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Technical textile manufacturer SRF Ltd on Monday said it has completed the acquisition of Thailand-based Thai Baroda Industries (TBIL) for Rs 100 crore. In a filing to the Bombay Stock Exchange SRF Ltd announced the closure of the acquisition of TBIL. “All financial dues as per the restructuring plan have been paid,” the SRF Group subsidiary said. Aiming to become a global player, the domestic firm, in May, had signed a definitive agreement with the Thai firm. TBIL has an annual production capacity of 12,000 tonnes of dipped nylon tyre cord fabric with annual sales of about USD 50 million. […]
Duncan Goenka group company, Stone India, is eyeing an acquisition in Europe to capture the European railway components market. The company is close to acquiring a controlling stake in an European firm manufacturing products for railways for little less than Rs 200 crore. Speaking to mediapersons at a meeting held in Kolkata on Monday, Stone India chief executive officer & managing director Amitava Mondal said: “We are trying to buy the company through the bidding process. A special purpose vehicle (SPV) will be formed and registered at either Cyprus or Netherlands to buy the assets of the European firm.” […]
Retail chain Subhiksha continues to be in news. This time it is about the substantial investment attracted by the company from leading Singapore-based FIIs. According to sources, the company has almost struck a deal with 3 or 4 FIIs for raising $100 million through the issue of fresh shares at high premium. The FIIs are slated to pick up 9 to 10% stake in the company. It comes close on the heels of Wipro chairman Azim Premji acquiring 10% stake by investing Rs 230 crore in Subhiksha through his investment arm. […]
After Anil Ambani group and Indiabulls, financial services major Kotak group is set to become the third leading corporate house to enter commodity bourse arena with plans for a majority stake in Ahmedabad Commodity Exchange. The regional stock exchange has sought clearance from the commodity market regulator Forward Markets Commission for selling a majority stake to the Kotak group, sources said. “The Ahmedabad Commodity Exchange, which deals in castor seeds futures, has an average daily trading volume of about 5,000 tonnes,” exchange officials said. However, Kotak group’s plans would depend to a large extent on the release of FMC guidelines for the regional exchanges. “We are waiting for the guidelines from FMC and accordingly Kotak group will buy the stakes,” an exchange official said. Though Kotak is seeking to buy 51% stake in the exchange, it is ready to go for a smaller equity if FMC fixes a lower cap on the promoter holding. In its guidelines for national-level exchanges, FMC recently fixed a maximum limit of 40% for stake to be held by a promoter. The Ahmedabad Commodity Exchange has 212 members and the shares in the company will be distributed among them after the guidelines for regional exchanges come out, officials said. […]
Dempo Group, one of the biggest players in iron ore in India, is planning to raise around Rs 1,500 crore for expanding its petroleum coke business. The company plans to divest stake in flagship mining company — VS Dempo — to support its expansion plans. The Rs 2,000-crore group is believed to be in talks with three PE firms and the deal would be sealed by the end of the month, sources close to the development said. The company plans to invest funds in its Goa Carbon petroleum coke business. According to sources, the group is looking at setting up a plant in Gujarat near Vadodara with additional funds. When contacted VS Dempo chairman Shrinivas V Dempo told ET: “We would need around Rs 1,200 crore for supporting our petroleum coke business. We would sell stake in our iron ore business to support this.” There were also talks that the company would be selling off the iron ore business all together. But later on, it is believed, the company instead decided to sell a substantial share in the iron business. […]
Reliance Big Entertainment Pvt. Ltd on Sunday said it has acquired majority stake in the US-based Willow TV Inc. (www.willow.tv), a portal for live Internet streaming of important cricket events from across the world. Willow TV, headquartered in Sunnyvale, California, has more than a million registered users worldwide, predominantly in the US, Canada, Australia and Europe. In 2007-08, Willow TV streamed all major cricket events live, including the Indian Premier League, Australian, South African and English international cricket. “The acquisition of Willow TV is in line with our strategy to strengthen our presence in the global markets and reinforce our group’s presence in new media,” said Rajesh Sawhney, president, Reliance Big Entertainment.(Livemint) […]
Bennett, Coleman & Co Ltd. (BCCL), one of the largest media conglomerates in India and the publisher of Times of India has acquired a stake in Manhattan Communications (India) Private Limited, through Times Private Treaties. Manhattan Communications specializes in total marketing solutions which include advertising, branding, public relations, marketing (media, interactive, ATL, BTL) and events in India. Manhattan Communication boasts a client base which includes some of India’s top brands providing innovative strategies and solutions to meet their marketing objectives from branding to aggressive acquisitions facilitated via traditional methods, guerrilla marketing or innovation. The company is an integrated affiliate of MediaMorphosis Inc., a full service marketing agency located in the United States that specializes in targeting ethnic markets, specifically the growing South Asian Diaspora in North America, UK, and Europe. […]
Vadodara-based pesticides formulations company Parul Chemicals Ltd has sold 70% stake to Punjab Chemicals & Crop Protection (PCCPL) at an enterprise value of Rs 9 crore. Commenting on the acquisition, Shalil Shroff, managing director of PCCPL, said, “This acquisition will strengthen our position in agro-formulation business in India through leveraging Parul's product portfolio, distribution network, sales team and manufacturing facility.” This acquisition will provide backward integration to the company. Until now, PCCPLs was outsourcing its agro formulation, which had limited its supplies, quality and margins. After acquiring stakes in Parul, the firm would use Parul's plant to manufacture its products for improving margins. […]
UK's largest military systems manufacturer BAE Systems today said it is awaiting the government's approval for picking up a 49 per cent stake in a defence joint venture with Mahindra group. India has restricted foreign participation in domestic defence production in the private sector to about 26 per cent and the government is already debating the possibility of allowing foreign companies to pick up 49 per cent stake. “We are picking up a 49 per cent shareholding in M&M's defence venture, for which we have sought clearance from the Indian government,” BAE Systems India's newly-appointed president Julian Scopes said here today. BAE Systems' proposal needs to be cleared by the government's Foreign Investment Promotion Board (FIPB). […]
Tata Power, the country’s largest private sector power generator by market value, has picked up 11% stake in Australia-based geothermal resource development company Geodynamics Ltd. The acquisition not only ensures Tata Power’s entry into the renewable energy market of Australia but also imparts it the expertise to exploit several thousand megawatts of untapped geothermal energy embedded under India’s crust. A Tata Power release said the company acquired 29.4 million ordinary shares of Geodynamics, representing 11.4% of the current issued share capital (equivalent to 10% of the increased share capital after allotment by Geodynamics). The shares will be acquired at $1.50 per share (Australian dollar), entailing a total investment of approximately Rs 165 crore. […]
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