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Hinduja-owned IndusInd Media and Communications (IMCL) is in talks with private equity investors to raise $75 million to fund the second phase of cable TV digitisation. IMCL has mandated Ernst & Young to find an investor for its funding requirement. “With India mandating digitisation, there is a huge appetite to invest in cable TV companies. We are looking at raising $75 million. E&Y has been given the mandate for this purpose,” IndusInd Media & Communications chief executive officer Nagesh Chhabria […]
Fair trade regulator Competition Commission of India (CCI) today said it has approved Religare group’s 49 per cent stake sale in its mutual fund business to global investment management firm Invesco. According to the deal, reached in September, US-based Invesco is acquiring 49 per cent stake in Religare Asset Management Company and Religare Trustee Company Pvt Limited, which manage assets worth over Rs 14,600 crore for Religare group’s mutual fund business.
Invesco is acquiring the stake through a group […]
Drinks giant Diageo Plc has agreed to buy up to 53.4% stake in United Spirits Ltd (USL) for $2 billion (over Rs 11,000 crore) in a deal combining the world’s most valued liquor company with the largest volume player.
This one swig makes Diageo the new master of India’s booming liquor market with more than 50% share. India, one of the fastest growing geographies for alcoholic beverages, also becomes Diageo’s second largest market after the US.
The British behemoth, however, […]
Indian lubricants maker Gulf Oil Corp said on Tuesday it has acquired U.S.-based specialty chemicals company Houghton International HGINL.UL from a private equity fund for $1.05 billion. Gulf Oil, part of the diversified Hinduja Group, said Houghton’s strong presence in the industrial segment would complement its own range of automotive lubricants, and expected synergies in manufacturing, sourcing and distribution. Houghton sells metal working fluids across North America and Europe and operates 12 plants globally. It reported an operating profit of […]
DUSA Pharmaceuticals (Nasdaq: DUSA), an 86-person life sciences firm focused on dermatology, has agreed to be acquired by Mumbai, India-based Sun Pharmaceutical Industries Ltd. and DUSA Pharmaceuticals Inc. for $230 million. The price of $8 per share in cash is a 38 percent premium on DUSA’s closing share price Wednesday, Nov. 7.
Under the terms of the agreement, a subsidiary of Sun Pharmaceutical will commence a tender offer for all of the outstanding common stock of Wilmington, Mass-based DUSA after […]
Morgan Stanley has launched the sale of its India private wealth management unit, which manages about $1 billion including loans, after entering the highly fragmented and competitive market just four years ago, sources with knowledge of the matter said. Wealth management platforms are usually sold for about 2 to 3 percent of the assets under management, although the sources said it was not yet clear what price tag the unit could fetch. Morgan Stanley has launched a strategic review of […]
Mumbai-headquartered women’s footwear brand Catwalk Worldwide is in advance talks with private equity fund India Value Fund Advisors (IVFA) to sell around 26 per cent stake for $18 million (around Rs 100 crores). The plan is to utilise the raised equity for retail expansion by setting up standalone stores and few acquisitions for backward integration.
Founded in 1990, Catwalk has 40 stand-alone stores and around 250 shop-in-shops in India. Also, it is in talks with Sri Lankan retailer Odel and […]
Auto component maker Anand today said it has acquired a stake in Mando Steering Systems India for an undisclosed amount. “Anand, India, has recently entered into a joint venture partnership with Mando Corporation, Korea, having acquired a stake in Mando Steering Systems India on October 29, 2012,” the domestic firm said in a statement. The company, however, did not share any detail such as the stake acquired, the valuation and the equity holdings of the two firms in the JV. […]
Wealthy businessmen and private equity biggies have queued up to buy Moshe’s, one of Mumbai’s well-known bistros built over the past decade. Anjan Chatterjee of Mainland China, New Silk Route and Bangalore-based hotelier Prakash Shetty are in the reckoning to acquire majority ownership from the 43-year-old Jewish owner, Moshe Shek, who runs a chain of around ten cafes and restaurants.
Shek, who earlier worked in the kitchens of the Taj Mahal hotel in Mumbai and Tel Aviv Hilton, is considering […]
GE Capital, the investment arm of General Electric, has picked up a 7.69% stake for Rs 125 crore in Syngene, a subsidiary of Biocon. The deal values the biotech company’s subsidiary at about Rs 1,624 crore. Syngene, a contract research organization, is into drug discovery and development services. Its client list includes Bristol-Myers Squibb, Abbott, Endo Pharma and DuPont. “This stake investment is not just a financial investment. GE has leading edge expertise in lifescience technologies and we believe that […]
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