Vikram Akula Exiting SKS Microfinance - Vikram Akula, founder and chairman of the country's only listed microfinance institution (MFI) SKS Microfinance Ltd, is very close to finalising the terms under which he will exit the company he founded 13 years ago. PH Ravikumar, an independent director on the board of SKS India and former chief executive officer of NCDEX, will become non-executive chairman at the country's largest microfinance company. (Economic Times)
GSK, Abbott, Zydus In Fray For Jagdale's Energy Drinks Biz - A line-up of MNC and Indian bidders are in the fray to acquire home grown electrolyte energy drinks business of Jagdale Healthcare, which is on the block. GlaxoSmithKline Plc, Abbott Laboratories, Zydus Cadila, Wipro and Dabur are among the potential suitors for Jagdale's OTC business for an estimated valuation of Rs 500 crore. ORS-L is a patented fruit-based electrolyte drink, competes in the broader energy drinks segment that include players like Gatorade from PepsiCo. (Times of India)
BSE, Tatas, Fitch Buy 74% In Anil Singhvi's IIAS - The BSE, the Tatas, HDFC and Fitch Ratings have together bought close to 74% stake in former Gujarat Ambuja Cements managing director Anil Singhvi-owned proxy advisory firm Institutional Investors Advisory Services India (IIAS), backing a start-up that is bound to influence corporate governance practices in listed companies. Two main promoters Anil Singhvi and the company's managing director Amit Tandon along with senior employees will hold 25% stake. (Economic Times)
ICVL Places Bid For Coking Coal Project Of Washpool - International Coal Ventures Pvt. Ltd (ICVL) has placed a bid for the coking coal project of Washpool Coal Pty Ltd, a subsidiary of Australia’s Aquila Resources Ltd, as the consortium of state-run companies seeks to buy its first overseas asset since its formation two years ago. ICVL’s board approved the commercial bid for the Australian property in October
GSPC In Talks With Singapore's GIC - State-run Gujarat State Petroleum Corp (GSPC) is in talks with Singapore's sovereign wealth fund, GIC, for raising funds. A delegation from GIC, led by its managing directors, Kunna Chinniah and Chua Lee Ming, visited Gujarat last month. The Gujarat government now holds 91.35% equity stake in the company. SBI Capital Markets Ltd and nine other companies had acquired 5% equity stake in GSPC for a cash infusion of over Rs 1,000 crore in December, 2009. (Business Standard)
Emami, Marico & Wipro In Final Lap For Paras Brands - Indian consumer goods makers Emami, Marico and Wipro Consumer are in the final lap to acquire Paras Pharma's 100-crore personal care business from Reckitt Benckiser. The business is likely to be valued at around Rs 800-900 crore. This includes Livon hair conditioner and hair tonic, Borosoft antiseptic cream, Set Wet hair styling products and Zatak deodorant. (Economic Times)
Pipavav Investor May Be Northrop Grumman - Pipavav Defence & Offshore Engineering, formerly Pipavav Shipyard, will sell a 10% stake for 900 crore to a foreign defence company which will provide critical technology necessary to manufacture equipment for the armed forces. The company did not disclose the identity of the buyer but market analysts predict it could be US-based defence contractor, Northrop Grumman. Pipavav had signed a memorandum of understanding with Northropin February to leverage each other's strengths. (Economic Times)
Panchshil Forms JV With South Korean Company - Real estate developer Panchshil has inked an agreement with Korea-based project and construction management (PMCM) services company HanmiGlobal to set up a 50:50 joint venture company to provide consultancy to construction and infrastructure projects in India. The objective of the new initiative is to bring a higher level of technology into the construction of infrastructure projects and high-rises. (Business Line)
