Singapore-based low cost carrier Tiger Airways on Tuesday said it would start direct flights to Singapore from the city and Kochi beginning October 28.
The airliner would offer low-cost one-way fares starting Rs 1,600 from both the destinations. "We expect the aggressive ticket prices, which are nearly half of what other airlines are offering, to generate a strong demand from the region," Mr Davis, CEO, Tiger Airways said.
The airliner has established an extensive network of low fare routes across the Asia Pacific region. "Tiger Airways is now the only low fare airline to offer services across whole of Asia, encompassing China, South East Asia, India and Australia," he said.
(Source: Business Line)
Tuesday, July 3, 2007
Tata Group buys Innovative Foods
The Tata Group today announced its foray into the processed foods business with the completion of acquisition formalities of 70 per cent stake in the South-based Innovative Foods Limited (IFL) from the Amalgam Group. The Rs 16.5 crore Innovative posted a loss of Rs 4 crore in the last fiscal.
The acquisition, estimated at under Rs 20 crore, has been made through Residency Foods and Beverages Limited (RFBL), a subsidiary of Indian Hotels Company Limited (IHCL). The acquisition of Innovative Foods outlines our strategic intent for the processed foods business. We strongly believe in leveraging our in-house expertise within the group with our FMCG, F&B and retail businesses.
The company has a presence in the various food segments through group companies like Tata Tea, Tata Coffee and Tata Chemicals (Tata Salt). As part of its diversification plan, the Tata group through RFBL has recently entered into an exclusive agreement with Jasper Aqua Exports, a seafood company based in Vishakapatnam.
(Source: Business Standard)
The acquisition, estimated at under Rs 20 crore, has been made through Residency Foods and Beverages Limited (RFBL), a subsidiary of Indian Hotels Company Limited (IHCL). The acquisition of Innovative Foods outlines our strategic intent for the processed foods business. We strongly believe in leveraging our in-house expertise within the group with our FMCG, F&B and retail businesses.
The company has a presence in the various food segments through group companies like Tata Tea, Tata Coffee and Tata Chemicals (Tata Salt). As part of its diversification plan, the Tata group through RFBL has recently entered into an exclusive agreement with Jasper Aqua Exports, a seafood company based in Vishakapatnam.
(Source: Business Standard)
Monday, July 2, 2007
Max India eyes control of two CROs in US
Delhi-based healthcare and insurance company Max India is looking at acquiring two clinical research organisations (CRO) in the US. Max India joint MD Anantharaman said, “We are looking at either picking up majority stake or full control in 2 CROs in the US, which have sales order of $25-$50 million. We have identified few CROs and have initiated direct talks with a couple of them. We may appoint investment bankers for a bigger deal.”
The company would fund the buy out from the Rs 1,000 crore fund raised through qualified institutional placements. The acquition may happen after a year, he added.
The strategic tie-ups are likely to materialise in the next 2-3 months. Currently, Neeman Medical International, Max’s clinical research company, has a business development subsidiary in the US and regional offices in Europe and Latin America.
The company sees two benefits of having its presence in the US. First, its CROs in the US will outsource all its back-end work to its Indian operations. Secondly, having a subsidiary in the US would allow the company to outsource its mandatory trails in the US to its own company.
(Source: Economic Times)
The company would fund the buy out from the Rs 1,000 crore fund raised through qualified institutional placements. The acquition may happen after a year, he added.
The strategic tie-ups are likely to materialise in the next 2-3 months. Currently, Neeman Medical International, Max’s clinical research company, has a business development subsidiary in the US and regional offices in Europe and Latin America.
The company sees two benefits of having its presence in the US. First, its CROs in the US will outsource all its back-end work to its Indian operations. Secondly, having a subsidiary in the US would allow the company to outsource its mandatory trails in the US to its own company.
(Source: Economic Times)
Global PE players eye stake in JetLite
Naresh Goyal-promoted Jet Airways is believed to be in preliminary talks with leading international private equity players for offloading a minority stake in JetLite, the name given to Air Sahara that it acquired three months ago for Rs 1,450 crore.
Global investment companies and equity funds like Dubai-based Istithmar PSJC, US private equity firms Texas Pacific Group and Blackstone and Singapore’s investment holding company Temasek Holdings have been approached by merchant bankers associated with the talks.
Sources close to the development said Jet Airways, which is readying itself for a $400 million rights issue to fund its expansion plans, may dilute up to 25 per cent in JetLite. Jet Airways Executive Director Saroj Datta, however, denied that talks were on for divesting equity.
Sources said JetLite would be profitable by October-November. The rebranding exercise has begun with Jet Airways integrating Air Sahara’s frequent flyer programme.
Meanwhile, the airline has been repositioned as a “value carrier” — that is, an airline between a low-cost and a full-service carrier. To this end, JetLite has discontinued business class operations from June and re-configured its aircraft to all-economy seats.
(Source: Business Standard )
Global investment companies and equity funds like Dubai-based Istithmar PSJC, US private equity firms Texas Pacific Group and Blackstone and Singapore’s investment holding company Temasek Holdings have been approached by merchant bankers associated with the talks.
Sources close to the development said Jet Airways, which is readying itself for a $400 million rights issue to fund its expansion plans, may dilute up to 25 per cent in JetLite. Jet Airways Executive Director Saroj Datta, however, denied that talks were on for divesting equity.
