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Old June 14th, 2008, 11:17 AM   #61
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3i acquires US firm for $100 million.

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Mumbai: Software services firm 3i Infotech on Friday said that it has completed the acquisition of US-based Regulus Group, an independent remittance and document processing services provider, for $100 million (about Rs 429 crore).

In April, the company had entered into an agreement with the US firm to acquire 100% stake in the company, including its products, trademarks and brands.

"3i Infotech had, earlier, signed an agreement to acquire 100% shares of Regulus Group and has now completed the acquisition," the domestic information technology solutions provider said in a filing to the Bombay Stock Exchange.

The estimated cost of acquisition was $80 million, with an additional consideration of up to $20 million based on an earn-out linked to certain performance parameters, the company had said.
Source: TOI
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Old June 14th, 2008, 04:20 PM   #62
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Tata Motors to pursue more acquisitions

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MUMBAI: Leading automaker Tata Motors said on Tuesday that it is looking at further acquisition opportunities and strategic alliances in India and abroad and is seeking to raise USD one billion in debt or equity from overseas market.
....
"The company has major growth plans for expanding its product range and presence in the domestic and global markets in commercial and passenger vehicles, including strategic alliances and acquisition opportunities," Tata Motors said in a notice sent to its shareholders seeking their approval on various issues such as fund raising plans.

Hero Electric plans overseas acquisition
Quote:
Electronic bike maker Hero Electric plans an overseas acquisition of a motor and controller components maker in electronic vehicle segment.

"We are in talks with three or four foreign companies, which are in the field of motor and controller parts, for the purpose of acquisition. However, it will take some time to get things materialised," Hero Electric Chairman Vijay Munjal said.

Munjal, however, refused to divulge the names of the companies with which Hero Electric was negotiating.
...
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Old June 14th, 2008, 08:29 PM   #63
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Brothers' row threatens Reliance MTN merger
http://business.timesonline.co.uk/to...cle4133113.ece
Mukesh Ambani, India's richest man, has claimed he has the right of first refusal to buy his estranged brother’s mobile group, Reliance Communications (RCom), in an apparent bid to derail the company's $70 billion merger talks with MTN, Africa's largest wireless group.

Mukesh's Ambani claim, which could jeopardise the creation of what would be one of the world's ten largest telecoms groups, was immediately disputed by his brother, Anil, who is India's second richest man.

RCom said in a statement: "Last night, in a mala fide effort to disrupt the talks, Reliance Industries (RIL), part of the Mukesh Ambani group, has sent a communication to MTN, making a false claim of an alleged right of first refusal to buy the controlling stake in RCom."

It added: "RIL's claim is legally and factually untenable, baseless, and misconceived."

The development marks a fresh low in the combative relationship between the subcontinent's wealthiest siblings. Their father, Dhirubhai Ambani, who built the Reliance empire, died without leaving a will in 2002. At that time Mukesh took over the running of the business, a situation that frustrated Anil. By 2004, the pair were squabbling publically. Following an intervention by their mother, Anil left with nearly 30 per cent of the business.

Anil Ambani's spokespeople said that RIL had based its claim over RCom on an agreement dated January 12, 2006 – when RCom was still under Mukesh Ambani's control. Anil Ambani claim's that the document was signed only by RIL representatives and was rendered void when control of the mobile unit moved to him – just days later.

RCom, which is India's second-largest mobile group, said its talks with MTN were progressing well and that Mukesh Ambani's claim over the group "is born out of mounting despair and frustration at [his brothers company's continuing successes."

RCom and MTN entered a 45-day period of exclusive talks on May 26, after Bharti Airtel, India's largest mobile operator, dropped out of negotiations with the South African group. A combination of RCom and MTN would boast 116 million subscribers and footholds across Africa, India and the Middle East – some of the most attractive emerging mobile markets.

It is thought that Anil Ambani has been discussing exchanging his 66 per cent stake in RCom for a 34.9 per cent stake in MTN. Various permutations – some of which would involve Mr Ambani retaining a stake in RCom or bringing aboard private equity investors – also remain possible, if a deal is reached.

An MTN spokesman said: "As far as we are concerned nothing has changed. We are continuing talks."
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Old June 17th, 2008, 11:28 AM   #64
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Goldman puts $50 million in Shapoorji co.

