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Pharma packaging material maker Ess Dee Aluminium Ltd is in talks to acquire Vedanta Resources Plc's foils business, India Foils Ltd, a company official said on Wednesday. “We are in talks,” Director Ajay Doshi said. “We have to evaluate our position.” Ess Dee was on the lookout for acquisitions in India and Europe, Chairman and Managing Director Sudip Dutta said last week, adding due diligence had begun on an Indian firm, but had declined to identify it. The company would use the Rs 81.08 crore that it raised by selling a 5 per cent stake to Morgan Stanley for the acquisition, he had said. Earlier, the Economic Times paper reported that Vedanta expected a valuation of Rs 250-300 crore for the the Kolkata-based India Foils. Vedanta officials were not immediately available for comment. (ET) […]
India's Elder Pharmaceuticals Ltd said it has bought a 51 pct stake in Bulgarian pharmaceutical distributor and manufacturer, Biomeda Group, in an all-cash deal worth 5 mln eur, to gain a foothold into the major regulated global markets with specific focus on Europe. Biomeda reported a turnover in the range of 10-12 mln eur last year and is a manufacturer of pharmaceutical oral dosage formulations. 'The acquisition will allow Elder to extend its product portfolio to other European markets,' said Alok Saxena, Elder Pharmaceuticals director. According to Saxena, Elder is attracted to the Bulgarian market for its skilled labour and lower production costs compared to other European countries. Last month, Elder made a 20 pct strategic investment in UK-based NeutraHealth PLC at 16 pence per share.( Hemscott) […]
Bombay Stock Exchange has purchased a five per cent stake in the Calcutta Stock Exchange, based in Kolkata, for Rs 60 crore as part of the corporatisation of the regional exchange. Bombay Stock Exchange (BSE) bought the stake at Rs 2,000 a share, the exchange said in a statement issued late on Tuesday. The CSE has been valued at Rs 1200 crore based on the BSE purchase value. Calcutta Stock Exchange is the second stock exchange, after BSE, to sell stake to investors as part of the corporatisation plan for stock exchanges. Earlier this year, BSE completed the corporatisation process by selling 51 per cent stake to various investors including Singapore Stock Exchange and Deutsche Boerse. (ET) […]
Usha Martin Ltd said its wholly owned UK unit, Usha Martin International Ltd, has bought the business of Dutch company De Ruiter Staalkabel BV. The acquisition price was 3 mln eur, the India-based speciality steel and wire rope manufacturer told Thomson Financial News. In a filing to the Bombay Stock Exchange, it said Ruiter Staalkabel is a distribution company having a warehouse and rigging facility.(Forbes) […]
KLG Systel Ltd, the leading knowledge-based IT-centric Business Life Cycle Solutions Company, has taken a majority stake in Atlantis Lab Pvt Ltd, a dedicated engineering solutions company. With this acquisition, Atlantis will now be a subsidiary of the Company. KLG is already strong player in the Power, Process, Petroleum, Ports & Airports, Roads & Highways. Home Building, Ship Building, Automotive and Metal industries. The Company, has extensive experience and expertise in the Plant Life Cycle Solutions (Plant Design Solutions) business, which has been its stronghold since the inception of the Company, providing solutions to major oil refinery, power plants and engineering construction projects. Over the past two years, KLG Systel has also been making successful inroads into the Product Life Cycle Business (Computer Aided Mechanical / Electrical Design solutions) and is now in a position to offer art-to-part solutions to the design and manufacturing segment in India. […]
Logistics firm Gati Ltd said on Monday it acquired 52.96% stake in trucking firm Kausar India Ltd for Rs142.8 million. Gati would buy 1.96 million shares at Rs72.84 a share in Kausar, which specialises in refrigerated transportation of temperature-sensitive products such as meat, dairy products and pharmaceuticals. The stake would allow Gati expand its business with its pharma and lifesciences customers, as well as retail, Gati’s Chief Financial Officer A S Sandhu said. “In the upcoming retail business, a lot of customers are approaching us but we are not having vehicles and facilities to tackle that business. That’s why we have gone for inorganic growth,” he said over the phone. Gati will make the mandatory open offer for 20% in Kausar, which is listed on the Delhi Stock Exchange. […]
The Hong Kong based $400 million, Mulitex Holdings plans to acquire a 10% equity stake in Mumbai-based Effort BPO. Rajnish Sarna, director, Effort BPO, has confirmed the deal at an undisclosed price. The boards of both companies are in discussion and the transaction is scheduled to be completed by the first week of September. “Effort BPO is a focussed domestic BPO company with a current market valuation close to Rs 100 crore. The company is focussed on the Indian and Chinese domestic BPO markets and at present has over 1,500 seats in India with presence across Mumbai, Delhi, Pune and Indore,” Efforts BPO, CEO and managing director, Akshay Chabbra said. […]
NIIT Ltd, the promoter of Delhi-based IT company NIIT Technologies, is looking to sell 25% in the company to a strategic investor. NIIT Technologies is a listed entity and a 25% stake sale would trigger an open offer for a further 20%, thereby giving the buyer management control of the company. “Our position has been that the promoters will dilute 25% out of the nearly 40% stake held by them to a strategic investor. This will naturally lead to an open offer. However, at this point of time, we are not in discussions with any investors,“ said NIIT Technologies CEO Arvind Thakur. Sources in the industry say the company has initiated discussions with investment bankers for the possibility of a stake sale to a global IT company. The company has a market capitalisation of Rs 1,597.45 crore and has a P/E ratio of 14.43. This is significantly lower than the P/E ratios of companies such as Infosys Technologies which has a P/E ratio of 28.34 and TCS which has a P/E multiple of 28.25. The recent meltdown in the market and the appreciating rupee has resulted in a sharp decline in the NIIT Technologies stock price. In the last three months, the scrip has fallen over 25% and in the last one month, the scrip has lost over 19% at the NSE. […]
Close on the heels of acquiring 49 per cent stake in HPCL’s Bhatinda refinery, India-born billionaire Mr Lakshmi N Mittal is eyeing stake in two more new refineries being set up at Bina in Madhya Pradesh and Vishakhapatnam in Andhra Pradesh. Mr Mittal is in talks to acquire 20 per cent stake in state-run Bharat Petroleum Corp Ltd’s Rs 9,100 crore, six million tons a year Bina refinery that is to be commissioned by 2010-11, industry sources said. The steel tycoon is also talking to another public sector firm Hindustan Petroleum Corp Ltd for a stake in its proposed green-field nine million tons refinery-cum-petrochemical complex at Vishakhapatnam. […]
The Financial Technologies (India) Ltd (FTIL), promoter of Multi Commodity Exchange (MCX) has become one of the shareholders of country's largest stock exchange, the National Stock Exchange (NSE) of India Ltd. In an announcement to the stock exchanges (SEs), FTIL said, it has bought 4.50 lakh shares of NSE from the ICICI Bank at a total outlay of Rs 125 crore. ICICI Bak now holds 4.5% in NSE after the present stake sale. The average share price of NSE share works out to be Rs 2,778 per share. It may be recalled that earlier this year, NSE had divested 20% of its stake to well known global investors like Goldman Sachs, General Atlantic Partners and Soft Bank along with the New York Stock Exchange (NYSE) bought 5% each in the NSE, valuing the exchange at over $2.3 billion. […]
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