Enam Securities has been appointed as a consultant to the KK Birla Group-controlled Sutlej Textiles and Industries Limited (STIL) for carrying out corporate restructuring of the outfit. This may involve bringing in a strategic investor.
STIL was formed last year by de-merging the entire textile business of Sutlej Industries Limited (SIL). SIL would remain as the investment company of the group. The KK Birla group holds close to 62% in STIL. The group plans to infuse up to Rs. 80 crores through private placement. These funds will be used for long term working capital requirement as well as to enhance the company’s equity base.
Read the Business Standard article.
Thursday, January 4, 2007
Tega Industries to buy companies South Africa, Brazil
Kolkata-based engineering outfit Tega Industries is looking for acquisitions in South Africa and Brazil. It is in the final stages of acquiring Boruc, a South Af4rican company with a turnover of Rs. 60-70 crores. The company management has refused to divulge the financial details of the transaction.
The company also has initiated discussions with 2-3 outfits in Brazil for a joint venture or outright acquisition and expects the Brazilian venture to be finalized over the next couple of months. It currently has overseas marketing offices in eight countries and it is one of the leaders in mining equipments in the eastern region.
Read more on Tega Industries in Business Standard.
The company also has initiated discussions with 2-3 outfits in Brazil for a joint venture or outright acquisition and expects the Brazilian venture to be finalized over the next couple of months. It currently has overseas marketing offices in eight countries and it is one of the leaders in mining equipments in the eastern region.
Read more on Tega Industries in Business Standard.
Nicholas' Wellspring buys Jankharia Imaging
Nicholas Piramal India-promoted pathology laboratories and diagnostic venture Wellspring has acquired Mumbai-based radiology and imaging centre Jankharia Imaging. The new entity would be renamed Wellspring-Jankharia Imaging. Following the acquisition Wellspring would be the first corporate diagnostic provider to enter into high-end health imaging services.
Wellspring is a chain of pathology labs and diagnostics centers spread across the country. It is present in more than 35 locations in India with over 50 processing labs.
Wellspring has ambitious investment plans in the next two years during which it would offer tele-radiology solutions requiring expert radiology opinions across India and abroad. It intends to have high end imaging centers across the country and would be looking for many more partners in key cities across India. It would also tap areas like public private partnership opportunities being offered by government-run medical college hospitals across the country.
Read the Business Standard and The Economic Times articles.
Wellspring is a chain of pathology labs and diagnostics centers spread across the country. It is present in more than 35 locations in India with over 50 processing labs.
Wellspring has ambitious investment plans in the next two years during which it would offer tele-radiology solutions requiring expert radiology opinions across India and abroad. It intends to have high end imaging centers across the country and would be looking for many more partners in key cities across India. It would also tap areas like public private partnership opportunities being offered by government-run medical college hospitals across the country.
Read the Business Standard and The Economic Times articles.
Foreign investors pick 20% stake in Edelweiss Capital
Mumbai-based investment bank Edelweiss Capital has divested 20% stake to a number of financial investors including the Government of Singapore Investment Corporation (GIC) and the New York-based hedge fund Galleon Partners for around $90 mn.
Edelweiss will announce the deal soon after the Foreign Investment Promotion Board (FIPB) clears the investments.
With this transaction, Edelweiss is valued at around $400-450 million. The investment bank is also considering an initial public offer (IPO) by 2008 to give an exit option to its various investor groups. Prior to deal, employees and promoters of Edelweiss were holding around 74% equity stake, with Greater Pacific Capital (GPC), a London-based strategic investment firm and Americorp Capital jointly holding the remaining 24% stake.
Edelweiss was established in 1996 and now boasts of a team of around 600 people, with services ranging from brokerage to investment banking, asset management and insurance advisory. Edelweiss has been growing at 100% growth rate over the last 3 years. Revenues grew to Rs. 147 crores in 2005-06, from Rs. 73 crores in the previous year, while PAT grew to Rs. 42 crores from Rs. 24 crores.