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Mumbai: Goldman Sachs, the global financial powerhouse, has picked up a minority stake in Sterling & Wilson, a Shapoorji Pallonji group company, for $50 million. No other financial details were available.

Sterling & Wilson is one of the leading mechanical, electrical and plumbing (MEP) contracting companies in the country. It is one of those few companies in India that offer this kind of services, people acquainted with the industry said.

The fund infusion by Goldman Sachs would supplement the existing support from the Shapoorji Pallonji group and enable the company to accelerate its growth plans both domestically and internationally, a top company official said. Avendus Capital was the financial advisor for the transaction.

While realty industry as a whole is estimated to grow at an annual rate of about 20% fro the next few years, there's a growing trend towards consolidation and organised structure.
Source: TOI
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Old June 18th, 2008, 01:10 AM   #65
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Originally Posted by ajay_ijn View Post
Brothers' row threatens Reliance MTN merger
http://business.timesonline.co.uk/to...cle4133113.ece
Mukesh Ambani, India's richest man, has claimed he has the right of first refusal to buy his estranged brother’s mobile group, Reliance Communications (RCom), in an apparent bid to derail the company's $70 billion merger talks with MTN, Africa's largest wireless group.

Mukesh's Ambani claim, which could jeopardise the creation of what would be one of the world's ten largest telecoms groups, was immediately disputed by his brother, Anil, who is India's second richest man.

RCom said in a statement: "Last night, in a mala fide effort to disrupt the talks, Reliance Industries (RIL), part of the Mukesh Ambani group, has sent a communication to MTN, making a false claim of an alleged right of first refusal to buy the controlling stake in RCom."

It added: "RIL's claim is legally and factually untenable, baseless, and misconceived."

The development marks a fresh low in the combative relationship between the subcontinent's wealthiest siblings. Their father, Dhirubhai Ambani, who built the Reliance empire, died without leaving a will in 2002. At that time Mukesh took over the running of the business, a situation that frustrated Anil. By 2004, the pair were squabbling publically. Following an intervention by their mother, Anil left with nearly 30 per cent of the business.

Anil Ambani's spokespeople said that RIL had based its claim over RCom on an agreement dated January 12, 2006 – when RCom was still under Mukesh Ambani's control. Anil Ambani claim's that the document was signed only by RIL representatives and was rendered void when control of the mobile unit moved to him – just days later.

RCom, which is India's second-largest mobile group, said its talks with MTN were progressing well and that Mukesh Ambani's claim over the group "is born out of mounting despair and frustration at [his brothers company's continuing successes."

RCom and MTN entered a 45-day period of exclusive talks on May 26, after Bharti Airtel, India's largest mobile operator, dropped out of negotiations with the South African group. A combination of RCom and MTN would boast 116 million subscribers and footholds across Africa, India and the Middle East – some of the most attractive emerging mobile markets.

It is thought that Anil Ambani has been discussing exchanging his 66 per cent stake in RCom for a 34.9 per cent stake in MTN. Various permutations – some of which would involve Mr Ambani retaining a stake in RCom or bringing aboard private equity investors – also remain possible, if a deal is reached.

An MTN spokesman said: "As far as we are concerned nothing has changed. We are continuing talks."
Could this one be good for india as we know Reliance aint aquiring MTN but its other way around ?
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Old June 18th, 2008, 06:21 AM   #66
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Reliance eyeing stake in Jet Airways

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MUMBAI: Reliance Industries Ltd is in talks with Jet Airways Ltd to buy a 6-7 percent stake in the private airline, a news daily said, citing a source familiar with the development.

The newspaper said on Tuesday Reliance was keen to buy a minority stake as it wanted to be associated with the domestic carrier's proposed cargo airline. "The mode of Reliance Industries' investment is not finalised.

It could be issue of fresh shares or diluting promoter equity," the daily said. Spokesmen for Reliance, India's leading petrochemical maker and a refiner, and Jet were not immediately available for comment.

For Jet, a stake sale would give it cash at a time when Indian airlines are losing money due to high oil prices. A top company official told Reuters on Monday Jet planned to invest around $10-$15 million to set up a cargo unit, which would likely be launched in mid-2009 or later that year.
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Old June 18th, 2008, 10:33 AM   #67
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Tata Comm to acquire 50% in Chinese firm

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Telecom solutions provider Tata Communications on Wednesday said it would acquire 50 per cent stake in China Enterprise Communications (CEC) for an undisclosed amount.

