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British Telecom Wednesday reported it had offloaded its 5.5% stake in its Indian joint venture (JV) Tech Mahindra to partner Mahindra & Mahindra (M&M) for Rs 451 Cr, around $100.2 million. Under the terms of the agreement, British Telecom sold 6.9 million Tech Mahindra shares to Mahindra & Mahindra at Rs 653.6 per share through bulk deal on NSE on Tuesday, reducing its stake from 30% in the JV to 24.4%. Tech Mahindra remains a key supplier to British Telecom and, while further sales may be considered in the future, BT expects to continue to have a shareholding in Tech Mahindra for some time. Earlier Mahindra & Mahindra had disclosed that it is, to grant British Telecom a waiver of M&M's pre-emption rights under the Shareholders' Agreement between M&M, TM and BT for the balance of BT's shareholding in TM which M&M has not agreed to acquire, subject to certain conditions. […]
Sintex Industries Limited announced that it's wholly owned subsidiary, Sintex Infra Projects Limited (“SIPL”) has signed a definitive agreement with Durha Constructions Private Limited (“DCPL” or “the Company”) to acquire 30% ownership of the Company. As a part of the agreement that is inked with the current owners of DCPL, Sintex will be able to acquire majority ownership of the Company on pre-agreed terms on closing of current financial year, FY'2011. The primary businesses of Sintex are building products, custom moldings and textiles. This investment shall help Sintex to grow and strengthen its monolithic and prefab business and also building an active presence in the Infrastructure sector, particularly the Engineering, Procurement and Construction (EPC) business that throws tremendous opportunities with robust growth In Indian economy. […]
dia's second largest state-owned bank after State Bank, Punjab National Bank (PNB), has acquired a majority 63.64 per cent stake in JSC Dana Bank Kazakhstan for 3.5 billion tenge (around Rs 106.8 crore / $23.765 million). PNB acquired 35 million shares of 1,000 tenge each, at par, for 3.5 billion tenge, thereby also raising the capital of JSC Dana Bank to 5.5 billion tenge from the existing 2 billion tenge, PNB said in a filing with the Bombay Stock Exchange (BSE). JSC Dana Bank has convened a general body meeting of shareholders, scheduled to be held in Almaty on 15 December 2010. The meeting is expected to approve the transaction. […]
It is one big stable of familiar household brands marrying another set of popular over-the-counter trademarks. UK-based Reckitt Benckiser (RB), the company behind brands such as Dettol, Clearsil, Durex and Disprin, said on Monday it would acquire Ahmedabad-based Paras Pharmaceuticals, which owns medicine brands such as Moov, Krack and D’Cold, in a R3,620-crore deal. Privately-held Paras is valued at eight times its net sales of R401 crore in 2009-10 in the deal that would give a gain of more than Rs 1,000 crore to the founding Patel family. Elite suitors including Emami, Dabur, Piramal Healthcare, Pfizer, GlaxoSmithkline, Merck, Abott and Sanofi Aventis were in the race to acquire Paras before RB won its hand. […]
The Reserve Bank of India’s permission to banks for roping in for-profit companies as business correspondents (BCs) for financial inclusion has generated interest among private equity (PE) investors. Society for Educational Welfare & Economic Development (SEED), a New Delhi-based organisation, has formed a separate company to manage operations as BCs. It is in discussion with PE players to raise fresh capital. Till now, SEED has been worked on lines of credit from banks. It needs equity venture funding to scale up business to meet its financial inclusion target for March 2012. “Our initial plan is to raise about Rs 50 crore ($ 10 million) and talks with private equity players are at an advanced stage. Equity infusion plans will be firmed up next month”, Anirban Roy, managing director of SEED, told Business Standard. […]
Rallis India, a crop protection subsidiary of Tata Chemicals, on Thursday said it will acquire Bangalore-based seeds research company Metahelix Life Sciences for about Rs 200 crore. In the initial phase of the transaction, Rallis acquired a majority stake of 53.5% in Metahelix in an all-cash deal of Rs 99.5 crore, funded largely through internal accruals, the company said in a statement. Rallis, which has interests in crop protection and fertilisers, said it will further infuse Rs 25 crore to raise its stake to 59.02% in the near future and will aim to make Metahelix a wholly-owned subsidiary by 2015. “The deal works out to twice the projected revenues of next year. Currently, Metahelix's revenue is pegged at around Rs 65 crore and the entity is expected to breakeven next fiscal year,” managing director V Shankar told reporters. Metahelix has been growing at a CAGR of about 40%, he added. With this, the Tata group company which has a small presence in the seed segment, plans a full-fledged entry and is targeting a commutative sales of Rs 1,000 crore over five years. […]
Company to merge its retail operations with ‘Florista’ post-acquisition Bangalore-headquartered rose exporter, Karuturi Global, is planning to acquire a majority stake in the Mumbai-based flower retailer ‘Florista’ for an undisclosed amount in its bid to strengthen its retail presence in the country. Presently, the company has its own retail flower wing ‘Flower Xpress’ with a turnover of around Rs 10 crore. Karuturi Global, which will take a 54 per cent stake in ‘Florista’ will merge its own retail business with the acquired entity, the company said in a filing today. ‘Florista’, with 15 flower boutiques in the country, will help in consolidating the company’s retail operation through this acquisition, it added. […]
Group CEO of Religare Enterprises Shachindra Nath has claimed the acquisition of Landmark Partners in the $171.5 million deal on Friday has pushed his company to the fourth position among India’s asset management companies. It now manages assets of over $ 15 billion. Speaking to FE, he said Religare plans to reach a turnover of $70 billion in the next two years globally. That should position it as a leading emerging markets financial services group. The approximately Rs 772 crore deal will give the company a strong presence in the secondary transactions market in the US, as Landmark is a private equity and real estate fund-of-funds asset manager, specialising in that market. A release issued by Religare said, “The parties have signed a definitive agreement for Religare to acquire a 55% stake in the business of Landmark Partners. Landmark Partners’ entire management team has made long-term commitments to its business as part of this transaction and will retain a significant equity stake in the business. […]
Japanese auto giant Honda has reached an agreement to dissolve their 26-year old joint venture, Hero Honda, with the Hero Group by selling its entire stake in India's largest two-wheeler maker. Honda Motor Co is expected to sell its entire 26 per cent stake in Hero Honda to its partner Munjals-promoted Hero Group and would earn $1.2 billion from the sale, Kyodo reported quoting Japanese Nikkei business daily. “Honda and the Hero Group have reached the basic agreement this week to dissolve the partnership,” Nikkei said, adding that the two companies will seek final approval from their respective board of directors later this month for the break-up. The parting of ways comes 26 years after the joint venture was set up in 1984. […]
Private equity firms Carlyle and TPG are set to buy up Honda’s stake in Indian motorcycle company Hero Honda, according to reports. The Munjal family, who set up the Hero Group, are set to buy back the Japanese auto giant’s 26 per cent holding, before selling most of it on to the two firms. It is expected that the US private equity firms will end up paying $1.4bn for some 18 per cent of Hero Honda, a discount on the market price of the shares but more than the Munjals will pay Honda. The business has been run as a joint venture between Honda and the Hero Group for 26 years, but the two will become competitors once the Japanese company pulls out. Honda plans to ramp up the size of its subsidiary, Honda Motorcycle and Scooter India. Honda’s exit has been held up by the objections of some shareholders, given talk of increased payments to Honda for the use of its technology. […]
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