Read The Economic Times article.
Edelweiss will announce the deal soon after the Foreign Investment Promotion Board (FIPB) clears the investments.
With this transaction, Edelweiss is valued at around $400-450 million. The investment bank is also considering an initial public offer (IPO) by 2008 to give an exit option to its various investor groups. Prior to deal, employees and promoters of Edelweiss were holding around 74% equity stake, with Greater Pacific Capital (GPC), a London-based strategic investment firm and Americorp Capital jointly holding the remaining 24% stake.
Edelweiss was established in 1996 and now boasts of a team of around 600 people, with services ranging from brokerage to investment banking, asset management and insurance advisory. Edelweiss has been growing at 100% growth rate over the last 3 years. Revenues grew to Rs. 147 crores in 2005-06, from Rs. 73 crores in the previous year, while PAT grew to Rs. 42 crores from Rs. 24 crores.
Read The Economic Times article.
i-flex Solutions buys out Capco's Singapore subsidiary
Bangalore-based IT solutions provider i-flex Solutions is buying out the Singapore arm of Capco, The Capital Markets Company through its own Singapore-based subsidiary. With this acquisition, i-flex will strengthen its ability to provide high-end consulting to banks in the Asia Pacific region.
Read more on this news at The Economic Times.
Read more on this news at The Economic Times.
Fujitsu in talks to buy out Intelenet Global Services, eyes acquisitions in the IT space
Fujitsu, Japan's largest IT services company is in advanced stages of talks to buy out Intelenet Global Services, a Mumbai-based BPO. Intelenet is a joint venture between Barclays Bank of UK and HDFC. HDFC and Barclays each hold 50% in the venture. Fujitsu is reported to be in talks to buy out Barclays' stake and subsequently may also acquire HDFC's stake.
Currently, Fujitsu has a presence in India through two companies, Rapidigm, a 100% subsidiary, and Zensar Technologies, a joint venture company with the RPG group. Fujitsu acquired Rapidigm, a US-based BPO firm with operations in India, in February 2006.
Fujitsu does not have management control in Zensar and is thus also looking at acquisitions in IT services. Fujitsu is under pressure to build its presence in the fast growing Indian market.
For more, read The Economic Times article.
Currently, Fujitsu has a presence in India through two companies, Rapidigm, a 100% subsidiary, and Zensar Technologies, a joint venture company with the RPG group. Fujitsu acquired Rapidigm, a US-based BPO firm with operations in India, in February 2006.
Fujitsu does not have management control in Zensar and is thus also looking at acquisitions in IT services. Fujitsu is under pressure to build its presence in the fast growing Indian market.
For more, read The Economic Times article.
EXL Service Holdings in acquisition mode
NASDAQ-listed Indian BPO vendor EXL Service Holdings is looking at acquisitions of companies in the $5-30 mn range. Currently, the company is scouting the Eastern European, Caribbean and South American countries for language capabilities, and South Africa for domain expertise in the banking, financial services and insurance (BFSI) space.
Last year, the company had announced the acquisition of Inductis, a strategy and analytics company serving the financial services and insurance industries. As a result of the acquisition, Inductis, with revenues of about $20 mn in 2005 became a wholly-owned and independently branded subsidiary of EXL, focusing on consulting and research and analytics. At the time of acquisition, Inductis had 250 employees based in offices in Gurgaon, New York, New Jersey, and Singapore.
Read the article in The Economic Times.
Last year, the company had announced the acquisition of Inductis, a strategy and analytics company serving the financial services and insurance industries. As a result of the acquisition, Inductis, with revenues of about $20 mn in 2005 became a wholly-owned and independently branded subsidiary of EXL, focusing on consulting and research and analytics. At the time of acquisition, Inductis had 250 employees based in offices in Gurgaon, New York, New Jersey, and Singapore.
Read the article in The Economic Times.
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