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Indian tower and telecom infrastructure company GTL Ltd. is close to an agreement with Qualcomm Inc. of the U.S. to take an up to 26% stake in the latter's proposed broadband wireless access services company, the Business Standard reported on its website Monday, without citing direct sources. The deal is subject to Qualcomm being awarded a pan-India license or a license in some of the 22 circles in the ongoing auction for broadband wireless access spectrum, the website said. […] The Essar Group and Avaya, a global leader in enterprise communications systems, software and services, on Sunday said they had entered into a definitive agreement under which the Essar Group would acquire Avaya's entire 59.13 per cent stake in BSE and NSE-listed AGC Networks (earlier Avaya Global Connect) for $44.5 million, or Rs.206.19 crore, at Rs.245 a share subject to customary Indian regulatory requirements and completion of the mandatory open offer. The acquisition would be done through Essar Services Holdings Limited (ESHL) and Essar Capital Finance Private Limited (ECF). They will come out with the mandatory open offer for an additional 20 per cent stake in AGC Networks at a price determined as per the formula specified in the Securities and Exchange Board of India (SEBI) Takeover Regulations. ECF will make a mandatory public announcement on Monday. Assuming all shares are tendered in the open offer, its total size will be about Rs.78 crore. […] Amtek Auto, an automotive component manufacturer that is based in Delhi has obtained a 26.3% stake in group Company Amtek India from the supporters in a contract worth Rs. 215 crore to merge industry under one flagship firm. On Friday it said that the deal is part of an accord where public-listed Company Amtek Auto has approved to purchase a 40.2% stake owned by the promoters in another listed firm Amtek India at a price not more than Rs. 68 a share. “We are looking at consolidated operations for the automotive vertical under a single company that would give better value for our investors and synergies in our different operations such as purchases, recruitments and sales,” Amtek Auto CFO Santosh Singhi said. […] United Interactive Limited (Formerly Neemtek Organic Products Ltd.) has acquired 51% stake in Netesoft India Limited (www.netesoft.com). UIL has acquires 7,81,400 equity shares of Netesoft India Limited at Rs.10/- per share for cash consideration of Rs.78,14,000/- (Equity Bulls) […] ACK Media has acquired India Book House (IBH) as part of its strategy to develop `end to end` content, distribution and experience delivery capabilities for family entertainment. The new entity will be one of the largest integrated publishing and distribution firms in India. Speaking at the announcement Samir Patil the CEO and founder of ACK Media said , “This acquisition is essential for our overall strategy of expanding the children`s media category to all forms – print, video, games, toys, merchandize, and other products. We are keen to have a direct relationship with the end customer and this is one step forward.“ ACK Media is also looking to raise nearly Rs 1 billion in the next 18 months to expand its portfolio of products and promote itself in India and abroad. […] State-run Bank of India is planning a re-entry into asset management business five years after scrapping its solo venture and is looking for a foreign partner, the Mint newspaper said on Tuesday. Senior Bank of India officials could not be immediately reached for comment. The bank would retain majority 51% stake in the venture and wants a partner with proven expertise in handling the business, the paper quoted an unidentified senior official with the bank. Watch CNBC-TV18 live only on MYTV >> RELATED NEWS RBI: Difficult for H1 borrowing to be cut Also Read See latest News about Bank of India See previous management interviews See what other Experts & Brokerages are saying about Bank of India RSS feed for news Click here The bank has identified five or six players, who can bring offshore funds, and would make a shortlist before starting dialogue, the paper quoted the senior official as saying. […] GMR Infrastructure will announce a $100 million private equity investment in its energy unit in a week, a senior company official said, without elaborating. The private equity deal in the energy unit GMR Energy should be closed this week and there was no plan to list the unit this fiscal, Group Chief Financial Officer Subbarao Amarthaluru told Reuters over the telephone on Tuesday. GMR Energy, which has an installed capacity of 800 megawatts and plans to increase it to 5,500 megawatts, raised $200 million in private equity from Singapore state investor Temasek Holdings last month. GMR Infrastructure also raised $315 million from a share sale to institutions last month. […] Tractors & utility vehicles giant Mahindra & Mahindra (M&M), on Wednesday, said it acquired 55.2 per cent controlling stake in electric car-maker Reva through a combination of equity purchase and fresh capital infusion. M&M will spend Rs 45 crore — Rs 15 crore for buying existing equity and another Rs 30 crore in the form of fresh capital which will be invested in the new plant of Reva in Bangalore. The company will now be named Mahindra Reva Electric Vehicle Company Limited with M&M Automotive Sector President Pawan Goenka as the Chairman and Reva’s Chetan Maini as Technology & Strategy Chief. The new board will include five nominees from M&M, two from Maini family, and one from AEV LLC, California, co-founders of Reva and an independent director will be inducted in due course. […] Valeo today announced that it now owns 100% of the capital in its electrical systems manufacturing entity based in Pune, India. Valeo previously held a 66.7% stake and the N.K. Minda Group 33.3%. The company, which produces alternators and starters for passenger cars, will be named Valeo Engine and Electrical Systems India Private Ltd. This transaction is in line with Valeo's strategy to reinforce its presence in high-growth emerging countries. Valeo plans to devote over 60% of its investments to these countries in order to reinforce its positions, notably in China, India, Brazil, ASEAN, Russia and Turkey. The Group has been present in India since 1997. It employs around 1,000 people at four production plants, in Chennai (transmissions and friction materials) and Pune (security systems and electrical systems), and at the Valeo Engineering Center India in Chennai. The production of lighting systems and wiper systems will be launched in India later this year. […] ICICI Bank Ltd is acquiring Bank of Rajasthan Ltd for around Rs3,000 crore in a share swap transaction. Interestingly, its market capitalization has fallen by around Rs7,200 crore, around 2.3 times the acquisition amount. That’s a big thumbs-down from the market. Of course, it must be noted here that the broad markets fell by around 3% on Wednesday, and ICICI shares would have lost around Rs3,000 crore in value even if they only mimicked the drop in the markets. Even so, investors have demonstrated that they are highly disappointed with the deal, and especially the valuation. Bank of Rajasthan had an adjusted book value worth Rs559 crore at the end of December, so the acquisition price works out to 5.5 times book value. Other old private sector banks such as Karur Vysya Bank Ltd, Federal Bank Ltd and South Indian Bank Ltd trade between one and two times their book value. What’s more, Bank of Rajasthan is running losses and banks such as Axis Bank Ltd and Yes Bank Ltd which have high profit margins trade at much lower price-book multiples. […] |