Indian pharmaceutical company Strides Arcolab has entered into a joint venture with a Brazilian company, BioChimico Industria Farmaceutica, to jointly market drugs for the hospital market. Strides will make the investment through an overseas subsidiary, Agila Specialities. The company owns a manufacturing facility in Campos, Brazil, which it acquired from South Africa’s Aspen Pharmacare, about a year ago, when the two companies restructured their business operations.
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Balaji Telefilms to sell non-core biz
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Balaji Telefilms, a media and entertainment company famous for its television serials, has decided to hive off its three divisions in the ICT domain (information and communications technology). These are the mobile, internet division and education divisions.
Filed under: Companies, Media, Top News, Balaji Telefilms, M&A
IDC and Cyber Media part ways
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International Data Corporation (IDC) and Cyber Media India have ended their partnership in India. Cyber Media was carrying out research for IDC’s India practice for the important sectors of information and communications technology (ICT). Now, IDC is setting up a new research unit in Bangalore, to take care of India centric research.
Filed under: Companies, Information Technology, Telecom, Top News, Companies International, Cyber Media, IDC, M&A
Axis Bank investors frown at Enam buy
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Axis Bank took the world of finance by surprise, announcing its decision to acquire Enam Securities investment banking and capital market transactions’ business. It will pay about Rs 2,067 crore in stock to Enam’s owners -Vallabh Bhansali, Jagdish Master, Nemish Shah and Manish Chokhani- in a cashless acquisition, structured as a merger.
Filed under: Companies, Finance+Markets, News Analysis, Axis Bank, Enam Securities, Investment Banking, M&A
ONGC claims first right to Cairn India stake
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Vedanta Resources was in the news for being denied permission by the government to mine bauxite in Niyamgiri hills in Orissa. Just when the dust was settling on that episode, its proposed acquisition of a majority stake in Cairn India has come under a cloud. Government-owned oil company Oil and Natural Gas Corporation has claimed pre-emptive rights over Cairn India and asked for documentation before giving a go-ahead to the transaction. Continue Reading →
Filed under: Companies, Oil & Gas, Top News, Cairn India, Companies International, M&A, ONGC
M&M gets one step closer to Ssangyong, signs MoU
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Mahindra & Mahindra announced that it has signed a memorandum of understanding with South Korea’s Ssangyong Motor Company, to acquire a majority stake in the aot-maker. Earlier, it had announced its selection as a preferred bidder for the loss-making company which sells sports utility vehicles under brands such as Rexton, New Kyron and Actyon.
Filed under: Companies, Quick News, Cars, Companies International, M&A, Mahindra & Mahindra, Ssangyong Motor Company
Mahindra is the preferred bidder for Ssangyong
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South Korea’s Ssangyong Motor Company announced that Mahindra & Mahindra (M&M) was the preferred bidder in its quest to find a strategic investor. It was one among six bidders for the failing auto company, whose prime attraction for bidders would be its product line-up, mainly sports-utility vehicles, and global sales network. M&M will now enter into a memorandum of understanding with Ssangyong, undertake due diligence followed by the final agreements. Continue Reading →
Filed under: Companies, Top News, Companies International, M&A, Mahindra & Mahindra, Ssangyong Motor Company
Bharti Airtel ties up funds to buy Zain’s Africa assets
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Telecom services operator, Bharti Airtel has tied up financing of $8.3bn for its $10.7bn or about Rs 49,000 crore bid to acquire Zain’s African operations. After the failure of its proposed acquisition of MTN, which attracted a lot of media coverage, Airtel has been keeping a low profile over the Zain Africa acquisition, with deal news coming out only at specific times.
Filed under: Companies, Quick News, Telecom, Bharti Airtel, M&A
HSIL buys faucets unit from Havells India
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HSIL Ltd, formerly Hindustan Sanitaryware & Industries, which has a 40% share in the sanitaryware products market, has acquired the faucet business of Havells India. HSIL had entered the faucets business in 2008-09, as part of its effort to be seen as a complete wellness solutions provider. So it diversified into bathroom solutions and kitchen solutions, providing designs, financing, delivery and installation of the products.
Filed under: Companies, Quick News, Havells India, HSIL, M&A, Sanitaryware
Aditya Birla Money up 5% on stake sale to group company
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Aditya Birla Money announced a proposed block deal, in which its parent company Aditya Birla Nuvo is selling a 75% stake to Aditya Birla Financial Services Pvt Ltd. The deal will be done on February 20 through a block deal on the stock exchanges, which will be done at around the market price on that day. It will sell 4.16 crore shares that are valued at Rs 220 based on today’s price which is locked up 5% at about Rs 52.