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WPP PLC said that its wholly-owned operating company JWT, the global advertising network, has agreed to acquire a majority stake in Mindset Advertising Private Ltd. for an undisclosed sum. Mindset Advertising is an advertising agency in India offering creative services, strategic planning and campaign execution in digital, print and television. […] Saregama India Ltd has purchased 10% stake in Timbre Media Pvt Ltd, a company set up by ex-Worldspace Satellite Radio employees, to bring back its genre-based programming through direct-to-home TV channels as well as mobile phone radio, it was announced here today. Both the companies are already in talks with leading mobile phone service providers as well as DTH TV service providers to launch the service. Various mobile phone service providers as well as DTH TV service providers are expected to launch their own respective packages separately, with their own pricing in few months. Timbre Media was formed in 2010 and has drawn experience from professionals involved with Worldspace Satellite Radio service earlier, which had a listenership of 1.50 lakh satellite radio sets. […] Vodafone said it has sealed a long-awaited deal to buy out its partner Essar from their Indian mobile joint venture for $5.46 billion, ending a highly fractious relationship. The British company, which is the world's biggest mobile operator by revenue, will purchase the 33% stake owned by a collection of Essar companies, giving it a majority 74% shareholding in the venture. The price includes an $880 million payment for taxes, which neither Vodafone nor Essar believe is due and will be returned to Essar if they are proved correct. The deal is part of Vodafone's strategy to only own assets where it has control, and follows the sale of its stake in Polish operator Polkomtel on Thursday. […] Advanta India Ltd, a seed maker that is part of the United Phosphorus group of companies, said in a filing to exchanges that it has raised $50 million (around Rs.225 crore) crore through foreign currency convertible bonds, or FCCBs. The bonds carry an interest rate of 3.5 percentage points higher than the London inter bank offer rate, or Libor, a benchmark rate that is currently at 0.245%. The conversion into equity will be at Rs.282.84 a share, which translates into apremium of 10%, and at a fixed rate of Rs.44.94 to the dollar. […] PTC India Financial Services , a unit of the country's largest listed power trader PTC India, plans to sell its investment in a power project by Ind-Barath, besides selling part of its stake in Indian Energy Exchange (IEX) this fiscal, a top official said. “As per contractual terms, buyback of shares by Ind-Barath in a thermal power project based in south India may take place,” Ashok Haldia, director on the board of the power sector lender told Reuters in a telephonic interview on Friday. “We invested about 55 crores (550 million rupees) in August, 2008 (in Ind-Barath project), and the exit is likely to be in August or September.” The New Delhi-based financial services firm, in which Macquarie holds 3.46 percent stake and HSBC owns 3.68 percent, expects to earn a post-tax return of 23.75 percent per annum on exiting the Ind-Barath project, he added. […] Canadian major Ballard Power Systems —the global leader in proton exchange membrane (PEM) fuel cell technology—is eyeing up to 10% stake in Adani Power, an arm of the diversified Adani Group. The deal at current market price is valued close to $500 million. Adanis hold 73.5% in the company. The promoters of Adani Power have raised funds by pledging over 53% of the promoter shareholding in the firm. An industry source said the falling share price of the company may trigger the stake sale. The value of the Adani Power shares pledged is pegged at Rs 9,213 crore. Adani Power shares closed up at Rs 112 on Friday, which touched its all-time low of Rs 105.75 a day earlier. The stock had touched its 52-week high of Rs 144.55 in September 2010. […] Hyderabad-based digital marketing firm Ybrant Digital today said it plans to acquire a minority stake in Israel-based Web 3.0 that also operates in similar domain, for an undisclosed amount. “We have signed a letter of intent to acquire minority stake in Web 3.0 which specialises in mobile marketing…The due diligence is likely to take about two months,” Ybrant Digital Chairman and CEO Suresh Reddy told PTI without disclosing details such as the quantum of stake and valuation. If completed, this would be eighth acquisition for Ybrant in the last five years. “Ybrant has acquired 100% stake in seven digital marketing companies in the last five years. These are US-based MediaOne and Ad Dynamic, Serbian firm VoloMP, Israel's Oridion, Argentina's DreamAd, Australia-based Max Interactive and Internet search engine Lycos,” he said. […] Vedanta Resources Plc took another 10 per cent stake in Cairn Energy's Indian assets as part of an overhaul of a long-delayed deal which will cut the price tag by more than $600 million. As part of changes announced on Monday, the deal will complete in two tranches, with Vedanta buying an initial 10 per cent stake by July 11. This will add to shares bought through an open offer and from Malaysian group Petronas, lifting Vedanta's stake in Cairn India to 28.5 per cent, with Cairn remaining the majority shareholder. Vedanta, which will become a fully fledged diversified miner once it secures a slice of India's oil reserves, will acquire the remaining 30 per cent stake it has agreed to buy once it has necessary consents from India. Vedanta and Cairn said they had agreed to remove a non-compete provision and a related fee of 50 rupees per share, cutting the price tag for the total 40 per cent stake being sold to $6.02 billion from $6.65 billion. […] The KK Modi group is set to wrest majority control in cigarette maker Godfrey Phillips India (GPI) from American tobacco major Philip Morris as the Indian business house leads the company's charge into noncigarette segments such as beedi and chewing pan masala , potentially to the discomfort of the foreign partner. GPI, a Rs 3,000-crore publicly-listed company, is a joint venture between the Modis and Philip Morris who each held 36% stake originally. However, changing equations , and the new diversification plans-led by the Indian promoter-saw the Modis pick up an additional 11% stake from the foreign partner last year, taking up their holding to 47%. Modi, chairman of Modi group, told TOI that as per an agreement between the partners, he has the “right” to take up his holding to 51% by buying further into Philip Morris' holding to get a majority control of the company, India's second-biggest cigarette maker that sells the “Four Square” brand and also distributes the iconic Marlboro brand (from Philip Morris stable). […] The fifth largest brewer in the world, Molson Coors is buying 51% stake in Cobra India, making it a lateentrant into one of the fastest growing beer markets in Asia. The NYSE-listed company, whose brands include Coors Light, Molson Canadian and Carling is investing $35 million in Cobra India, which will be christened as Molson Coors Cobra India. Karan Bilimoria, the founder chairman of Cobra Beer, will hold the remaining 49% in the new JV. This investment includes stake-purchase and capital expenditure for expanding the company's brewery in Bihar. TOI had reported about the deal in its edition dated November 25, 2010. […] |