IT and outsourcing major Wipro said it will take over the IT division of Germany-based wholesaler Metro AG in a deal that is expected to generate revenue of over Rs 1,000 cr per year for the Indian company. A total of more than 1,300 IT staff from Germany, Romania and India belonging to the wholesaler […]
Tata Consumer Products Ltd said it has decided to divest its MAP Out of Home coffee business in Australia to Buccheri Group Pty Ltd to focus on more profitable lines of businesses. It will not affect its branded tea business in Australia. The company, which supplies both coffee beans as well as machines to coffee […]
Indian drugmaker Laurus Labs said it signed a definitive agreement to acquire a majority stake in a Bangalore-based, fast-growing biotech company, Richcore Lifesciences, for Rs 246.67 cr. Richcore has advanced R&D and manufacturing facilities to develop and manufacture biotech products critical for manufacturing biological drugs. Richcore also helps its global customers to develop and scale-up […]
Future Retail, the pioneering modern retail chain founded by Kishore Biyani, today said it will take steps to implement its agreement with Reliance Retail as it is not a party to the agreement quoted by global retailer Amazon to block its merger with Reliance Retail. The agreement is with one of its promoters and group […]
Tech Mahindra, one of India’s to six IT service providers, said it has invested $3 million, around Rs 23 cr, in a fast-growing tele-medicine start-up based in Plano, Texas. The Indian company, which gets a 6% stake in exchange for the investment, has an option of raising its stake to 14% by January 2021 by […]
HT Media Ltd, the publisher of Hindustan Times and Mint, announced that it is buying Mosaic Media Ventures, the company that runs the funding and mergers-and-acquisitions focused website VCCircle.Com, for up to Rs 1 cr in deferred payments. It will also invest up to Rs 6 crore, post working capital adjustments, as a part of […]
Escorts Ltd, one of India’s oldest motor and equipment makers, said Japan-based Kubota Corporation, one of the top tractor makers in the world, will take a 10% stake in the Indian company for Rs 1,042 cr. The partnership, which will go beyond equity participation, will “integrate and deepen their relationship towards achieving their mutual ambition […]
Rahul Joshi, Managing Director of TV18, today said his company has no plans to sell its news business. “We’ve outrightly denied any such story in news. In news, the group remains absolutely committed to grow the business. “As you’ve seen, we’ve committed so much investments in digital, on television. So there’s no question of getting […]
Subhash Chandra has resigned as the chairman of Zee Entertainment Enterprises, five days after his group sold another 16.5% stake in the company. “In light of the changes in shareholding, Subhash Chandra has expressed his intention to resign as Chairman of the Board with immediate effect,” the broadcasting company informed. “The Board accepted his resignation […]
Reliance Industries, India’s most valuable company by shareholding, has restructured its telecom investments and holdings to facilitate its “early monetization”. The oil-to-retail giant said it has decided to set up a new company exclusively for holding the digital business of RJIL — devoid of towers and fiber — and plans to sell stakes in this […]
Minda Industries, one of the world’s biggest auto-parts makers, said it will acquire German autoparts maker Delivis Group for 21 mln euros (Rs 163 cr). Minda, which supplies parts to almost all major automakers in India including Maruti Suzuki, said the acquisition is designed to “maintain technology leadership in lighting products market in India”. Delvis […]
Zee Essel Group today said it has completed the sale of 8.7% of its crown jewel, Zee Entertainment Enterprises, to US-based Invesco Oppenheimer Developing Markets Fund as per a plan announced in July. The remaining 2.3% stake that is to be transferred to the fund will also be sold in the “next few days”, the […]
Pharma major Lupin said it has agreed to sell its Japanese injectables business to a wholly owned subsidiary of Neopharma group, the UAE’s largest pharmaceutical manufacturer headquartered in Abu Dhabi. Lupin has agreed to sell all the issued and outstanding share capital in its unit Kyowa Criticare Co. Ltd to neo ALA Co. Ltd, a […]
Quess Corp, a provider of logistical, staffing and infrastructural solutions to businesses in India, said it has entered into an agreement with international e-commerce giant Amazon.com relating to investment in and operations of an electronics aftersales company. Though the finer details of the agreement were not revealed, the agreement could be aimed at diversifying the […]
Singapore-based investment management company Manulife has bought a 49% stake in the asset management arm of Mahindra Finance, marking yet another collaboration between an Indian financial company and a foreign asset management company for operations in India. The transaction has been structured as an investment of $34.9 million, or about Rs 2,000 cr, into the […]
HDFC said it has agreed to buy a 51% of Apollo Munich Health Insurance Company Ltd for around Rs 1,347 cr. Apollo Munich will be merged with HDFC’s general insurance subsidiary, HDFC ERGO General Insurance Company Limited, even as Munich Re continues to remain invested in the new, merged entity. HDFC already has a joint […]
Fashion and lifestyle company Aditya Birla Fashion and Retail Ltd said that it will acquire Jaypore E-Commerce Private Ltd, which sells “handmade, handwoven and handcrafted apparel, jewellery, home textiles and accents”, for Rs 110 crore including debt. Aditya Birla Group did not break out the equity component of the company’s valuation, nor did it give […]
Anil Ambani owned Reliance Capital Ltd said that it signed binding definitive agreements with Nippon Life Insurance, one of the largest life insurance companies in Japan to increase its stake in investment management firm Reliance Nippon Life Asset Management Limited (RNAM) to 75%. Reliance Capital said that it will receive Rs 6,000 crore from the […]
Infrastructure major Larsen and Toubro said it acquired 73,953 shares of IT firm Mindtree from the open market. The latest purchase comes three days after it acquired 13,443 shares in the IT company. After the latest transaction, L&T’s shareholding in Mindtree stands at 26.53%. The latest stock purchase was made at Rs 979 price per […]
Godrej Group has sold its grocery chain Nature’s Basket to Kolkata-based Spencer’s Retail, part of the RP Sanjiv Goenka Group. Spencer’s Retail is especially strong in Chennai and Bangalore, and has also recently acquired another South Indian player Foodworld. The financial consideration for the sale was not revealed by Godrej. Godrej, for which Nature’s Basket […]
