Mergers & Acquisitions
Shriram EPC Acquires 55% In Blackstone Group Technologies : Shriram EPC (SEPC), an engineering, procurement and construction (EPC) service provider, has acquired 55% in Blackstone Group Technologies (BGT), a Chennai-based engineering consulting firm for an undisclosed amount. The acquisition will be funded through internal accruals. Apart from expanding SEPC’s bouquet of service offering, this acquisition is expected to improve the proportion of the total contract that SEPC can potentially bid for. The acquisition also provides SEPC access to BGT’s marketing teams and infrastructure, both, in India and globally.
Action Construction Equipment To Acquire A Chinese Manufacturer: Action Construction Equipment (ACE) has signed a Memorandum of Understanding (MoU) with a Chinese construction equipment manufacturing company to acquire it. Action intends to close the deal within August. ACE will be investing a total of $15-16 million on the acquired entity, which includes $8-10 million for acquisition.
SBI To Fund Tata’s Acquisition Of Senoko Power: Country’s largest bank, State Bank of India (SBI), will offer Tata Power $1 billion to help it acquire Senoko Power, Singapore’s largest-power utility. Temasek Holdings had put Senoko Power on the block in early August, in a deal which is expected to raise close to $3 billion. Temasek is expected to shortlist bidders in the first week of September after which those shortlisted will be allowed to carry out a due-diligence exercise. SBI has been regularly helping Tata in its acquisitions: SBI had earlier funded the House of Tatas in its acquisition of UK steel company, Corus, and also in the deal to buy out Ford Motor’s luxury brands, Jaguar and Land Rover.
Actis Biologics Acquires US Based Cell Point Diagnostics: Mumbai-based drug discovery company Actis Biologics (ABPL) has acquired the cancer drug discovery assets of US-based CellPoint Diagnostics for an undisclosed amount. By next year, the company plans to launch its first product - VFF2, a technology platform that could reduce the cost of manufacturing of several biotech drugs, food and beverage products by about 80 per cent, said sources.
Dubai’s Global Ports Group Eyeing Indian Projects: DP World, the Dubai-based global ports group, is eyeing Indian projects after doubling first-half earnings, according to a report in the Lloyd’s List. The DP World Chief Executive, Mr Mohammed Sharaf, has been quoted as saying that the group is assessing 25 projects globally, particularly investment potential for additional quay space in India’s top container port Jawaharlal Nehru port. “The Indian sub-continent is a dynamic market and we will continue to look there, and when opportunities come up, we will look at them very seriously and we will continue to invest for the longer term. In addition to “a very strong balance sheet,†the group, the report suggests, has access to $2 billion in unutilised funds for further investments in acquisitions and joint ventures.
Bharti Tele Asked To Seek A Separate FIPB Nod For DTH: Government has asked Sunil Mittal's Bharti group to seek a separate FIPB approval within three months for its upcoming Direct-To-Home services."The DTH licensee Bharti Telemedia is ordered to seek separate FIPB approval within three months from the date of issue of this order," a directive issued by information and broadcasting ministry on Aug 25 said.
Private Equity
Alok Industries to raise PE funds via SPV’s : Mumbai based Alok Industries is in talks with private equity firms to raise 300 crores and above for a 20- 25 percent stake in its realty and retail project. To know why SPV is a route for real estate investors.
KurlOn To Dilute 25 % Stake Via Public Offering: Leading mattress maker Kurl-On plans
to offload about 25 per cent stake as it looks to raise capital to fund a major diversification into home furnishing segment. The company's promoters, the Pai family is planning to offload around 25 per cent stake by means of public offering.
Israeli’s Eleizer Fishman To Buy Stake In Ludhiana Mall Project : A joint venture of three Israeli property companies controlled by businessman Eliezer Fishman agreed to buy 50% stake in a shopping mall being developed in Ludhiana, reports Bloomberg (via Mint) .Mondon Investments Ltd, a joint venture of Jerusalem Economic Corp. (JEC), Industrial Buildings Corp. and Darban Investments Ltd, will pay the equivalent of 204 million shekels ($57 million) to buy the stake and invest in the mall’s construction, JEC said in a statement to the Tel Aviv stock exchange on Sunday. The mall will contain 156,000 sq. m (1.7 million sq. ft) of floor space over six storeys, JEC said. The mall is scheduled to be completed in the second quarter of 2009, it said.