"This is an innovative step in our ongoing effort to enable connectivity and managed services across strategic regions and emerging Markets that are of high value to our global customers," Tata Communications, Data and Mobility Services, President Vinod Kumar said.

Tata Communications International Pte, a wholly-owned subsidiary of Tata Communications, has signed the equity joint venture agreement with the shareholders of CEC for acquiring 50 per cent stake, the company said in a filing to the Bombay Stock Exchange.

"Through the cooperation with Tata Communications we will focus on the development of the domestic market to provide high quality networking service to multinational as well as domestic enterprises in China," CEC President and CEO Zhu Jianhua said.

CEC has a network reach throughout China with no regional restrictions on its service capabilities. CEC provides VPN connectivity reach to 347 cities in China, including Beijing, Shanghai, Ghangzhou and Shenzhan.

The reach complements Tata Communications' Virtual Private Network (VPN) presence in 120 Indian cities and 19 other major business capitals in North America, Europe and Asia.
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Old June 18th, 2008, 10:42 AM   #68
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Plethico Pharma plans acquisitions in US, Brazil

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India's Plethico Pharmaceuticals Ltd plans to buy one company each in the US and Brazil in the next couple of years, spending a total $150 million, a top official said on Wednesday.

Plethico plans to bid for a nutraceutical firm in the United States, and has also signed a preliminary confidentiality agreement with another nutraceutical firm there, Sanjay Pai said, adding the aim is to strike one deal for $80-$100 million.

............................................................

In Brazil, Plethcio is in talks with two Companies, one a herbal products maker and the other a maker of allopathic and over-the-counter products, Pai said. One of these firms could be acquired for about $50 million, he added.
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Old June 18th, 2008, 10:43 AM   #69
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Plethico Pharma plans acquisitions in US, Brazil

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India's Plethico Pharmaceuticals Ltd plans to buy one company each in the US and Brazil in the next couple of years, spending a total $150 million, a top official said on Wednesday.

Plethico plans to bid for a nutraceutical firm in the United States, and has also signed a preliminary confidentiality agreement with another nutraceutical firm there, Sanjay Pai said, adding the aim is to strike one deal for $80-$100 million.

............................................................

In Brazil, Plethcio is in talks with two Companies, one a herbal products maker and the other a maker of allopathic and over-the-counter products, Pai said. One of these firms could be acquired for about $50 million, he added.
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Old June 19th, 2008, 02:40 AM   #70
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Sujana Towers acquires 51% stake in Mauritius based Telesuprecon

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MUMBAI: 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.
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Old June 19th, 2008, 03:42 AM   #71
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ADAG mulls bid for Spielberg`s DreamWorks

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Reliance Big Entertainment, an Anil Dhirubhai Ambani Group (ADAG) company, is in preliminary talks to bid for DreamWorks, the studio run by leading film-maker Steven Spielberg and owned by Paramount Films.

Sources close to the negotiations say they are willing to put in between $1 billion and $2 billion for the deal, the biggest by an Indian company in Hollywood.

The ADAG company is competing US studios Universal, Disney and Fox.

The ADAG deal could include either an arrangement to finance films the studio makes or equity purchase or both, said sources familiar with the negotiations.
...
A successful bid by Big will catapult the company into the big league of the global entertainment business. Last month, it signed deals to provide development funds to seven film production companies owned by leading stars Nicolas Cage, Jim Carrey, George Clooney, Chris Columbus, Tom Hanks, Brad Pitt and Jay Roach.
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Old June 19th, 2008, 04:38 AM   #72
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how about that

i dont know if the deal makes sense or not but it sounds like music

Tata Motors eyes Hummer as it seeks £1.5bn war chest

http://business.timesonline.co.uk/to...cle4110892.ece

Tata Motors, the Indian group that owns Land Rover and Jaguar, has approached shareholders to ask for permission to raise a £1.5 billion war chest to use on further acquisitions. Potential targets include Hummer, the struggling off-road carmaker that General Motors has put up for sale.

In a notice sent to shareholders, the company said it was scouting for further deals similar to the acquisition of the two British luxury marques, which it bought from Ford for $2.3 billion (£1.2 billion). "The company has major growth plans for expanding its product range and presence in the domestic and global markets in commercial and passenger vehicles, including through strategic alliances and acquisition opportunities," it said.

