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Carborundum Universal (CUMI), part of Chennai-based Murugappa Group, has reiterated its intention to buy out 3M’s stake in joint venture company Wendt India, which has proved to be a bone of contention between the two for over a year now. “I think still nothing has moved since last time,” CUMI MD K Srinivasan said in the company’s fourth quarter conference call. “”They have not come back to the table for any discussion or negotiations. And the Company Law Board […] The Indian irrigation and sustainable agriculture giant, Jain Irrigation announced today that it has signed an agreement with Kibbutz Naan, to acquire the remaining 50% of the Israel based irrigation solutions Company NaanDanJain, which till now has been equally owned by Jain and Kibbutz Naan. This acquisition realises the call option that Jain Irrigation has held since acquiring the first 50% in 2007. Since signing the first agreement in 2007, NaanDanJain has increased its sales turnover more than 25%. In […] Logistics major DTDC Courier and Cargo has acquired 53% stake in UAE-based Eurostar Express for an undisclosed amount. “The acquisition allows DTDC to combine its strength with Eurostar and penetrate and consolidate its presence all over the West Asia, including GCC and MENA areas, more comprehensively,” said Suresh Bansal, director and head of international business, DTDC. DTDC’s move to invest in a global company comes at a time when foreign companies are largely investing in firms in India. […] Japan’s largest electronics company, Panasonic announced plans to acquire 76.2% stake in Firepro Systems, a Bangalore-based company in infrastructure protection and security solutions such as fire alarm, fire suppression, video surveillance and building management. Panasonic has also decided to enter into a definitive agreement for subscription of new shares through its wholly-owned subsidiary, Anchor Electricals. Panasonic will acquire a portion of Firepro’s ordinary shares owned by financial investors, while Anchor will invest in Firepro through a fresh issue of […] US telecom giant Qualcomm Inc will rope in an operator as partner, who would initially pick up the 26 per cent stake held by Tulip Telecom and GTL Group in its India broadband wireless access (BWA) venture. The two hold 13 per cent each in the venture. Talks with Bharti Airtel as the new partner, in their final stages, are expected to be completed soon as the US company received BWA spectrum in four circles yesterday after more than 18 […] Schroders is acquiring a 25 per cent stake in Indian asset manager Axis Asset Management Company from Axis Bank. The stake in the asset manager, which has gathered £1.4bn in assets under management since it launched in 2009, will be acquired through subsidiary Schroder Singapore Holdings Private. Schroders chief executive Michael Dobson says: “This enables us to participate in the growth opportunity represented by the Indian mutual fund market. In addition to distributing Axis Asset Management Company’s funds internationally, there […] Louis Vuitton Moet Hennesy (LVMH) bought 8 percent stake in Fab India, the Indian clothes and lifestyles products retailer. The stake sale saw the exit of Wolfensohn Capital Partners exit from the company. The deal value was around Rs. 150 crore, according to AZB & Partners, the law firm which advised LVMH in structuring the transaction and carried out due diligence, drafting, negotiation and finalisation of the transaction documents. L Capital bought the stake from venture capital fund Wolfensohn Capital […] Axis Bank has reworked the exchange ratio in the Enam deal, which has been cleared by the Reserve Bank of India, from 5.7:1 to 5:1. In other words, Enam shareholders will receive 5 shares of Axis Bank for each Enam share as against 5.7 earlier. The bank’s board approved the reassessment of valuation in its Friday meeting. Besides the Enam deal, the board approved the sale of a 25% plus one share stake in Axis Mutual Fund to Schroders […] Peter Chernin’s CA Media acquired a 49 percent stake in the Indian unit of television producer Endemol NV. Deepak Dhar, Endemol India’s managing director, will become chief executive, Chernin Group said today in an e-mailed statement. Chernin, the former News Corp. chief operating officer, received a $200 million investment last week from Providence Equity Parters. Source: Bloomberg The holding of promoters led by Pawan Kumar Ruia in Dunlop India will be reduced to 38.53% if the proposal to issue five crore fresh shares to offset a Rs60 crore inter-corporate loan goes through, reports PTI. Post-allotment, the Ruia group’s control (the existing promoters) will be slashed from 65.29% to 38.53%, Mr Ruia, the group chairman told PTI. The loan was taken for working capital requirements and the allotment to these entities would help in better restructuring of the […] |