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India's Suzlon Energy said on Tuesday media reports of Spain's Gamesa picking up a majority stake in the Indian wind turbine maker were “speculative in nature and inaccurate”. Suzlon added in its statement to the stock exchanges that it had no clarifications to issue in this regard. Suzlon shares rose as much as 5.6 percent after Indian business TV channel CNBC TV-18 reported that Gamesa was likely to buy a majority stake in the firm. Separately, NDTV Profit channel said Suzlon's founding Tanti family may sell its entire stake of about 55 percent in the company to Gamesa's U.K. unit. […]
Reliance Capital Ltd. Monday said it has acquired a 26% stake in Indian Commodity Exchange Ltd. from Indiabulls Financial Services Ltd., further strengthening its presence in India's growing commodity exchange business. The company, a part of the Reliance Anil Dhirubhai Ambani Group, has already set up a national commodity spot exchange and said it has been inducted as an anchor investor in the Indian Commodity Exchange, or ICEX. Reliance Exchangenext Ltd., a unit of Reliance Capital, has acquired the stake in ICEX, which is a screen-based online derivatives exchange for commodity trading. The companies didn't disclose financial details of the deal. […]
FMCG major Dabur on Monday said it has completed the acquisition of the US based personal care firm Namaste Group for $100 million (about Rs. 451 crore) in an all-cash deal. “The company's wholly-owned subsidiary Dermoviva Skin Essentials has completed the acquisition process by acquiring 100 per cent stake in leading personal care companies of Namaste Group, US,” Dabur said in a statement. In November last year, Dabur had announced that it is acquiring Namaste Laboratories LLC and its three subsidiary companies — Hair Rejuvenation & Revitalisation Nigeria Limited, Healing Hair Laboratories International, LLC, and Urban Laboratories International, LLC along with its South African arm. The acquisition has been done through the US-based subsidiary Dermoviva Skin Essentials, it added. […]
Technology firm HCL Infosystems Ltd has acquired a 20% stake in Dubai-based distribution company Techmart Telecom Distribution FZCO for an undisclosed sum, gaining a toehold in the distribution business in West Asia and Africa. Techmart Telecom has a partnership with Finnish mobile phone maker Nokia Oyj for distributing its products through its regional distribution network in 50 cities across West Asia and Africa. Harsh Chitale, chief executive officer of HCL Infosystems, refused to divulge financial details of the deal, citing a confidentiality agreement with the company. He said Techmart Telecom’s revenue for the month of December is expected to be in the range of $40-50 million (Rs.179.6-224.5 crore), adding that distribution was a “low profit margin” business. “We have taken another step in further expanding into emerging markets of Middle East and Africa,” he said. […]
Nasdaq-listed iGate Corporation will sign definitive agreements to buy a controlling stake in Patni Computer Systems on Monday, three people with direct knowledge of the development told ET NOW. iGate corporation will buy around 60% stake in the company from the founders and private equity investor General Atlantic, they said on condition of anonymity. iGate will make an open offer to Patni shareholders according to the norms of the Securities and Exchange Board of India (SEBI), the capital market regulator. The board of Patni Computer Systems will meet on Monday to approve the transaction as well as the open offer, the people said. iGate CEO Phaneesh Murthy is currently in India to close the deal. An iGate-Patni combination will create an information technology company with over a billion dollars in revenue and presence across multiple geographies. The deal is likely to be executed at a price of around Rs. 500 per share. […]
Jewellery-maker Gitanjali Gems Ltd (BSE:532715) on Tuesday said it has picked up majority stake of Italian firm Glantti Italia S.R.L. The company acquired 90 per cent stake in Milan-based Glantti Italia from its Dubai-located wholly owned subsidiary Gitanjali Ventures DMCC, Gitanjali Gems said in a filing with the Bombay Stock Exchange. However, the company did not disclose any financial details of the said acquisition. The Italian firm has become a direct subsidiary of the company following the acquisition, it said. The filing added that the said acquisition has been aimed at growth of the branded jewellery business overseas and gain the designing and branding concepts expertise from Italy. […]
Sahara India Pariwar, the conglomerate run by Indian billionaire Subrata Roy, is the latest Indian company to buy a landmark business in Britain by acquiring the historic Grosvenor House Hotel that was once home to the Duke of Westminster and frequented by royalty, celebrities and business leaders since its re-opening in 1929. After having failed to buy debt-ridden Hollywood studio Metro-Goldwyn-Mayer Inc (MGM) in September 2010, Sahara has acquired the iconic London hotel from Royal Bank of Scotland (RBC) for, what some say, a throwaway price of £470 million (Rs3,275 crore). “The valuation of the hotel, three years back was more than £1 billion. The valuation, even today is quite high but due to highly satisfactory due diligence by the RBS who owned the property and after long and strict negotiations, we have purchased it for £470 million,” said Sahara Group chairman Roy. […]
The trading arm of the Tata Group, Tata International Limited (TIL) on Monday said it has picked up a 76 per cent stake in Bachi Shoes India Pvt Ltd (BSIPL) and Euro Shoe Components Pvt Ltd (ESCPL) for an undisclosed sum. The Bachi family will continue to hold the residual stake and will work closely with TIL to manage and grow the business. This is the first major acquisition by TIL after Noel Tata took over as managing director of the company. Media reports earlier had pegged the deal at Rs 130 crore, but a company official refused to comment on this. Based in the southern part of the country, BSIPL is India’s largest manufacturer of children’s footwear, supplying to several international brands across Europe. […]
Nitin Fire Protection Industries Ltd has announced their intention of Joint Venture agreement for Cylinder manufacturing business with Worthington Industries Inc. Worthington Industries Inc. will acquire majority shares in Nitin Cylinders Ltd. (NCL). The deal valued at approx. USD 21 million. Mr. Kunal Shah will be the CEO of the Joint Venture. NCL is a 100% subsidiary of Nitin Fire Protection Industries Ltd. (NFPIL) and is a part of the Nitin Group of Companies and is one of the largest manufacturer of CNG Cylinders in India in terms of capacity NCL manufactures high pressure seamless steel cylinders ranging from 232 to 406 mm dia, among the broadest range in Asia with applications in compressed natural gas (CNG) storage in motor vehicles and compressed industrial gas. […]
In a deal that strengthens its political underbelly, Sistema Shyam TeleServices Ltd. (SSTL), which operates under the name MTS India, is to have the Russian government as one its main investors. MTS India's majority stakeholder, Russian conglomerate Sistema JSFC, announced that, following a new share issue, the Russian government paid about US$600 million for approximately 17 percent of the Indian CDMA mobile operator's capital, leaving Sistema holding a 57 percent stake in MTS India. Jointly, Sistema and the Russian government hold a near 74 percent stake in MTS India, just under the threshold allowed by Indian law. MTS India, which holds licenses for all of India's 22 telecom circles (service areas), plans to use the proceeds from the stake sale to further invest in its CDMA EV-DO network and launch operations in additional circles. The operator has also just signed a $200 million loan deal with Russia's Gazprombank to help fund its expansion plans. […]
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