Tata Motors outlined plans to raise as much $1 billion from overseas debt and stock markets – about $500 million of which will be through equity. It is also asking shareholders for permission to raise its borrowing limits by about £1 billion

The new fundraising moves come on top of three rights issues launched last month, which will raise $1.7 billion to finance the Land Rover-Jaguar purchase. At that time it said it would raise up to £300 million more through an overseas float.

At the time, analysts reacted negatively to the prospect of existing shareholders' stakes being diluted through the issue of new shares. Some suggested, however, that Tata, India's largest maker of heavy trucks, had little choice but to tap the stock market. Balaji Jayaraman, an analyst with Morgan Stanley, said: "Tight credit market conditions made raising debt an expensive proposition."

Expensive financing risks rubbing the sheen from Tata's acquisition of Jaguar and Land Rover. The company has been forced to take out an expensive bridging loan to fund the purchase and its bankers have been working hard to limit the cost of capital as the Indian group moves into the bleakest market conditions seen in years.

Tata, which has never before sold luxury cars, is under pressure from the higher cost of raw materials.

Its full-year figures showed that net income fell to 5.36 billion rupees in the three months to the end of March, compared with 5.77 billion rupees for the same period a year earlier. The company this week gave warning of "challenging times ahead".

Full-year profits rose at the slowest pace in at least five years, weighed down by factors including lacklustre demand in India amid high interest rates and worries over the economy's growth prospects.
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Old June 19th, 2008, 04:50 AM   #73
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ADAG Dream works-WSJ

http://online.wsj.com/article/SB1213....html?mod=mktw

Spielberg, India Firm Near
Deal to Ally With DreamWorks
By LAUREN A.E. SCHUKER and MERISSA MARR
June 18, 2008; Page A1

The principals of DreamWorks SKG are close to a deal with one of India's biggest entertainment conglomerates to form a new movie venture, according to people familiar with the situation, a move that would give director Steven Spielberg the cash to finance his DreamWorks team's departure from Viacom Inc.'s Paramount Pictures later this year.
Movie moguls Jeffrey Katzenberg, left, and Steven Spielberg watch the NBA finals last week. Mr. Spielberg's DreamWorks SKG is in talks with Reliance, a move that would give the director the cash to regain his independence.

Mumbai-based Reliance ADA Group would provide Mr. Spielberg and company with $500 million to $600 million in equity, moving them one step closer to ending one of Hollywood's most contentious and closely watched battles. In Reliance, the DreamWorks team also would have an unusual and ambitious partner in the film business: an Indian firm with interests in telecommunications, financial services and entertainment that wants to build a media empire by financing Hollywood pictures.

The deal amounts to a marriage of some of the biggest names in the Hollywood and Indian business worlds, with Reliance getting a large stake in the new company. DreamWorks, which makes live-action films that have included last year's "Blades of Glory" and "Dreamgirls" in 2006, would likely seek another $500 million or so in debt financing elsewhere to give its new venture enough money to make a slate of about six films a year. The company would then choose a studio to distribute the films, which is still an open question. General Electric Co.'s Universal Pictures, where Mr. Spielberg began his career, is thought to be the director's preference to release his future works, but News Corp.'s Twentieth Century Fox also is thought to be a serious contender. (News Corp. is the owner of Dow Jones & Co., publisher of The Wall Street Journal.)

A spokesman for DreamWorks declined to comment.
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Old June 19th, 2008, 05:20 AM   #74
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Ambani eyes holding firm with investors for MTN deal
http://www.livemint.com/2008/06/1901...firm-with.html
Mumbai: Anil Ambani, the billionaire chairman of Reliance Communications Ltd (RCom), which is in merger talks with MTN Group Ltd, Africa’s biggest phone firm, could get around a sticky issue capping the magnitude of his stake in MTN by forming a holding company that will have other investors, including the Dubai Development and Investment Authority (DDIA).

The structure, mentioned by a person familiar with the various options Ambani is considering, will help Ambani cap his stake at 35% in the merged entity to avoid triggering an open offer for shares.
South African rules mandate that a person owning more than 35% of a company’s equity will have to make an open offer. The RCom-MTN merger will see the Indian company being merged into the Johannesburg headquartered telco, but leave Ambani as the single largest shareholder.

