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Infrastructure India, a London-listed investment fund, is close to acquiring a 49% stake in Oriental Tollways for Rs 450 crore ($90 million), attracted by the New Delhi-based construction firm’s order book of road projects, a person involved in the transaction said. Oriental is part of New Delhi-based privately-owned Bakshi Enterprises. Oriental Structural Engineers (OSE), Bakshi Enterprise’s infrastructure arm, is undertaking several road and highway projects across the country and will transfer its interests in all these projects to the new company. Dabur India vice-chairman Amit Burman is a shareholder in OSE in a personal capacity. The specialist India-focussed fund will invest in Oriental Tollways through a Mauritius-based subsidiary. “The investment (by Infrastructure India) will come into Oriental Tollways in tranches,” said the person, who is directly involved in the transaction. […]
Differences over valuation have held up Wockhardt Hospital’s plan to raise money from private equity (PE) investors. After talks with several PE players, discussions between Wockhardt Hospital and General Atlantic had reached advance level in August for the latter to pick up around 20% in the Indian hospital chain. But the two companies could not agree on the valuation of the healthcare firm. “There are differences, though talks with General Atlantic has not completely fallen through,” a person with the knowledge of developments told ET. Earlier this year, Wockhardt Hospital had withdrawn its IPO to raise around Rs 700 crore by diluting 24% stake due to adverse market conditions. Wockhardt Hospital plans to invest around Rs 1,000 crore to increase its bed strength to 4,000 from the current 1,500 in the next three years. […]
United Spirits has announced that its board of directors has considered and approved the proposal of merger of Balaji Distilleries into United Spirits. According to the company, the merger, which will come into effect from April 1, 2009, is subject to the necessary approvals. United Spirits has said that through Balaji Distilleries, it secures presence in Tamil Nadu in India. […]
Religare Enterprises Ltd (REL) one of the leading integrated financial services groups of India, confirmed that Religare Securities Ltd (RSL), its wholly owned subsidiary has received clearance from SEBI to acquire the entire shareholding of Lotus India Asset Management Company (Lotus India AMC) from its shareholders. Earlier this month, Religare had announced its decision to acquire Lotus AMC and subsequently announced its restructuring plans relating to Religare's partnership with Aegon in the asset management business in India. Religare had a 50-50 JV with Aegon in 'Religare Aegon AMC'. Religare has also received regulatory approval for divesting its stake in this AMC partnership. […]
Plethico Pharmaceuticals has decided to acquire 20% stake in a CIS retail pharmacy chain for $20 million. In an all-cash deal, Plethico will acquire 20% stake in a subsidiary of Hong Kong-based Tricon Holdings, the company said in a release to the BSE on Friday, without disclosing the name of the target firm. The acquisition is expected to add Rs 100 crore to Plethico’s topline in the first year. On the other hand, Tricon will get access to over 1,000 products from Plethico and its subsidiary, Natrol. The deal is expected to be completed by next month. […]
IJM (India) Infrastructure Ltd (IJMII), a subsidiary of IJM Corporation Berhad (IJM)-one of the largest and diversified construction groups in Malaysia, is looking at diluting its equity stake in matured assets to unlock some portion of investments for better cash flow. The company is open to the idea of offloading its stake to private equity (PE) partners. It has received several enquiries from serious domestic and international PE players in this regard. Speaking to FE, Teh Kean Ming, deputy chief executive officer and deputy managing director of IJM Berhad said, “we are looking at giving away a portion of our equity stake in some of the matured assets (projects that are completed), to unlock the value of the assets to a certain extent. The company is also willing to dilute equity in some of the ongoing projects. The value realised in this process, would be used to meet the capital requirements of the existing and future projects of the company. Equity dilution will happen only at the SPV level and not at the company level. IJMII will be a 100% subsidiary of IJM Berhad.” […]
Tata Chemicals through its wholy owned subsidiary Tata Chemicals Asia Pacific Pte Ltd, will invest Rs 180 crore over four years for a 35 per cent stake in JOil (Singapore) Pte Ltd, a jatropha seedling company set up by Temasek Life Sciences Laboratory Ltd. Tata Chemicals’ investment comes at a time when Tata Sons Chairman, Mr Ratan Tata, has warned of hard times ahead and told group companies to put on hold their acquisition and capital expenditure plans. In a letter sent to heads of the group firms and subsidiaries, Mr Tata has told to “put on hold any plans for acquisition unless considered strategically critical and also defer non-essential capital expenditure and capacity expansion.” […]
Principal Financial Group, a leading US based financial group is looking to acquire an asset management company (AMC) in India as it wants to scale up its fund unit operations in the high-potential market, reports Business Standard. Investment bankers have already been told to look out for possible acquisitions especially those with large equity assets. The company feels that current market situation is best time to do an acquisition because of lower valuations commanded by the company. Principal Financial has three way joint venture with Punjab National Bank and Vijaya Bank, managing about Rs 70 billion. […]
Suzlon Energy is exploring possibilities of selling part of its promoters’ stake in its unlisted Indian units to private equity firms, to raise money for buying Martifer’s equity stake in REpower. The Tulsi Tanti-promoted company, last month, postponed a Rs 1,800-crore rights issue that would have part-financed the Martifer stake buyout, estimated at about $338 mn (about Rs 1,690 crore), according to sources close to the development. Suzlon has 66% in REpower and has to acquire the Portugal-based Martifer’s 22.5% stake, as per an earlier agreement. […]
Philips Electronics India today announced the acquisition of Mumbai-based X-ray machines manufacturer Meditronics for an undisclosed amount. “The acquisition underlines our decision to step up investment in high-growth areas while also delivering on our commitment to supply affordable healthcare solutions in emerging markets,” CEO of parent company Royal Philips Electronics, Mr Gerard Kleisterlee told reporters here. However, he declined to give financial details of the deal like, how much the company paid or what the turnover of Meditronics was in the last financial year. […]
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