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The United Kingdom’s largest UPS supplier, Chloride Group, has entered India through a 90 per cent stake purchase in the Pune-based UPS maker, DB Power Electronics Pvt Ltd, at an approximate cost of Rs 253 crore. The deal follows a four-year-old strategic partnership between Chloride Group and DB Power Electronics for sales and servicing of Chloride Group products in India, Nepal and Bangladesh. With this deal, Chloride Group has acquired a majority shareholding in DB Power Electronics and will take over three manufacturing units in Pune and Satara, along with a research and development facility in Pune city. DB Power Electronics had reported revenues worth Rs 270 crore. […]
India’s largest consumer goods company, Godrej Consumer Products Ltd (GCPL), has told its US partner Sara Lee Corp. that it is willing to acquire its household and body care business in countries such as Indonesia, Malaysia, Singapore and Thailand, in addition to its 51% stake in the Indian joint venture, Godrej Sara Lee Ltd, according to H.K. Press, vice-chairman of GCPL. Under the home and body care segment, Sara Lee manufactures and sells products such as Kiwi shoe polish, Brylcreem hair cream, Radox body wash, Ambipur air fresheners and GoodKnight insecticides. In some countries, it also sells food products and beverages. In North America, it runs bakeries and sells meat products to retail chains such as Wal-Mart Stores Inc. On 30 March, Illinois-based Sara Lee had said in a press statement that it was “reviewing strategic options for its international household and body care business after receiving expressions of interest”, including outright sale. […]
Reliance Industries has picked up a 67% stake in Krishna Godavari Gas Network Limited (KGGNL), a company floated by the Andhra Pradesh government to set up India's first state-wide gas distribution network. The shareholders' agreement should be signed next week. CNBC-TV18’s Vishwanath Pilla and Ashwin Mohan report. RIL has picked up a 67% stake in Krishna Godavari Gas Network Limited… a company mandated to set up a state-wide gas distribution network. The Andhra government, GSPC and IDFC are the other stakeholders, each holding 11%. […]
Ushacomm, an IT solutions vendor, is eyeing acquisition in India, continental Europe or the UK in the telecom product space. Saugata Banerjee, executive director, Ushacomm, said the acquisition is likely to be made within the current fiscal and the size of the target firm could be less than $200 million. The buy would be funded through promoters' equity, he said. Ushacomm, which caters to the telecommunications segment, is also set to enter new areas such as power with its billing software. […]
Private equity firm Warburg Pincus plans to sell its 50.12 per cent stake in business process outsourcing firm WNS Global Services, according to a report by the Economic Times. WNS, India’s second largest BPO firm, is listed on the New York Stock Exchange and expected to achieve a valuation of around $800m. This price would provide Warburg with an exit payout of $400m. Warburg paid just $40m when it acquired a 64 per cent stake in WNS from British Airways in 2002. […]
Bombay Stock Exchange Ltd (BSE), Asia’s oldest, will pick a 15% stake in United Stock Exchange of India Ltd (USX) and will jointly offer currency futures trading, said a person familiar with the development. BSE’s board, which met on Wednesday evening to discuss this, approved it unanimously, the person said. He declined to be identified because he is not authorized to speak to the media. BSE spokesperson Kalyan Bose declined comment. “There have been some general discussions between BSE and us,” said T.S. Narayanasami, who on Tuesday was appointed as managing director and chief executive officer of USX. […]
Existing institutional shareholders are likely to hold a total of 20 per cent in the bourse. The MCX Stock Exchange (MCX-SX) would offload 47 per cent of its stake in the next two months with the intention to mop up around Rs 3,000 crore, a senior merchant banker said on Monday. MCX-SX, promoted by Financial Technologies, currently runs only currency derivatives trading and is awaiting approval from the Securities and Exchange Board of India (Sebi) to start trading in equities. “Banks are speaking to several investors to offload 47 per cent stake of MCX-SX. The talks are at an advanced stage and we hope to complete the process in the next two months,” said Rakshad Kapoor, investment banking head of Antique Capital Market. […]
Financial services major Kotak Group on Tuesday (August 4) purchased 51% stake in Ahmedabad Commodity Exchange (ACE) and plans to convert the regional exchange to a national one within a year, a senior exchange official said. “Kotak purchased 51% stake in ACE after getting an approval from the regulator Forward Markets Commission (FMC),” the Exchange's Director S A Narayan said. The group today also informed the Bombay Stock Exchange that it is an anchor investor in ACE. “Kotak Mahindra Group has invested in ACE today, having obtained all necessary regulatory and other approvals,” the company said. The Ahmedabad Commodity Exchange, which deals in castor seeds futures, has an average daily trading volume of about 5,000 tonnes. […]
Essar Oil, through its arm Essar Energy Overseas, has picked up a 50 per cent stake in Kenyan Petroleum Refineries through the acquisition of stakes from Shell, British Petroleum and Chevron. The Kenyan Government will hold the balance 50 per cent in this four-million-tonne refinery located in Mombasa. While there were no details on the cost of acquisition, Mr Prashant Ruia, Chief Executive, Essar Group, told presspersons in a conference call that the refinery would be upgraded by adding secondary units at a cost of $400-450 million. In the process, the capacity would increase to five million tonnes. The company would also pay the Kenyan Government $2 million for not exercising the buyback option of shares owned by Shell, BP and Chevron. […]
State-owned telecom service provider BSNL plans to pick up a 10-15% stake in Essar Group’s Kenyan subsidiary as it looks to gain a foothold in Africa, one of the fastest-growing telecom markets in the world. The Essar Group, with interests in telecom, shipping, steel, power and oil, holds 80% in Essar Telecom Kenya, while the remaining 20% is held by local shareholders. A BSNL official confirmed that talks are on between the two companies. “Valuations are being discussed. We are doing the due diligence,” the official told ET NOW, requesting anonymity. The Essar Group declined to comment on the development. […]
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