Business News, Financial News, Analysis, Commentary, Views, Opinion
Bank of India is returning to the asset management industry after a long interval, by buying a 51% stake in Bharti Axa Investment Managers. Bharti Axa is a joint venture between Bharti Ventures and the Axa group. Bharti had decided to exit its financial services joint ventures with Axa, in the insurance and asset management businesses.
Continue ReadingAlfa Laval (India), a listed multinational and maker of specialised engineering equipment such as heat exchangers, separation and fluid handling equipment, may get delisted from the Indian stock exchanges. The company said its board will meet on September 19 to consider a delisting proposal from its parent company Alfa Laval Corporate AB Sweden.
Continue ReadingIn the Indian banking scene, regulation can often trip up intermediaries. Axis Bank’s acquisition of Enam’s investment banking business appeared to be stuck in a regulatory quagmire, first announced in November 2010.
Continue Reading
Apollo Global Management had announced in end-June that it proposes to invest about Rs 1,575 crore in steel pipe-maker Welspun Corp and affiliated companies. Welspun’s share closed at Rs 169 the day before the deal was announced. Apollo was to invest in a combination of debentures and global depositary receipts, at a conversion price of Rs 225, indicating a premium of about 33%.
Continue ReadingIf Bharti Airtel led the way with an asset-light model in the telecommunication industry, Hotel Leelaventure (Hotel Leela) is attempting to do something similar in the hospitality industry.
The 5-star hotel operator said it will sell its Kovalam property to Ravindran B Pillai, or Ravi B Pillai, who owns the Saudi Arabia-based Nasser S. Al Hajri Corporation, an industrial contractor operating in the Middle East.
Continue Reading
Ipca Laboratories, a pharmaceutical company, has acquired UK-based Onyx Scientific (Onyx), by buying out the holding company Onyx Research Chemicals. The move adds to Ipca’s contract manufacturing business, for which it has set up a separate division called Covenance. No financial details have been disclosed.
Continue ReadingHinduja Global Solutions, a business process outsourcing company with Rs 1,070 crore revenues in 2010-11, has acquired On-Line Support Inc, a Canadian outsourcing company. It will pay Canadian $74.85 million dollars or about Rs 350 crore to acquire On-Line, giving it a business with about Rs 295 crore in revenues in 2010-11. This is a significant acquisition for Hinduja Global, as this acquisition would have added about 28% to its revenues in 2010-11, notionally speaking.
Continue ReadingThe Securities and Exchange Board of India, the capital market regulator, has made key changes to the existing takeover regulations. Sebi was acting upon the report of the Takeover Regulations Advisory Committee, which had submitted its recommendations in July 2010. In the interim, there was a change of guard at Sebi, which may have delayed the decision-making process.
Here are the main changes and impact:
Continue ReadingIndia’s Dr Reddy’s Laboratories and Japan’s Fujifilm Corporation (Fujifilm) will jointly sell generic drugs in Japan, the world’s second largest pharmaceutical market after the USA. Fujifilm is better known for its photographic products but has been added pharmaceuticals to its portfolio, as digital imaging has affected the prospects of traditional camera and film roll companies.
Continue ReadingUnited Phosphorus’ appetite for acquisitions shows no signs of abating. The company has acquired a 51% stake in DVA Agro do Brazil (DVA Agro Brazil), an agrochemicals company. DVA Agro Brazil is the Brazilian operation of DVA Agro, which in turn houses the agrochemicals business of DVA International, a Germany-based diversified company with operations in steel, plastics, and health & nutrition.
Continue Reading