Sources said JetLite would be profitable by October-November. The rebranding exercise has begun with Jet Airways integrating Air Sahara’s frequent flyer programme.
Meanwhile, the airline has been repositioned as a “value carrier” — that is, an airline between a low-cost and a full-service carrier. To this end, JetLite has discontinued business class operations from June and re-configured its aircraft to all-economy seats.
(Source: Business Standard )
acquisitions are set to play a dominant role in PepsiCo’s India growth plans
PepsiCo Inc chairman & CEO Indra K Nooyi has told the India team to push hard for buyouts in milk-based beverages, juices and convenience foods this year to build the wellness portfolio.
Since PepsiCo worldwide generates $5 billion surplus cash every year, there’s no limit on the number of acquisitions and the amount that it would pay as long as they add value to the portfolio. The India office has begun work on this and is in the process of identifying potential targets and making their shadow profit & loss accounts, a top source told ET.
Ms Nooyi, an old hand in mergers and acquisitions, built the company’s health and wellness portfolio by leading the PepsiCo team that acquired Quaker Oats —in a $13.8-billion deal—as well as Tropicana juices.
The soft drink company is also looking for alliances with milk co-operatives to jointly explore milk-based drinks, such as cold coffee, lassi and milk shakes.
Pepsi has made only two acquisitions in India so far, the last being Uncle Chipps, which it bought seven years ago for around Rs 10 crore. Though the budget this time is several times more, it remains to be seen how many takeover candidates actually sell out.
Potential acquisition targets:
- Dabur’s Real — the market leader in juices with annual sales of Rs 240 crore — has been pursued by suitors, including Coca-Cola, but the owners are not ready to play ball.
- Another potential candidate Frito-Lay could be looking at is Haldiram’s, a dominant player in snack foods after Frito-Lay.
A top industry source said inorganic growth in new product categories is the only way forward for soft drink companies in India to push for growth.
If they were to depend solely on fizzy and flavoured drinks in their respective portfolios, the growth is likely to be in single digits and that too only if the weather is conducive and NGOs don’t train their guns on them. Not surprisingly, cola companies are hedging risks by entering wellness and new-age segments that can be had throughout the year.
(Source: Economic Times)
Since PepsiCo worldwide generates $5 billion surplus cash every year, there’s no limit on the number of acquisitions and the amount that it would pay as long as they add value to the portfolio. The India office has begun work on this and is in the process of identifying potential targets and making their shadow profit & loss accounts, a top source told ET.
Ms Nooyi, an old hand in mergers and acquisitions, built the company’s health and wellness portfolio by leading the PepsiCo team that acquired Quaker Oats —in a $13.8-billion deal—as well as Tropicana juices.
The soft drink company is also looking for alliances with milk co-operatives to jointly explore milk-based drinks, such as cold coffee, lassi and milk shakes.
Pepsi has made only two acquisitions in India so far, the last being Uncle Chipps, which it bought seven years ago for around Rs 10 crore. Though the budget this time is several times more, it remains to be seen how many takeover candidates actually sell out.
Potential acquisition targets:
- Dabur’s Real — the market leader in juices with annual sales of Rs 240 crore — has been pursued by suitors, including Coca-Cola, but the owners are not ready to play ball.
- Another potential candidate Frito-Lay could be looking at is Haldiram’s, a dominant player in snack foods after Frito-Lay.
A top industry source said inorganic growth in new product categories is the only way forward for soft drink companies in India to push for growth.
If they were to depend solely on fizzy and flavoured drinks in their respective portfolios, the growth is likely to be in single digits and that too only if the weather is conducive and NGOs don’t train their guns on them. Not surprisingly, cola companies are hedging risks by entering wellness and new-age segments that can be had throughout the year.
(Source: Economic Times)
Spentex buys Czech firm Schoeller for $25mn
The board of directors of Spentex Industries, which met on June 30, 2007, has approved a proposal to acquire Schoeller Litvinov k.s. (Schoeller) in Czech Republic.
According to a release issued by Spentex to the BSE today. the acquisition of Schoeller was completed for a consideration of $25 million.
"The transaction will enhance the topline of the company by about euro 55 million and add another euro 6 million per year in cash flow. This acquisition is in line with company's inorganic growth strategy of acquiring good, operational assets of strategic value. Schoeller is a leading yarn manufacturer in Europe with operations in Germany, the Benelux countries, France and the Czech Republic with customer base spread across European Union," the release added
(Source: Business Standard )
According to a release issued by Spentex to the BSE today. the acquisition of Schoeller was completed for a consideration of $25 million.
"The transaction will enhance the topline of the company by about euro 55 million and add another euro 6 million per year in cash flow. This acquisition is in line with company's inorganic growth strategy of acquiring good, operational assets of strategic value. Schoeller is a leading yarn manufacturer in Europe with operations in Germany, the Benelux countries, France and the Czech Republic with customer base spread across European Union," the release added
(Source: Business Standard )
Sunday, July 1, 2007
Cranes Soft buys Proland, Caravel
Cranes Software has acquired the Bangalore-based anti-virus software maker Proland Systems Ltd, and Caravel Info Systems.
Cranes has spent Rs 20 crore towards the acquisition cost of Proland and the immediate investments in product enhancement.
(Source: Business Line )
Cranes has spent Rs 20 crore towards the acquisition cost of Proland and the immediate investments in product enhancement.
(Source: Business Line )
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