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Indian medical devices company Opto Circuits has acquired US-based Cardiac Science Corporation for around $64 million. Reports indicate that the Indian business has purchased 76% of the US business, with each shareholder being paid $2.30 for each common share. The company has acquired a number of healthcare businesses in the past year; purchasing US-based Unetixs Vascular Inc at $9.7 million in July, and Indian company NS Remedies, which is engaged in research and development, for $1.5 million in April. This deal will make Cardiac Science a wholly-owned subsidiary of Opto Circuits. Cardiac Science Corporation manufactures and markets advanced diagnostic and therapeutic cardiology devices and systems. They have a number of established brands such as Burdick, HeartCentrix, Powerheart, and have customers in over 100 countries. […]
Volvo Buses India Private Ltd (VBIPL) on Monday announced that it had bought out, for an undisclosed amount, the stake held by its JV partner, Jaico Industries of the Azad Group, thus increasing its ownership share from 70% to 100%. Akash Passey, managing director, said that the Swedish parent, Volvo Bus Corporation (VBC), intends to make India a global manufacturing hub for Volvo buses for exports to different regions, and that they had targeted reaching a revenue of $1 billion (Rs4700 crore) from Rs500 crore this year, in a time frame of five years. Rune Lundberg, senior vice president, VBC, said that the company would establish a “substantial industrial presence” in India with additional capacity, more local R&D, and ramped-up hiring from its current strength of 1000 personnel. […]
Opto Circuits (India) Ltd has informed BSE that the company has successfully acquired 76 per cent of outstanding common stock of Cardmc Science Corporation US (Nasdaq:CSCX). The company plans to exercise its top-up option under the terms of the merger agreement. The merger is expected to occur in the next few days. Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits (India) Ltd. […]
The owners of Mumbai-based fashion house Kimaya Studios are said to be involved in preliminary talks with a host of private equity (PE) firms to divest around 20 per cent stake in the company for close to Rs.100 crore. The funds raised will be channelised towards expansion plans and ramp up the number of stores in the country. “India has the potential to become the next fashion hub of the world. Fashion has moved beyond metros and large cities, and become a pan-India language. Therefore, we are looking to expand our operation in a significant way,” said Pradeep Hirani, who along with wife Neha Hirani, set up Kimaya in 2002. He, however, refused to divulge details of his fund-raising plan. Kimaya plans to open at least 50 multi-brand retail stores in the country over the next three years from the existing 16 stores. Some of these stores will come up in tier-I and tier-II cities such as Chandigarh, Ludhiana, Surat and Ahmedabad. Besides, it is also looking to foray into the US and European markets after setting up shop in Dubai. […]
Apollo Hospitals Enterprise is looking to offload a 49 per cent stake in its pharmacy chain unit and is also exploring the possibility of listing the unit in six months, a top official said on Thursday. The hospital chain is planning to raise `550 crore via equity and debt for expansion by March, Ms Suneeta Reddy, executive director-finance, told reporters. She also said that the pha-rmacy chain has become profitable and hence will be hived off as a separate business entity over a period of time. Apollo Pharmacy is India’s largest branded pharmacy network, with over 740 plus outlets in key locations. The company is also planning to invest `1,100 crore to add another 1800 beds by the end of 2013. She said that the company plans to raise the capital through debt, equity and internal accruals. […]
al Services firm Religare Enterprises on Friday said that its arm has acquired 55 per cent stake in US-based private equity and real estate fund-of-funds asset manager Landmark Partners for $172 million (about Rs 770 crore). Landmark has total assets under management worth $8.3 billion and the deal values the company at 3.8% of its total assets. “The parties have signed a definitive agreement for Religare to acquire a 55% stake in the business of Landmark Partners for a consideration of up to $172 million,” said the company in a statement. With the acquisitions of Northgate (earlier this year) and Landmark Partners now, Religare expects to garner a total revenue of $70 million in 2010-11 and an EBIDTA of $35 million. […]
Home appliances maker Maharaja Whiteline is in preliminary talks with a host of foreign investors to sell up to 20% stake to fund its expansion in the domestic market, said two persons in knowledge of the development. The Delhi-based firm is completely owned by Harish Kumar, who started it in 1976 when he was still a teenager with a bank loan of Rs 10,000, and his wife. Kumar confirmed the fundraising plans, but refused to give any details. The proposed stake sale will happen through issue of fresh shares and the funds raised will go into expanding product portfolio and market reach, besides a new manufacturing facility, two persons said on condition of anonymity. Maharaja Whiteline makes more than 60 products across 18 categories including food processors, electric kettles anKd toasters . Although the deal size could not be independently confirmed, industry insiders peg it at close to Rs 100 crore, considering most companies in the home appliances sector have market cap equal to or little more than their annual revenues . […]
Deutsche Postbank, the German lender being acquired by Deutsche Bank , is close to selling its Indian operations for about Rs 1,100 crore ($240 million), according to a person with knowledge of the matter. Dewan Housing Finance Corp, based in Mumbai, is the frontrunner to buy Deutsche Postbank Home Finance and the talks are at an advanced stage, said the person, who declined to be identified before an announcement. The purchase would boost Dewan's outstanding loans by more than 40%, helping narrow the gap with larger rivals including HDFC . Deutsche Postbank is selling the unit, which has a market share of about 2%, as the Bonnbased lender cuts spending and bolsters capital while combining operations with Germany's largest bank. “Many international players got into India because of the India growth story” as expansion in their domestic markets slowed, said Jagannadham Thunuguntla , strategist and head of research at SMC Global Securities in New Delhi. “While the growth story is definitely on, it is not as fast as anticipated.” […]
State-run Coal India Ltd., or CIL, on Wednesday said in New Delhi that it was in advanced discussions to buy 10 per cent stake in the US-based Peabody Energy Corp's asset in Australia, say reports, quoting Chairman Partha Bhattacharya. The Navratna company, which has been eyeing for coalmines abroad, has earmarked Rs.6,000 crore for this purpose in the current fiscal. He said Peabody was going ahead, it was narrowing down something (that) may get finalized this fiscal. Last month, the company put the deal cost at less than $200 million. […]
Engineering and construction firm Gammon India today said it has successfully acquired an 84.16 per cent stake in Metropolitan Infrahousing Private Ltd. Consequently, Metropolitan Infrahousing is now a subsidiary of Gammon India, the company said in a filing to the Bombay Stock Exchange. The company, however, did not disclose the price at which it acquired the Metropolitan Infrahousing shares. Recently, the company received a Rs310 crore order for supply of steam turbines and boilers for the Nagai power plant. […]
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