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Kishore Biyani’s Future Ventures India plans to raise its stake in women’s ethnic wear maker Biba Apparels and edutainment company Amar Chitra Katha, and is also seeking new opportunities to invest in the fast moving consumer goods and fashion sectors. Currently Future Ventures holds 17.3% stake in Biba, which will be upped to 28% soon, the company’s chief executive officer KK Rathi said. It also plans to increase its stake in Amar Chitra Katha to 26% from 13.7% presently, he said. Future Ventures is promoted by various Future Group companies. It has invested in several companies including Indus League Clothing, Biba Apparel, AND Designs and Global Desi in fashion; Capital Foods and Future Consumer Enterprises in food and FMCG and Aadhar Retailing in rural retail. […]
Tata Steel, the world’s seventh largest steel producer, on Thursday said it has agreed to sell 51% stake in its unit Tata Refractories (TRL) to Krosaki Harima Corp (KHC), valuing the company at Rs 1,130 crore. KHC is an associate company of Nippon Steel Corporation of Japan. Under this arrangement, KHC will acquire 51% equity stake out of Tata Steel's current 77.46% stake in TRL. The transaction is subject to approval of relevant regulatory authorities in India and Japan, Tata Steel said in a statement. Tata Steel will continue to hold 26.5 % in Tata Refractories. According to the steel major, this transaction will enable TRL to access the latest technology and diversify its product offering. It will also provide TRL an opportunity to easily access markets outside. On Wednesday, Tata Steel had said it signed a licensing agreement with mining major Rio Tinto for commercial development of environment-friendly direct iron smelting process, called HIsarna. […]
Facor Alloys said that it has acquired controlling interest in BEC Power by paying a total consideration of INR 159.9 million. BEC, an independent power producer is in the process of setting up a 600 MW thermal power project in the state of Chattisgarh state for which it has received various clearances from concerned regulatory authorities. India is a power deficit Nation and there is a burgeoning demand of power. Given huge demand supply gap, Company views the business of generation and distribution of power as new growth area. […]
Iron ore miner and political leader G Janardhana Reddy has divested his personal stake in Brahmani Industries Karnataka, a ten-month-old entity planning a mega steel plant in the mineral rich Bellary district, to the Miglani family, promoters of Uttam GalvaSteel, for Rs 285 crore. But Reddy, who is state minister in Karnataka's Bharatiya Janata Party (BJP) government, and his politically influential family will be retaining complete ownership of their flagship steel firm Brahmani Industries, which is setting up a Rs 6,000 crore plant in Kadappa district of Andhra Pradesh. “I have sold Brahmani Industries Karnataka, which was fully owned by me, to the Miglani family, since I wanted to divest all business interests in the state (due to political controversies). But Brahmani Industries, which is owned by our family enterprise, Obalapuram Mining Company, is going ahead with plans to build a 1.25 million tonne steel plant in Andhra Pradesh. […]
US-based travel solutions company Concur on Monday said it would invest $40 million (about Rs 180 crore) in Cleartrip, one of the leading online travel portals in India, to buy an undisclosed minority interest. Concur, which is 15% owned by American Express, aims to expand its corporate travel and expense management solutions business in India through this alliance with the unlisted Cleartrip. The deal comes within a year of Makemytrip, another leading online travel portal, raising $70 million through its maiden public offering on Nasdaq last July. […]
In a bid to achieve the audacious target of doubling the group's turnover to $65 billion by 2015, Kumar Mangalam Birla-owned Aditya Birla Group is in a major acquisitive mode. In its third acquisition so far this year and the second on the trot over the last two working days, the group on Monday announced the buyout of Domsjo Fabriker, a leading Swedish speciality pulp and bio-refinery company, for $340 million (Rs 1,507 crore). The latest acquisition has been routed through its global companies, Thai Rayon Public Company ( Thailand) and Indo Bharat Rayon ( Indonesia), which have acquired the marquee pulp company from a Swedish consortium. The group will pump in an additional $75 million into expansion, taking the total cost to $415 million, which will be funded through a combination of debt and internal accruals. […]
Fortis Healthcare (India) today said its board has approved acquisition of 86 per cent stake in Super Religare Laboratories (SRL) to be based on third party valuation by private equity fund Avigo Capital Partners, under which it is likely to pay around Rs 930 crore. “The Board of Fortis Healthcare (India) Ltd in its meeting today approved to acquire SRL on the third party valuation, based on the Private Equity Fund Avigo,” the company said in a statement. Yesterday, Avigo Capital Partners had picked up a 9.27 per cent stake in SRL in a pre-IPO placement for an aggregate amount of around Rs 100 crore. If the deal is to be valued in the same manner as Avigo's stake acquisition in SRL, then Fortis is estimated to pay nearly Rs 930 crore for its stake. […]
Vedanta Resources has bought a 10.4 percent stake in Cairn India, pushing ahead with plans to take control of the Indian oil and gas company despite regulatory delays plaguing the $9.6 billion deal. Vedanta's move to acquire Cairn India is part of London-based mining magnate Anil Agarwal's plans to grab a slice of India's oil reserves and get exposure to surging demand. But its agreement to buy a 40 percent to 51 percent stake from Cairn Energy has yet to be cleared by the Indian government. London-listed Vedanta said on Tuesday it expected to own between 51 and 70.4 percent once the deal and an ongoing open offer to Cairn India minority shareholders were complete. […]
Sesa Goa Limited has acquired 200 million shares amounting to 10.4% stake in Cairn India from Petronas International Corporation Limited (“Petronas”) at a price of Rs.331 per share. The acquisition is in addition to the open offer launched by Sesa Goa on Monday – April 11, 2011 and the open offer will continue as per the letter of offer dated April 11, 2011. […]
Business correspondents, which partner banks in their financial inclusion programmes, are planning to raise funds from private equity investors to scale up their operations. SEED Financial Services, a business correspondent for 19 banks including State Bank of India (SBI), plans to raise $5.5 million from private investors by selling a part of its stake. The Delhi-based company is currently in talks with domestic and foreign investors and aims to raise the funds by the end of June. “We are cash-positive now. But we need this capital to scale up our operations, build infrastructure and augment our resources,” SEED Financial Services Managing Director, Anirban Roy, told Business Standard. Financial Information Network and Operations Limited (Fino), a Mumbai-based business correspondent, raised about Rs 150 crore from a group of investors, including private equity investors. […]
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