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London Stock Exchange Plc. (LSE) and New York Stock Exchange Euronext (NYSE) may pick up a 5% stake each in India’s newest stock exchange, MCX Stock Exchange Ltd (MCX–SX), according to two persons close to the development. MCX-SX is promoted by Financial Technologies (India) Ltd (FTIL) and Multi Commodity Exchange of India Ltd (MCX). Both the promoters are required to pare their stakes to comply with ownership regulations of the capital market watchdog Securities and Exchange Board of India (Sebi). They need to do it by 15 September, a year after MCX-SX started currency futures trading. […]
McLeod Russel India’s UK subsidiary Borelli Tea Holdings Ltd has picked up a 75 per cent stake in US-based Olyana Holdings LLC for $2.75 million (about Rs 13 crore). George W. Rubagumya, the promoter of Olyana Holdings, will hold the remaining 25 per cent stake, according to a shareholders’ agreement signed between the two parties. Olyana had earlier signed a share sale agreement with the Rwanda government to acquire a 60 per cent stake in Gisovu Tea Company. […]
Nasdaq-listed Perrigo Company has acquired an 85% stake in Mumbai-based Vedants Drugs and Fine Chemicals. Sources revealed that Perrigo taken the decision on acquiring stake as it plans to make India a major global production base for the company. Presently, Vedants is setting up a new European Union and US Food and Drug Administration- (FDA) complaint manufacturing facility at Ambernath, near Mumbai. […]
India's biggest mobile operator Bharti Airtel (Bharti) and South African telecom major MTN Group announced last week that they have extended the deadline for exclusive merger talks till September 30, indicating that the two parties are close to clinching the deal, which is being billed as India's biggest-cross border deal, eclipsing Tata Steel's acquisition of Anglo-Dutch steel major Corus for $12.2 billion in 2006 and would create an emerging markets giant with 200 million mobile subscribers in more than 20 countries across India, Africa and the Middle East. The deadline extension has, however, created concerns among investors in India and market watchers claimed that the deal structure is too complex to succeed.In India the deal could also face regulatory issues. Analysts have also brushed aside concerns that FDI restrictions in India could pose a problem. […]
Anil Ambani-run Reliance Money may acquire five per cent more stake in the National Multi-Commodity Exchange of India (NMCE) to take its total holding to 15 per cent in line with the new guidelines. “As per the new guidelines issued by the Forward Markets Commission (FMC), we can take an additional five per cent stake in NMCE,” Reliance Money Managing Director Sudip Bandyopadhyay told PTI here. […]
Realty firm Modern India today said that it has initiated dialogues with private equity firms to raise Rs 150 crore for part-funding the roposed IT/ITeS Special Export Zone at Khopoli in Maharashtra. “We are talking to private equity players both in India and abroad, to raise Rs 150 for developing the IT/ITeS SEZ at Khopoli,” Modern India's Chairman V K Jatia said. The deal is likely to be sealed within the next six months, he said, adding that the company might have to dilute upto 30-35 per cent stake in the project for raising the fund. […]
The $200 million fund, which focuses on small and medium enterprises, picked up the stake in the optical networking equipment manufacturer in a secondary deal. FSL refrained from giving details. “It's a complete stake sale. Unfortunately, we can't disclose the seller's name or value of the transaction,” a spokesperson said. Existing investors in Tejas include Battery Ventures, Cascade Capital Management, Mayfield Funds, Intel Capital, Goldman Sachs and Sandstone Private Investments. […]
Financial services firm Religare Enterprises has submitted a non-indicative bid to buy the Asian private banking assets of Dutch insurance and banking major ING, said a person familiar with the development. Zurich-based financial services firm Credit Suisse and a couple of Singapore banks are also said to be in the fray for the business that manages assets of e11 billion (Rs 75,250 crore), he said, requesting anonymity. […]
International Coal Ventures Pvt. Ltd (ICVL), a company set up by five state-owned firms, is in talks with a leading coking coal producer in the US for acquiring a stake in the company as a precursor to accessing mining concessions in that country. ICVL, owned by NTPC Ltd, Steel Authority of India Ltd(SAIL), Coal India Ltd (CIL), Rashtriya Ispat Nigam Ltd(RINL) and NMDC Ltd, is being advised on the transaction, code-named “Project Roy”, by Giuliani Partners Llc, a management consulting business founded by former New York City mayor Rudolph Giuliani. […]
Petronet LNG, the country's biggest liquefied natural gas importer, is in talks with Canadian producer Interoil on buying a stake in Interoil's proposed Papua New Guinea project, a senior executive said on Tuesday. Petronet Managing Director Prosad Dasgupta also told reporters on the sidelines of the LNG World conference in Perth that the company was seeking more LNG from Chevron 's Gorgon project in western Australia and from an ExxonMobil project in Papua New Guinea. (Forbes) […]
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