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India’s INX Media, one of the country’s new broadcasters aiming to cash in on growth of digital TV, wants to raise up to US$150 million in a second round of funding and is looking for an international strategic investor. Most of the other entertainment broadcasters in India already have global firms on board, including NBC Universal’s 26% in NDTV, Walt Disney’s recent purchase of a 15% stake in UTV Global Broadcasting, and Viacom’s joint venture with TV18, Viacom18. Peter Mukerjea, the ex-CEO of Star India who along with his wife owns 45% of INX Media and chairs the company, said that he was in discussions with new investors about a cash injection. Around 50% of INX is currently owned by private equity firms including Singapore’s Temasek Holdings. […]
Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore, a move that will strengthen the financial services segment of the group. “The strategic intent of this agreement is to position Aditya Birla Financial Services group as a broad-based and integrated player in the financial services business,” Aditya Birla Group Chief Executive, Financial Services, Ajay Srinivasan said. Aditya Birla Nuvo today entered into an agreement in this regard with Apollo Sindhoori Capital Investments Ltd (ASCIL), the company said in a filing to the Bombay Stock Exchange, adding that the move will further strengthen the position of the financial services group as a manufacturer and distributor of value added financial products. […]
The broadcaster of general entertainment channel 9X and music channel 9XM, INX Media Pvt. Ltd is in talks with potential investors to raise $100-150 million (Rs437-635.5 crore) in a second round of funding to finance expansion plans. INX Media, which also broadcasts English news channel NewsX through subsidiary INX News Pvt. Ltd, had raised $170 million in the first round of funding completed in February 2007. “We are talking to investors and are hoping to complete this round by December,” said Peter Mukerjea, chairman of INX Media. Mukerjea, formerly chief executive officer of News Corp.-owned Star India Pvt. Ltd, and his wife Indrani control a 45% stake in INX Media. Private equity investors, who together hold 50% of the company, include the Indian unit of the Singapore government’s investment arm Temasek Holdings Pte. Ltd (19.99%) and private equity fund New Silk Route Advisors (20%). Two investment units of Kotak Mahindra Bank Ltd and New Vernon Private Equity Ltd together hold 10.01%. Employees hold the rest of equity. The firm plans to launch 11 more channels: two national, the others targeted at regional markets […]
Videocon Industries Ltd has announced that on August 26, 2008 Videocon Energy Ventures Ltd (“Videocon”) an overseas wholly owned subsidiary of Videocon Industries Ltd (the “Company”) executed a Participation Agreement (the “Agreement”) with Anadarko Mozambique Area I Limitada (“Anadarko”), a Mozambique based indirectly wholly owned subsidiary of Anadarko Petroleum Corporation, U.S.A., pursuant to which Videocon is to acquire a 10% Participating Interest in art Exploration and Production Concession Contract dated December 20, 2006, and effective February 01, 2007. covering Area I 'Offshore' of the Rovuma Block, Republic of Mozambicjue amongst Anadarko, Empressa Nacional de Hidrocarbonetos E.P., a company established in Mozambique ('ENH') and the Government of the Republic of Mozamibique (the 'Government') (the EPC) and the related Joint Operating Agreement originally amongst Anadarko and ENH (the 'JOA'). […]
India’s biggest exploration company, Oil and Natural Gas Corp. Ltd (ONGC), agreed to buy Russia-focused British oil and gas firm Imperial Energy Plc. for £1.4 billion (Rs11,382 crore) to tap Siberian deposits and make up for dwindling output at home. ONGC’s overseas arm, ONGC Videsh Ltd (OVL), has made a cash offer of 1,250 pence a share, worth 61.9% more than Imperial Energy’s share price on 11 July, the day before the London-based company said it received a bid, according to a statement distributed by Regulatory News Service. China Petroleum and Chemical Corp., known as Sinopec, indicated on Tuesday it may bid for Imperial Energy as well. Imperial Energy had 920 million barrels of oil reserves, as of December […]
BT Group Plc may sell its 31 percent stake in India's Tech Mahindra Ltd., the Financial Times reported, citing people familiar with the matter. BT is considering selling all or a large part of its stake in the joint software services venture because it does not fit with its long-term strategy, the newspaper said. The proposed sale of the holding would be one of the largest in the Indian outsourcing industry, the FT said. Tech Mahindra has a market capitalization of about $2.2 billion. […]
Info-drive Software Ltd announced the acquisition of Technoprism LLC, a leading software solutions firm based in San Jose, California. Info-drive Software Ltd, through its US subsidiary Info-drive Software Inc, has taken a 51% stake in Technoprism LLC which has been executing turnkey software projects and IP-led business applications development, to some of the most recognized technology giants in the Silicon Valley, over the last 9 years of its operation. The firm has deep domain expertise in full life cycle product development using varied platforms and databases Including Java, Oracle and variety of middleware tools. […]
In the largest acquisition by an Indian technology services firm, Infosys Technologies Ltd made a £407.1 million, or Rs3,269 crore, cash offer to acquire the UK-based Axon Group Plc. If the deal goes through, it would not only expand the Indian company’s key SAP software and consulting capabilities, but also enhance its footprint in Europe, equipping India’s second largest IT services company to bid for larger, transformational outsourcing contracts. The London Stock Exchange listed Axon reported a net profit of £20.2 million (Rs160 crore) on revenue of £204.5 million (Rs1,660 crore) for 2007. Axon, which has no debt on its books, provides consulting services to customers such as British Petroleum Plc. and Xerox Corp. that have chosen SAP AG’s business software as their company-wide platform. Founded in 1994, Axon has offices in the UK, North America, Malaysia and Australia, with about 2,000 employees. […]
Venture-controlled RFCL (formerly Ranbaxy Fine Chemicals) has emerged as a strong contender to buy the speciality chemicals business of Mallinckrodt Baker, a division of healthcare giant Covidien, in a deal which could be valued at around $450 million, industry sources said. The transaction is in the final stages of due diligence and could be finalised in about two weeks. This comes after speculation that RFCL was on the trail of a large US acquisition. If the transaction goes through it will be the biggest overseas M&A play for ICICI Ventures, which acquired RFCL around four years ago from Ranbaxy Labs for Rs 125 crore. A business TV channel had earlier reported that the deal was in the works. […]
Entertainment major, Shemaroo Entertainment, is in talks with private equity players to raise Rs 100 crore for fuelling its expansion programme, a top company official said. “We are in negotiations with both, domestic and foreign private equity players to raise Rs 100 crore,” Shemaroo Entertainment Director Hiren Gada told PTI here. Shemaroo hopes to seal transactions within the next six months, Gada said. The company is mulling over diluting a portion of its equity to raise funds from private equity players. […]
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