Philips Buys Electronics Maker Preethi - Consumer electronics manufacturer Philips has purchased Chennai-based appliance maker Maya Appliances, brand owner of Preethi range of kitchenware, for an undisclosed amount. Royal Philips Electronics said that it has agreed to acquire the assets of the Preethi business, a leading kitchen appliances company in India. Preethi, a household name in the mixer grinder space was established in 1978. The company is expected to earn Rs 400 crore to Rs 450 crore as revenues for the current fiscal. (Times of India)
Blackstone To Invest Rs 200Cr In Bangalore Realty Project - Blackstone, the global private equity giant based in the US which has a corpus of $9.5 billion, is understood to be in discussions with Bangalore-based Embassy Property Development to invest around Rs 200 crore in one of its projects. Embassy Property Development is understood to be raising private equity even as it is awaiting Securities & Exchange Board of India (SEBI) clearance for a planned public offer of Rs 2,400 crore which is expected during this calendar. In 2008, Blackstone had invested $18 million in Bangalore-based construction-management company Synergy Property Development Services. (Business Standard)
TPG To Buy 14% In Time Technoplast - Private equity major TPG Capital plans to buy a 14% stake in packaging company Time Technoplast at a near 30% premium to market price. The fund may pay as much as Rs 65 a share. The company has yet to decide on whom to include as investors and no agreement has been finalised. (Economic Times)
Sun Pharma Eyes Major US Buy - Sun Pharmaceutical Industries, India’s largest drugmaker by market value, is planning its biggest acquisition in the US to boost sales in the world’s largest pharmaceutical market. Sun, which made 13 purchases in the past 14 years, including the $454-million acquisition of a majority stake in Israel’s Taro Pharmaceuticals Inc, needs to buy a bigger US company to attain critical scale. (Business Standard)
Danone Eyes India Acquisition - French food group Danone is looking for acquisitions in India and baby food maker Dumex India could be a target. French daily Les Echos said Dumex India would be a natural target for Danone, which already owns most Dumex operations in Asia as part of its acquisition of Dutch baby food group Numico in 2007. Earlier this year Danone, the world's largest yoghurt maker, merged with Russian dairy group Unimilk, securing 21% of the fast-growing Russian dairy market. (DNA)
Platinum Group Acquires Craze Biscuits - The Kochi-based Platinum Group has acquired Craze brand of biscuits, which has a strong presence in the Kerala market. The company has acquired the brand in collaboration with Sing Venture Foods Pvt Ltd, a company promoted by the Singapore-based Halee Investments Pte Ltd. Sing Venture has set up a modern factory near Chennai with a capacity to produce 75-90 tonnes a month. The company is looking at a sales turnover of Rs 50 crore in the first year of operations and Rs 100 crore in the next three years. (HinduBusinessLine)
VenSat Eyes US Acquisition - Animation and visual effects company VenSat Tech Services is planning to establish studio presence in the United States, from where it derives 85% of its business, by the end of 2011. The company is eyeing the inorganic route to grow US operations. VenSat, which was incorporated in July 2009 and began operations in December 2009, expects a revenue of $10 million by March 2012. The company had received seed funding from Annapurna studios and Indo-US Venture Partners. (Business Standard)
