India's third-largest software services exporter, Wipro Ltd, has acquired Singapore's Unza Holdings Ltd for about $246 million in cash, the company said on Friday.
New York-listed Wipro, which also has interests in consumer care and lightings, expects to complete the 100 per cent acquisition by end-July, it said in a statement. Unza is a maker of personal care products with operations in over 40 countries. It has manufacturing plants in Malaysia, Vietnam, China and Indonesia. Wipro, which gets a bulk of its revenue by providing IT solutions and services such as systems integration, software application development and maintenance, has been buying up firms to accelerate growth.
(Source: Economic Times)
Friday, July 6, 2007
Thursday, July 5, 2007
Patni acquires Logan-Orviss
Patni Computer Systems, a Mumbai-based IT services provider, today announced the acquisition of Europe-based Logan-Orviss International (LOI), a leading independent specialist telecommunications consulting services company.
The acquisition includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended 2006 with revenues of ¤11.8 million.
The current acquisition strengthens Patni’s capability in the communications and media practice. Logan-Orviss International will become Patni’s telecommunications consulting and advisory practice, and will be led by Brendan Logan and Colin Orviss, the firm’s co-founders.
(Source: Business Standard)
The acquisition includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended 2006 with revenues of ¤11.8 million.
The current acquisition strengthens Patni’s capability in the communications and media practice. Logan-Orviss International will become Patni’s telecommunications consulting and advisory practice, and will be led by Brendan Logan and Colin Orviss, the firm’s co-founders.
(Source: Business Standard)
JM Financial to pick up 60% in ASK Securities
Nimesh Kampani’s JM Financial Services will buy a 60 per cent stake in domestic institutional brokerage & equity research firm ASK Securities for Rs 58.14 crore, barely four months after both the local companies separated from their long-time foreign partners.
JM Financial Services, which split from its seven-year partner Morgan Stanley in February, had given up two key businesses viz., institutional broking & sales & equity research, to the US bank for $425 million (Rs 1,912 crore).
The deal came about on the same day that JM Financial’s former partner, Morgan Stanley, received government clearance to invest Rs 1,894 crore to conduct securities sales, trading and broking, merchant banking and corporate advisory services and other NBFC activities.
ASK Group, which has three businesses – institutional broking & equity research (ASK Securities), portfolio management services (ASK Investment Managers Ltd) and financial planning (ASK Wealth Advisors Pvt Ltd), separated from its foreign partner Raymond James by acquiring the 50 per cent held by the company in March.
The transaction is expected to close by the second quarter of Financial Year 2007-08, subject to necessary regulatory approvals
(Source: Business Standard )
JM Financial Services, which split from its seven-year partner Morgan Stanley in February, had given up two key businesses viz., institutional broking & sales & equity research, to the US bank for $425 million (Rs 1,912 crore).
The deal came about on the same day that JM Financial’s former partner, Morgan Stanley, received government clearance to invest Rs 1,894 crore to conduct securities sales, trading and broking, merchant banking and corporate advisory services and other NBFC activities.
ASK Group, which has three businesses – institutional broking & equity research (ASK Securities), portfolio management services (ASK Investment Managers Ltd) and financial planning (ASK Wealth Advisors Pvt Ltd), separated from its foreign partner Raymond James by acquiring the 50 per cent held by the company in March.
The transaction is expected to close by the second quarter of Financial Year 2007-08, subject to necessary regulatory approvals
(Source: Business Standard )
Essar eyes shipping, telecom JVs in Vietnam
Essar Group is looking at shipping, telecom and energy joint venture opportunities in Vietnam, Jagdeesh Mehta, president of Essar Vietnam Steel Corp., said on Thursday at an Indo-Vietnam business conference. Vietnamese Prime Minister Nguyen Tan Dung is leading a business delegation to India. The Essar Group and two Vietnamese companies said earlier this year they would establish a $527-million venture to build a hot-rolled steel mill to help reduce the country's dependence on imports of hot-rolled steel coils.
(Source: Economic Times)
(Source: Economic Times)
Wednesday, July 4, 2007
Temasek to buy 5% in Bharti Airtel
Temasek Holdings, the Singapore government's investment arm, is acquiring 4.99% stake in Bharti Airtel, India's largest cellular telephony operator.
Singapore Telecom is already a large shareholder in the company.
"Bharti Enterprises continues to maintain a controlling interest of over
45% in Bharti Airtel through its subsidiary Bharti Telecom," said a statement issued by Bharti.
One of Bharti's group companies has decided to grant an option to acquire an indirect stake in Bharti Airtel to a wholly-owned subsidiary of Temasek. The option arrangement envisages acquisition of shares which, on exercise, will result in a 4.99% stake in Bharti Airtel.
(Source: Business Standard )
Singapore Telecom is already a large shareholder in the company.
"Bharti Enterprises continues to maintain a controlling interest of over
45% in Bharti Airtel through its subsidiary Bharti Telecom," said a statement issued by Bharti.
One of Bharti's group companies has decided to grant an option to acquire an indirect stake in Bharti Airtel to a wholly-owned subsidiary of Temasek. The option arrangement envisages acquisition of shares which, on exercise, will result in a 4.99% stake in Bharti Airtel.
(Source: Business Standard )
Tuesday, July 3, 2007
Ashok Leyland in JV with Finland's Alteams
Ashok Leyland Ltd said on Tuesday that it had formed a joint venture with Finland's Alteams to make components for the telecommunication and automotive sectors.
The equal joint venture, subject to regulatory approvals, will commence in 2007, with an initial investment of more than Rs 175 crore ($43 million), the company said.
The joint venture to make high-pressure die casting aluminium products will achieve revenues of Rs 650 crore in five to six years, when total investment will add up to Rs 335 crore, it said in a statement.
(Source: Business Line )
The equal joint venture, subject to regulatory approvals, will commence in 2007, with an initial investment of more than Rs 175 crore ($43 million), the company said.
The joint venture to make high-pressure die casting aluminium products will achieve revenues of Rs 650 crore in five to six years, when total investment will add up to Rs 335 crore, it said in a statement.
(Source: Business Line )
Godrej Sara Lee buys Sara Lee biz in India
Consolidating its operations in the Indian subcontinent, the US-based Sara Lee Corporation has sold its subsidiary’s business in India and Sri Lanka to its existing joint venture company Godrej Sara Lee(GSLL) for $13 million.
GSLL will now be manufacturing, marketing and distributing the brands owned by Sara Lee Household and Body Care like Kiwi Shoe Polish, Kiwi Drainex drain cleaner and Brylcream brand of hair care.
Sara Lee Corporation has a 51 per cent stake in Godrej Sara Lee while the balance is held by the Godrej Group in which Godrej Industries has a 20 per cent stake.
(Source: Business Line)
GSLL will now be manufacturing, marketing and distributing the brands owned by Sara Lee Household and Body Care like Kiwi Shoe Polish, Kiwi Drainex drain cleaner and Brylcream brand of hair care.
Sara Lee Corporation has a 51 per cent stake in Godrej Sara Lee while the balance is held by the Godrej Group in which Godrej Industries has a 20 per cent stake.
(Source: Business Line)
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