Options previously reported by media as having been considered by Ambani would have entailed an open offer. The new structure will see Ambani and some investors create a holding company. Ambani will have a majority stake in this company, which will hold stake in the merged entity. However, the other investors in this company will effectively own 5-10% in the merged company. They will cede voting rights of these shares to Ambani in return for an assured rate of return on their investments, said the person mentioned in the first instance, who asked not to be identified.

Executives at DDIA and the spokesperson for RCom could not be reached. An MTN spokesperson said she could not confirm the development on DDIA.

This structure will allow Ambani, who is battling regulatory restrictions, a possible rival bid from multinational telcos, and the legality of an agreement signed by RCom in January 2006 when it was still controlled by his brother Mukesh Ambani, to control up to 45% of the merged entity.

The structure being considered now is similar to one examined by RCom and MTN seven months ago, said the person. “It was almost consummated then; the only difference now is that the valuations in the deal have gone up about 5%.”

MTN is valued at some $42 billion (Rs1.8 trillion) and RCom, India’s second largest mobile phone services firm by customers, at around $28 billion. The merger could create a company with 115 million customers.

Deutsche Bank AG, earlier an adviser to MTN when it was in merger talks with RCom’s bigger rival Bharti Airtel Ltd last month, has now become the lead banker to Ambani in the deal, according to people familiar with the developments. Ken Costa, chairman of Lazard International, is also advising the RCom team.

Merrill Lynch and Co. Inc. is the financial adviser for MTN.
On Monday, Mint reported that the two companies were close to signing a term sheet, a non-binding agreement setting forth the basic terms and conditions under which a deal such as a merger will take place. On the same day, a person with knowledge of the talks said Anil Ambani will be named the chairman of the merged entity.
On Friday, RCom disclosed that it faces a potential challenge to the deal from Reliance Industries Ltd (RIL), controlled by Mukesh Ambani. Anil and Mukesh split their businesses in June 2005, but have increasingly fought each other in small and big ways. RIL has claimed a right of first refusal on RCom shares in a letter last Thursday to MTN, its main shareholders, andadvisers. RCom has calledthe claim “legally untenable”.

On Wednesday, an RCom executive told news agency PTI that the company would “start criminal proceedings against RIL officials” who had signed the agreement giving RIL the right of first refusal in case the Mukesh Ambani-controlled firm continued to “assert its alleged right”.

An RIL spokesperson said in a statement, “There is no criminality attached to the signing of the agreement dated January 12, 2006. If any proceedings are adopted, we will not only defend them but will also consider our options for such a malicious action.”

Last edited by ajay_ijn; June 19th, 2008 at 05:26 AM.
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Old June 19th, 2008, 08:37 AM   #75
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Tata Comm buys 50% in China`s CEC

Tata Communications (formerly VSNL) has acquired a 50 per cent stake in Beijing-based telecom and IT services firm China Enterprise Communications (CEC) for an undisclosed sum. The acquisition was done through its wholly owned subsidiary, Tata Communications International Pte.

The joint venture, the first of its kind in the Chinese telecom sector after the country became a signatory of the World Trade Organisation (WTO), will be effective after receiving approvals from Chinese government.

"Tata Communications is planning to increase its presence in emerging markets and China is one of the most important markets. This agreement enables us to provide our services in China, jointly with CEC," Tata Communications Senior Vice-President (Corporate Strategy) Srinivasa Addepalli said. CEC has licences for operating Internet Protocol Virtual Private Network (IP-VPN), Internet Service Provider (ISP), call centre, online transaction and multi-communication service operations. It employs around 120 personnel and has 19 points-of-presence (PoP) in that country.

Tata Communications, in turn, has VPN presence in 120 Indian cities and 19 major business centers in North America, Europe and Asia. The firms will provide high quality networking services to multinational enterprises in China and that country's domestic enterprises.

China International Trust and Investment Corporation owns a majority stake in CEC. Other investors include SASAC and the management team of the Chinese company. Tata Communications first forayed into China in February by expanding its global VPN service through a Network to Network Interface (NNI) agreement with China Enterprise Netcom Corporation.

http://www.business-standard.com/com...Left=0&chkFlg=
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Old June 20th, 2008, 04:42 PM   #76
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IVRCL close to buying out Swedish co. for $100mn

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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.

