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Abbott Laboratories Inc said it plans to widen its array of nutritional brands in India by paying $130 million for the nutrition businesses of Wockhardt Ltd, certain Wockhardt subsidiaries, and Carol Info Services Ltd. The suburban Chicago healthcare company said the cash deal for the businesses, which have 600 employees, is expected to close in the second half of 2009 and is not expected to affect its full-year profit forecast. Abbott, which has operated in India for a century and has 1,500 employees there, already sells a number of nutritional products in the world's second-most-populous country. They include Abbott's infant formula Isomil, PediaSure for children ages 1 to 13, adult nutrition brand Ensure, and Glucerna nutrition products for diabetics. […]
Ess Dee Aluminium, a leading provider of packaging solutions, is in advanced talks to buy Comital, an Italian firm almost five times its size, for $125-150 million. A deal will help Ess Dee Aluminium expand its presence in the consumer packaging business and ramp up global operations. “We have been looking overseas for acquisition opportunities. But I have no comments to make on any specific transaction,” said Sudip Dutta, CMD of Ess Dee Aluminium. Mr Dutta owns close to 60% of the publicly listed firm, which provides packaging solutions for drugmakers and food industry. Comital is majority owned by Milan stock exchange-listed investment group Management & Capitali. Comital group had revenues of $403 million for the year ended December 2008. Bank of America Merrill Lynch is the banker facilitating the transaction. […]
The Bangalore-based Healthcare Global (HCG) is gearing up for its overseas debut even while negotiating with a few private equity players to close its fourth round of funding. The oncology major is in advanced talks with PEs including a US-based one, to raise Rs 50 crore. So far, the Rs 110-crore specialised healthcare operator has raised about Rs 50 crore from IDFC Private Equity, Evolence India Life Sciences Fund and PremjiInvest. This time around, India Venture Advisors, the Piramal-group healthcare focused private equity fund is also in the fray. Having made considerable headway in its talks with HCG, it is ready to infuse Rs 60 crore. However, further details on the deal are not available. […]
NDTV Profit was the first to report this last week and now in the latest development, troubled infrastructure firm Maytas, which has asked to be sold, may find no dearth of bidders. Maytas was pushed into the limelight after its founders ended up in the dock for cooking up India' biggest fraud at sister firm Satyam. The race to acquire Maytas Infra is heating up and is likely to be as closely watched as the race for Satyam. Big infrastructure companies have jumped onto the bandwagon, and are all vying for a piece of the Maytas Infra pie.Even as buzz about the beleaguered Maytas Infra scouting for strategic partners grows louder, Hong Kong-headquartered brokerage and investment group CLSA has picked up a total 6.86% equity in the company. CLSA is learnt to have mopped up the entire equity through open market transactions in the month of July through its Mauritius arm CLSA (Mauritius) Limited. […]
Pizza Corner-owners Global Franchise Architects (GFA) is considering raising funds through private equity investment or through venture capitals as it looks to a 30-40 per cent compounded growth in the next three-four years. The food service chain, which also owns food service brands such as Pizza Corner, The Donut Baker, Coffee World and The Cream and Fudge Factory, is considering raising funds by the end of the year, said Joseph Cherian, Chief Executive Officer, GFA India, and MD, Global Services. He did not say how much funds the company plans to raise or how much of a stake it intends to offload. […]
Venture capital firm Sequoia Capital India has invested 400 million rupees ($8.2 million) in telephone and web search services provider, Just Dial, the firms said in a joint statement on Thursday. Sequoia Capital India's managing director Sandeep Singhal will join the board of Just Dial, which has over 90 percent of the market share and reaches out to about 400 million mobile customers and 40 million internet users, they added. The number of calls Just Dial receives has more than tripled to 200,000 per day in three years, the statement said adding over 100,000 small and medium enterprises advertise on Just Dial. […]
Falcon Tyres, part of the Ruia Group, is drawing up plans to offload its promoter’s stake by a few percentage to a private equity firm for Rs. 100 crore according to latest media reports. The amount raised will then be deployed to scale up its output at Mysore to 14 lakh units per annum by 2010-11. The manufacturer of Dunlop Tyres is currently in the process of preparing our presentation and aims to raise the money in a couple of months. In addition to that, the company will also introduce tubeless tyres in its portfolio shortly, in a bid to increase profitability. It is to be mentioned that Falcon currently manufactures two- and three-wheeler tyres under the Dunlop brand name. […]
Reliance Infrastructure (Rel Infra) has acquired a 51 percent stake in Reliance Cementation from another group firm Reliance Natural Resources (RNRL). Consequently, Reliance Cementation, the newly-created company of the diversified Anil Ambani Group for its foray into the cement business, has become a subsidiary of the Reliance Infrastructure that runs power generation, distribution and transmission businesses. Addressing the shareholders at Rel Infra's annual general meeting, group chairman Anil Ambani said: “We have plans to set up cement capacity of 20 million tonne per annum with an investment of nearly Rs 10,000 crore over the next five years. This will make us the top five cement player in the country,” Mr Ambani told the shareholders. […]
French shipping firm Louis Dreyfus Armateurs SA (LDA) has bought a 49% stake in the bulk port handling business of port logistics firm ABG Infralogistics Ltd, a top company official said. “The deal is done,” said Saket Agarwal, managing director of ABG Infralogistics. An official announcement will be made on Friday, he said over the phone from Mumbai. Louis Dreyfus will pay Rs90 crore to ABG Infralogistics for the stake purchase, Agarwal said. The deal was cleared by India’s Foreign Investment Promotion Board (FIPB) a few months earlier. FIPB vets all foreign investments coming into India. The deal comes even as the world battles a crash in commodity demand and prices, triggered mainly by the global economic slowdown. Ahead of the sale, ABG Infralogistics had hived off its bulk cargo handling assets operating at Union government-owned New Mangalore, Paradip and Vizag ports into a separate subsidiary ABG Bulk Handling Pvt. Ltd. […]
The country's third largest national level stock exchange, MCX Stock Exchange (MCX-SX), has appointed global investment banker Nomura Financial Advisory for selling stake in the company to private equity firms. MCX-SX, promoted by Financial Technologies (India), currently runs currency derivatives trading and is awaiting regulatory approval to begin equity trading. MCX-SX, which is understood to be in talks with several private equity firms for selling stake in the company, has appointed an investment banker for divestment process. […]
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