mallya and Epic is expected by the end of the month, the newspaper said, citing a source close to the development. Mallya's UB Holdings controls Kingfisher Airlines and owns 26 percent in Deccan Aviation Ltd , which operates discount carrier Air Deccan. Together, the two airlines have about 30 percent of India's fast-growing domestic aviation market. (Reuters) […]
Bank to spin off investment banking into wholly owned subsidiary. Yes Bank has decided to spin off its investment banking division into a wholly owned subsidiary. The move is aimed at reflecting the robust growth achieved by the division in clinching deals in private equity syndication, mergers & acquisitions (M&A) and initial public offerings (IPOs). The bank is also planning to foray into institutional broking, and other related businesses under the new subsidiary. Managing Director of the Investment Banking Group of the bank. Aditya Sanghi said that the division, which was ranked number one in M&A ‘outbound cross border transactions’ and number five in M&A ‘overall’ category last year by Bloomberg, also managed to stay in the top five for ‘cross border M&A’ and top 10 in ‘overall’ M&A this year. The bank is backed by Rabobank, Citigroup and other international investors. […]
Apollo Health Street (AHS), the BPO arm of Apollo Group of Hospitals, has acquired Zavata, an Atlanta-based BPO which operates in the same segment, for $170 million. This synergistic acquisition is not only expected to strengthen AHS’ presence in the US market, but is also going to bring in specialised skill-sets, adding value to the company’s existing portfolio. Apollo Hospitals group executive chairman Prathap C Reddy told mediapersons in Chennai on Thursday that “this acquisition will make Apollo Health Street the largest global healthcare BPO company”. The acquisition is to be funded through a combination of debt and equity, broken into $120 million of debt and $50 million equity. Barclays Capital and Bank of India, the funding agencies for the acquisition, have offered an optional draw-out of $140 million (including $8 million refinancing portion of an earlier debt) to the company, including the debt component of this deal. The balance funding will come through internal accruals, Pratap Reddy said. Of $50 million equity, the Apollo Group will invest $25 million while private equity investors — JP Morgan’s investment arm One Equity Partners and Temasek Holdings — will fund the rest. […]
In a strategic move to become a pan-India player in the FM radio segment, Sun TV Network, through its subsidiary South Asia FM Ltd (SAFL) has acquired 48.9% stake in Red FM, promoted by NDTV along with individuals like Usha Reddy and Arjun Rao. In return (on a swap ratio basis), the Red FM promoters together picked up 35% stake of the enlarged equity of SAFL. As part of the transaction, SAFL has picked up stake in Red FM by acquiring equity of the holding companies of the latter at par. The promoters of Red FM will continue to hold 51.1%. […]
Business process outsourcing service provider Firstsource Solutions has entered into an agreement to acquire US-based healthcare company MedAssist Holding, Inc for $330 million. Firstsource Solutions has got into an agreement to buy MedAssist Holding, for $330 million, subject to regulatory approval under the US HSR (Hart – Scott – Rodino Anti Trust Improvements) Act. As per the terms of the agreement, there would be no change in the management of MedAssist and employees would continue in their current jobs, Firstsource said in a filing to the Bombay Stock Exchange. (The Hindu) […]
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