Intas acquires U.S.' Biologics Process Development

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SAN DIEGO (Thomson Financial) - Indias leading biopharmaceutical company, Intas Biopharmaceuticals Ltd., has acquired US-based biotechnology corporation, Biologics Process Development Incorporated (BPD), based in Poway, California.

With the acquisition process underway, both Intas Biopharma and BPD Inc. are working towards common business objectives in the area of biologics Contract Research and Manufacturing Services (CRAMS).

This will help Intas Biopharmas foray into the US market especially to expand its CRAMS business.
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Old June 20th, 2008, 06:50 PM   #77
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Ran Air in talks to buy MRO firm Shaurya

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RANBAXY promoters’ private charter company, Ran Air Services, is in talks to acquire a Delhi-based privately-held maintenance, repair and overhaul (MRO) company, Shaurya Aeronautics. It is learnt that there are differences over valuation.
The Ranbaxy promoter group also plans to list the company in the next 12 months and may offload 10%- 15% in a pre-IPO placement. Although the details of the listing have not been frozen, the company may offload another 10% when it goes public sometime next year. According to sources, Ran Air has already invested around Rs 400 crore and it may raise around Rs 300-400 crore through the public offer. Last year, the group had listed hospital chain Fortis Healthcare and financial services company Religare.
“Ran Air Services is in advanced stages of talks with a Delhi-based MRO company. The acquisition is expected to be finalised in the next couple of months. The deal is being negotiated and the final settlement on the valuation of the MRO company is being worked out. The transaction should happen before the company goes for the public listing,“ said a source. But Ran Air has no immediate plans of foraying into the commercial passenger aviation sector or start any airline business.
Ran Air is one of the largest players in the private and chartered aviation business and wants to demonstrate its capabilities before the listing. The acquisition of the MRO will help the company to have a in-house servicing capability. The company plans to have a fleet of 20 aircraft and choppers in next few years. It has placed order for half a dozen new aircraft and choppers, some of which are awaiting delivery.
According to the company’s website, Ran Air currently has a fleet of 8 aircrafts comprising two helipcopter, two jet aircraft and four turbo props. Ran Air provides both corporate and leisure air charter services in the domestic market.
source economictimes epaper
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Old June 21st, 2008, 06:04 AM   #78
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Advanta acquires US-based Limagrain's sunflower unit

Mumbai (PTI): Advanta India, a subsidiary of United Phosphorous, on Friday said it has acquired the sunflower seed business of US-based Limagrain for an undisclosed amount.

The acquisition was carried out through a subsidiary of the company and contains mainly the sunflower breeding program based in Fargo ND, US, the Bangalore-based agronomic seed firm said in a filing to the Bombay Stock Exchange.

The business would continue to operate from its Fargo, North Dakota base along with all of the current staff.

The acquisition would enhance Advanta's ability to service customers in the US and Canadian markets as well as provide a broader product base to offer to our international customers, the company added.

The sunflower seed business of Limagrain is engaged in breeding and marketing sunflower hybrids for both the domestic and international markets using multi channel, private label marketing and distribution model.

Advanta said the acquisition would further strengthen Advanta's already existing sunflower breeding programs across the world. At present, the company has a major market share across the Asia Pacific, Africa and Latin America.

Earlier, Advanta had acquired the seed business of Garrison & Townsend.

http://www.hindu.com/thehindu/holnus...0806201252.htm
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Old June 21st, 2008, 06:08 AM   #79
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Bata sells Hawai chappal brand to Brazilian firm

http://timesofindia.indiatimes.com/B...ow/3150233.cms
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Old June 23rd, 2008, 06:47 PM   #80
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JK Tyre acquires Mexico based Tornel tyre company for Rs270cr

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MUMBAI: JK Tyre and Industries has acquired 100 per cent shares of Tornel, the Mexican Tyre company, along with its subsidiaries, for Rs 270 crore.

Strategic location of Mexico offers Tornel free access to the NAFTA trade block and emerging economies of central and southern America.

Post-acquisition, collective capacity of JK Tyre has risen to 940 tonne per day from 650 tonne earlier. This makes JK Tyre, India's largest four wheeler tyre company. The takeover of Tornel will enable JK Tyre to optimize on cost, products and manufacturing facilities.
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