Millennium India Acquisition Company, Inc. announced that it would be picking up a minor stake in SMC group of companies worth A$39.97 mn.This would give the company a 14.9% control in what is one of the heavyweights in the finanial services industry in India.
This deal values SMC Group at $228 million, or approximately 8.6 times FY2008 projected earnings.
The capital realized from this investment will be used by SMC Group to expedite its expansion plans
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