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Having set a target to quadruple its total business to Rs.1 lakh crore by 2021, city-based Saraswat Co-operative Bank is eyeing to acquire up to six banks in the near future, a top official said. “In all, over 66 banks have approached us. Twenty one of them are under our scanner, five are designated candidates and one will be acquired immediately,” bank's Chairman Eknath Thakur told reporters here on Friday. Mr. Thakur mentioned two banks — Vadodara's Anyonya and Ichalkaranji Urban Cooperative Bank — as targets but said Saraswat's plans were meeting resistance because of legal issues in both cases. […]
Bank of Baroda on Tuesday said it has decided to takeover some asset and liabilities of the city-based Memon Cooperative Bank. Approval of government and Reserve Bank of India has been received for the purpose, Bank of Baroda informed the Bombay Stock Exchange. The bank will formulate a scheme for the take over which will be subject to further approvals of the appropriate competent authorities, it said. Memon Cooperative Bank has 18 branches across Maharashtra and Gujarat. RBI, the banking sector regulator, had suspended the operations of the cooperative bank in May last year owing to poor financial health. […]
The RPG Group-promoted Integrated Coal Mining Ltd, an affiliate company of power producer CESC Ltd, has acquired 10 per cent stake in Resource Generation (RG), an Australian coal mining company, for $10.5 million (Rs 45 crore). Integrated Coal Mining will purchase a million tonnes of thermal coal per annum for three years and two million tonnes per annum for a further 17 years from RG’s Boikarabelo mine in South Africa. RG has agreed, it said in a statement, to place 18,268,053 shares with Integrated Coal Mining at a share price of $0.575. RG is a public company dual-listed on the Australian and Johannesburg stock exchanges, with coal mining assets in Tasmania in Australia and in South Africa. It also has uranium exploration projects in central-west Africa’s Cameroon. CESC is India’s third largest power utility, with an installed generating capacity of 1,225 Mw. It serves nearly 2.5 million consumers across Kolkata and Howrah. It is increasing this generating capacity to 5,745 Mw. Its officials could not be spoen to for their views. […]
Vijay Mallya-led United Spirits Ltd (USL), the country's largest liquor maker by sales, has bought a 54.69% stake in promoters' equity in Hyderabad-based Pioneer Distilleries Ltd for '73.95 crore. In a share purchase agreement signed on Tuesday, USL bought 7,322,280 shares in Pioneer Distilleries at '101 each from its promoters, the Hyderabad-based Sudhir Rao and family. USL will make an open offer for an additional 20% stake held by minority shareholders. In June, Rao and his family held 54.99% stake in the firm. The acquisition, according to a company filing to stock exchanges, comes at a time when USL is exploring ways of shoring up its distillation capacity to gain better control over supplies of extra-neutral alcohol (ENA), the primary ingredient in Indian made foreign liquor (IMFL)–as locally made spirits such as whisky, rum and brandy are classified. […]
Financial services firm Religare Enterprises on Wednesday said it will acquire 50 per cent stake in Sri Lankan brokerage firm Bartleet Mallory Stock Brokers(BMS). Religare on Wednesday announced its intention to acquire a 50 per cent stake in Sri Lanka's BMS, engaged in stock broking, online trading, and investment advisory, the company said in a statement. However, Religare did not disclose the financial details relating to the deal. The transaction is subject to regulatory approvals in India and Sri Lanka. Commenting on the transaction, Religare Group CEO Shachindra Nath said, “With the upsurge in economic and capital markets indicators over the last one year, Sri Lanka is positioned as an attractive frontier market and this addition would give strength to our Emerging Market Investment Banking platform.” The transaction would help Religare leverage its strength in retail stock broking in India and expand the leading position of BMS in retail broking as well, the statement added. […]
Aqua Logistics will be acquiring upto 60 per cent stake for an undisclosed sum in Chennai-based Star Distribution Logistics, the company said here today. The acquisition will help Aqua, a third-party logistics solutions provider, strengthen its distribution and reverse logistics capabilities as also get new clients in the FMCG, pharma and consumer electronics space, currently serviced by Star, read a press release by the company. Aqua will pick 40 per cent stake in Star initially and subject to business done by Star and other conditions, it will acquire an extra 20 per cent within two years, giving it complete control over the target company, the release said, without specifying the deal size. “The acquisition would help us strengthen our pan-India presence and address a wider customer base,” Aqua's Vice- Chairman M S Sayad said. […]
The race to acquire Ahmedabad-based Paras Pharmaceuticals is growing more intense, with healthcare majors such as Piramal Healthcare throwing their hats in the ring. While Piramal confirmed its interest, sources familiar with the developments said Glaxo, Sanofi-Aventis and Abbott are also eyeing the Rs500-crore Indian firm. Fast moving consumer goods companies such as Emami, Dabur and Marico are already in the race to acquire a controlling stake in Paras. “The target is of interest to us,” confirmed Piramal Healthcare Group President and CFO N Santhanam, adding: “The product profile of Paras is similar to ours. There is a fit,” he said. Like Paras, Piramal has a combination of over-the-counter and personal-care products in its portfolio, which falls under the consumer products division. This includes strong brands such as Saridon (a tablet for headaches), Lactocalamine (a lotion), Polycrol (an antacid), Supractiv (a nutritional supplement) and i-Pill (an emergency contraceptive pill) among others. i-Pill was acquired in April from Cipla for around Rs100 crore. […]
Three-wheeler maker, Atul Auto, is interested in acquiring a “not-less-than 51 per cent stake” in Scooters India, a public sector undertaking in which the Government is mulling a divestment. “We are interested in acquiring a majority stake in Scooters India. We will not go ahead with the deal if the Government sells us less than 51 per cent stake,” Atul Auto's Director, Vijay Kedia, told PTI here. Heavy Industries and Public Enterprises Minister, Vilasrao Deshmukh, had earlier said the Government was scouting for a joint venture partner to revive Scooters India. “We are going for a joint venture (for Scooters India) and there are many companies which have shown an interest,” Deshmukh had said. […]
State-run miner NMDC Ltd is keen on picking up 10 per cent equity in Australian mining firm Riversdale Mining, in which Tata Steel also has 19.38 per cent stakeholding, a top official of the company said today. “We are interested in picking up equity in Riversdale,” NMDC chairman and managing director Rana Som told reporters on the sidelines of CII function here today. Asked how much stake was NMDC eyeing in Riversdale, he indicated that it would be 10 per cent. Tata Steel had joined hands with Riversdale for developing mining activity in Mozambique. Som said that NMDC had also tied up with Tata Steel for jointly developing assets in that country. […]
Power transmission contractor KEC International said on Tuesday it has signed a $95 million agreement to acquire SAE Towers Holdings from a unit of US-based private equity firm, Acon Investments. The acquisition, expected to close this month, would be on a cash-free, debt-free basis and would add to KEC International's earnings from 2010/11, the company said in a statement. The deal will strengthen KEC's foothold in the markets of North America and Latin America, where transmission and distribution spends are increasing, it said. […]
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