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Healthcare major Fortis, along with the family of promoters including Malvinder Singh, has made a counter bid for Parkway Holdings, valuing it at $3.1 billion. This has been done so that they can stop the bid process of their Malaysian competitor, Khazanah for the Singaporean hospital chain. The step comes after Fortis was surprised by Khazanah bidding for the chain for $835 million as initial offer during May. Fortis is a stakeholder in Parkway and holds 25 per cent stake. Khazanah, on the other hand, is a majority stakeholder and owns 51.5 per cent in it. Some analysts believe Fortis is trying to test the market and that is why it waited for so long before making its own bid. […]
The Blackstone Group announced that it will be investing Rs 2750 million (approximately USD 60 million) for 12.5% equity stake in Monnet Power Company (MPCL), an independent power producer (IPP). Monnet Power Company (MPCL) is a wholly owned subsidiary of Monnet Ispat and Energy. MPCL is developing a 1,050 MW coal fired power plant in Orissa backed by pit-head captive coal mines, and has a pipeline of a further 2000 MW under development. MPCL is a 100% subsidiary of Monnet Ispat & Energy (MIEL), which is India`s second largest manufacturer of integrated coal-based sponge iron. Commenting on the association, Sandeep Jajodia, executive vice chairman and managing director of MIEL and director of MPCL, said, “I am glad to partner with one of the largest private equity investors in the world. Their interest in sharing knowledge with management and their deep understanding of the power industry globally and in India, will add value to MPCL in several ways for the benefit of its shareholders. We will be able to utilize our experience in setting up power plants and developing mines, while leveraging Blackstone`s global linkages and knowledge base“. […]
Anil Ambani group firm Reliance Communications Ltd., or RCom, announced the acquisition of Digicable, the country's largest cable TV service-provider, in an all-stock deal. RCom board approved the proposal on Thursday, but did not state the value of the deal. The fresh acquisition came on the heels of the recent merging of its telecom tower business with GTL infrastructure Ltd., in a Rs.50,000-crore deal. The new entity, “Reliance DigiCom”, will integrate RCom's DTH, IPTV and Retail broadband operations, with Digicable. It will have a combined subscriber base of 11 million homes, the company said. The deal will create India's largest and the world's fifth largest entity offering full-full-suite of Triple Play services–Digital TV, Ultra High-Speed Broadband and Voice services. […]
The Singapore-based promoters of Redington (India), one of the largest distributors of IT hardware and software products, have sold close to 14% in the company to a clutch of foreign funds, including Goldman Sachs, Morgan Stanley and Blackstone, in a Rs 391-crore deal. The 30-year-old IT firm competes with multinationals like Ingram Micro in distributing printers, networking products and software. Apart from the three large foreign investors, the list of buyers also includes IDFC, Universities Superannuation Scheme and Payash Securities. The six investors bought 61 lakh shares, or 7.8% of the 13.99% equity sold by the promoter. The identity of the buyers of the remaining shares could not be ascertained. Redington India shares slipped 5% to Rs 360 on BSE on Thursday. […]
Superior Industries International, Inc. announced it has acquired 8.7% of the outstanding shares of privately-owned SYNERGIES Castings Limited, an aluminum wheel manufacturer in Visakhapatnam, India. Concurrently, Superior entered into a definitive agreement to make additional equity investments in SYNERGIES up to a total of approximately 26% of SYNERGIES’ total issued equity by December 31, 2010, subject to certain conditions. “We believe this is an excellent long-term investment opportunity, given the dynamic and growing automotive market in India,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “SYNERGIES is the premier player in the region and an accredited OEM aluminum wheel manufacturer. The company has existing contracts with Toyota, General Motors USA and Chrysler USA, among other major automotive manufacturers.” […]
Delta Magnets Ltd. said its board had approved acquisition of 100% stake in UK-based MMG Magdev Ltd. and Chennai, India-based MMG India Pvt. Ltd. Financial details of the deal were not divulged. Both the above acquisitions will strategically help the Company in increasing its market presence for magnets in both, the Domestic and Global Market. It said the above acquisitions would strategically help the company in increasing its market presence for magnets in both, the domestic and global Market. […]
Japan's Sumitomo Mitsui Banking Corporation on Wednesday announced that it would invest Rs 1,366 crore (Rs 13.66 billion) for a 4.5 per cent stake in private sector lender Kotak Mahindra Bank . The Bank has entered into an agreement with Sumitomo Mitsui Banking Corporation (SMBC) to sell 1.64 crore (164 million) shares at Rs 833 a piece, aggregating to Rs 1,366 crore, Kotak Bank said in a filing to the Bombay Stock Exchange . The selling price for Kotak shares is 12 per cent higher than Tuesday's closing on the BSE. The agreement for stake sale comes a week after the Dutch financial services company ING exited Kotak Bank by selling its entire 3 per cent stake for Rs 801.1 crore (Rs 8.011 billion). […]
French Bank BNP Paribas SA is exiting from the mutual fund venture of Sundaram Finance (SFL). SFL board on Wednesday decided to acquire the 49.90 per cent stake of BNP Paribas asset management (BNP PAM) both in Sundaram BNP Paribas Asset management company and Sundaram BNP Paribas Trustee company. This is subject to necessary agreements and regulatory approvals. The two companies will become 100 per cent subsidiaries of SFL. Company officials declined to disclose the deal size citing confidential clause. This is the second time, Sundaram has bought out its MF partner. Earlier, the first partner Newton had exited Sundaram AMC. The latest deal is sequel to BNP Paribas SA (parent of BNP PAM), as part of part of a global acquisition, taking over the banking and financial services activities of the Fortis Group. […]
After making a re-entry into telecom, Reliance Industries Limited chairman Mukesh Ambani has now set himself a new target. He wants to manage your money. RIL has now tied up with global financial services giant DE Shaw to offer financial services. Trading in energy, carbon and derivatives may be offered and the joint venture may also look at offering private equity and mutual funds. However, the joint venture may not want to secure a banking licence yet. RIL sources confirmed to NDTV that the announcement regarding the joint venture will be made shortly. As double income families drive the consumption boom in the urban areas of the country, often buying products or services on credit, the financial services companies are sensing a never before opportunity for expansion in India. They are even tying up with global names helps give them a global footprint. […]
Reliance Communications Ltd. could acquire privately owned cable television company Digicable in a cashless deal, the Economic Times reported on its website Wednesday, citing an investment banker familiar with the development. Reliance Communications will spin off its direct-to-home television service Big TV into a special purpose vehicle which will also include Digicable, the website reported the banker as saying. Reliance Communications will own a 60% stake in the special purpose vehicle, with private equity fund Ashmore, Digicable Managing Director and Chief Executive Jagjit Singh Kohli, and joint Digicable Managing Director Yogesh Shah taking the rest, the banker said, the website reported. […]
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