Punjab National Bank has bought a controlling stake in the small Kazakh lender Danabank, the two banks said on Monday. The lenders did not say how much PNB had paid for the stake. “The joint bank plans to focus on financing small and medium-sized businesses in Kazakhstan, particularly in the agricultural sector,” they said in a statement. […]

Citigroup is planning to sell its 5 per cent stake in India’s largest commodities exchange group for about $40m to Ashmore, the emerging markets specialised asset manager, people close to the matter said. The move to leave the Multi Commodity Exchange of India comes at a 10 per cent loss for the US bank that acquired its stake two years ago during a period of boom at $50m from Financial Technologies India, which controls the exchange. A person close to the US bank said the move is in line with Citigroup’s broader strategy to divest non-core assets and not a sign that the group is retreating from India. Another person close to the exchange confirmed that Citigroup was planning to leave. […]

Advanta India Ltd today said its US subsidiary has acquired the assets and business of Texas-based Crosbyton Seed Company (CSC). CSC is a leading breeder, producer and conditioner of hybrid sorghum planting seed products including grain sorghum, forage sorghum, millet and sunflower, a company statement said. However, no financial details of the deal were divulged. In 2008, the company had acquired the business of US-based Garrison and Townsend Seed Company, it added. […]

Prysmian acquires 51% of Ravin Cables LTD, active in India and in the United Arab Emirates The new JV gives Prysmian a manufacturing presence in two high-potential markets, particularly in the high added value utilities business. The Prysmian Group, a world leader in the energy and telecommunications cables industry, has taken a majority 51% controlling stake in the Indian group of Ravin Cables for an overall investment of around 26 million euro. With turnover of around 45 million euro in the financial year april 2008 – march 2009 and EBITDA of 4.4 million euro, Ravin is one of India's most competitive and reputed cable manufacturers, with a range including low and medium voltage cables and a market that also extends to Africa and the Middle East. Apart from its principal manufacturing facility in Pune, near Mumbai, Ravin is also present in the Emirate of Fujairah with the company Power Plus Cable Co LLC, a joint venture with the Government of Fujairah, and for which it is in charge of operational management. Power Plus is already equipped to produce high voltage cables. The group has a total of 355 employees in its two facilities in India and the Arab Emirates. […]

With the disinvestment of DPSC, an erstwhile subsidiary of Andrew Yule being complete, the SREI-led consortium, the new owner of the company with a 57.17 per cent stake, on Friday reconstituted the board. Orbis Power Ventures, the Special Purpose Vehicle floated by Srei to acquire DPSC, will now make an open offer for 20 per cent additional stake in DPSC on Saturday itself, Hemant Kanoria, Chairman-cum-Managing Director, Srei told Financial Chronicle. Kanoria said that they had paid the entire amount of Rs 171.85 crore to Andrew Yule, LIC and United India Insurance, who had offloaded their stakes in the company. LIC and United India Insurance hold 30.61 per cent and 11.36 per cent in DPSC, respectively, while Andrew Yule enjoys a 15.2 per cent stake. This coincided with the Supreme Court on Friday quashing and refusing to admit two pending cases: one by Descon, the largest shareholder in DPSC, and the other by the Trinamul Congress backed DPSC union in this regard. […]