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The Shyam Group and Spanco Telesystems & Solutions, one of India’s leading telecom systes integration and IT services companies, have entered into a pact with Punj Lloyd to acquire the latter’s interests in Spectranet, its ISP division. A joint venture, called Citycom Networks, has been formed for this purpose. The deal is expected to close over the next few months and is subject to statutory and regulatory clearances. The new promoters of Spectranet intend to create a neutral telecom infrastructure for next generation wire line and wireless broadband that promises exciting possibilities for telecom operators and ISPs. […]
Ess Dee Aluminium, India's biggest pharmaceutical packaging company, has won a regulatory approval to bail out India Foils, which is owned by Vedanta Group, ahead of a possible takeover. Ess Dee, based in Mumbai, has been cleared by the Board for Industrial and Financial Reconstruction (BIFR) to help revive Kolkata-based India Foils, part of billionaire Anil Agarwal-controlled Vedanta group. Ess Dee and Vedanta's Madras Aluminium (Malco), the holding company of India Foils, will form a special purpose vehicle (SPV) to turnaround India Foils, which is saddled with liabalities of over Rs 300 crore. The SPV will invest in about Rs 50 crore immediately to upgrade the three manufacturing facilities to US Food and Drug Administration (FDA) standards, eyeing exports to developed markets with value added products and contract manufacturing options, said sources. Datta added that it was still early to predict whether Ess Dee would take over the company. “We have to see how the business prospers and the manner in which it adds value to Ess Dee's business.” […]
Sasken Communication Technologies, the Bangalore-based Rs 570 crore embedded communication solutions provider, is taking the limited partner route to enter the venture capital segment. The company during the last quarter made an undisclosed investment in US-based technology venture capital firm OmniCapital. This venture fund is led by Arun Netravali, who was earlier president of Bell Laboratories, the place where path-breaking communication technologies took shape. Sasken, chairman & managing director, Rajiv C Mody in a statement to their shareholders said: “Sasken has invested in OmniCapital, a US-based venture capital fund that provides early-stage funding for information technology companies in the US. The investment in OmniCapital augments Sasken's access to the US market, providing another window into the latest technology, industry developments and new markets in information technology, telecommunications, video and multimedia.” Mody goes on to state that the investment also provides opportunities for mutually-beneficial strategic partnership with OmniCapital portfolio companies. […]
Optical storage device maker Moser Baer India Ltd plans to raise $300 million for its solar unit, after raising $150 million through a private placement, a top official said on Thursday. “We closed the $150 million deal on a private placement. We're now raising $300 million. That will also be a private placement,” Deepak Puri, managing director of Moser Baer told Reuters on the sidelines of a conference. In May, the company's unit, Moser Baer Solar Plc, received board approval to raise $150 million. The company also plans to list its photo voltaic unit, Moser Baer Photo Voltaic Ltd, which makes solar cells and modules used in producing electricity from sunlight. “We're going to list. First let the markets stabilise, we will decide by the end of the year whether we're going to list on the London Stock Exchange or the New York Stock Exchange or Nasdaq or Dubai,” Puri said. […]
IVRCL Infrastructure and Projects is close to acquiring a Swedish construction equipment manufacturer. The deal, valued upwards of $100 million, will speed up the $1 billion company's backward integration drive. The deal is currently going through legal due diligence and should be closed soon if everything goes right, group chairman and managing director E Sudhir Reddy told DNA Money. The acquisition will play a key role in IVRCL's goal to be a $2 billion company within the next five years. Apart from meeting its IVRCL's requirement for construction equipment, it will also help the construction major to foray into neighbouring countries like Pakistan and Bangladesh and regions like the Middle East and southeast Asia, Reddy added. He however did not name the target company except for saying that it was a well known and established brand in the construction equipment business. […]
Sujana Towers (STL), the power and telecom towers subsidiary of the Sujana Group, has acquired 51% stake in Telesuprecon, a Mauritius-based firm, which executes telecom infrastructure projects in Central and East Africa. The Hyderabad-based company acquired the stake by subscribing to new equity shares issued by Telesuprecon. “No money is being paid to the existing promoters. STL will support the company by providing the required working capital, including guarantees,” Sujana Group director S Hanumantha Rao said at a press conference in Mumbai on Wednesday. […]
The Rahejas-owned Exide Industries has picked up a 51% stake in Leadage Alloys India (LAIL), an unlisted Bangalore-based lead smelting company, for Rs 34 crore. Following the agreement between the two companies, LAIL along with their associates will continue to hold the balance 49 % in the company’s total paid-up capital. According to the agreement, the promoters of LAIL will be in charge of the company’s day-to-day operations. The acquisition comes on the heels of Exide Industries’ buyout of another unlisted lead-smelting company Tandon Metals s in October last year for Rs 25 crore. Since global lead prices have been on an upswing, the two acquisitions are expected to help Exide increase its use of recycled lead and lead alloys for making storage batteries. And this would, in turn, reduce the company’s dependence on imports of lead — the principal raw material for storage batteries. […]
Private equity firms could drive brokerage consolidation — it’s probably a connection that is hard to decipher for most people. By all indications, it does seem as if the consolidation among brokerages has been driven by private equity firms. Here’s how the story has been unfolding. Over the last two years, there have been a slew of private equity players making significant investments in broking firms. Among the prominent deals are those of Citi Venture Capital acquiring a 85% stake in Sharekhan in a Rs 650-crore deal, it also picked up 19.9% in Anand Rathi for Rs 100 crore and Barings PE arm Duckworth picked up a 45% stake in JRG Securities for Rs 150 crore. Apart from this, ICICI Ventures and Barings Private equity bought into Karvy Stock Broking with a 20% stake for Rs 440 crore and IFC picked up a 12.5% holding in Angel Broking for Rs 150 crore. […]
Foreign private equity fund NYLIM Jacob Ballas India Fund is close to picking up 21.5% equity stake in Devyani International (DI), a Ravi Jaipuria-promoted company that owns Pizza Hut, KFC and Costa Coffee in India, for more than Rs 300 crore. That puts the valuation of the company at around Rs 1,500 crore. When contacted by ET, RKJ Group chairman Ravi Jaipuria declined to comment. But a source said that Jacob Ballas is currently awaiting the Foreign Investment Promotion Board’s (FIPB) approval. The proposal will come up for clearance next week. Devyani International is a leading franchisee of YUM! Restaurants International, the world’s largest restaurant company with over 34,000 restaurants in more than 100 countries. Devyani runs KFC and Pizza Hut chain of restaurants and is also the Indian franchisee of UK’s Costa Coffee chain. The company also has an agreement with Walt Disney Group to own and operate Disney Artist stores across India. […]
Tata Communications International, a wholly owned subsidiary of Tata Communications Ltd, has acquired a 50 per cent stake in China Enterprise Communications Limited (CEC), a Beijing based value-added telecom and IT services provider. The joint venture will become effective after the necessary government and regulatory approvals. “Through Tata Communications, we will focus on the development of the domestic market to provide high quality networking service to multinational companies in China. We intend to grow the strength of the brand,” said Zhu Jianhua, president and chief executive officer of CEC. The company was recently awarded a nationwide service licence by China’s ministry of information industry, the first valued-added service licence given to a virtual private network (VPN) operator. […]
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