Sony Pictures Networks India (SPN) said it will acquire TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries for 385 million U.S. dollars (around Rs 2,600 cr). The acquisition will add South Asia’s leading sports network to SPN’s existing portfolio of channels and help Sony to compete better with Rupert Murdoch’s Start […]
IL&FS Transportation Networks said it bought the entire equity stake of Singapore-based Cube Highways & Infrastructure Pvt. Ltd in Andhra Pradesh Expressway Limited (APEL) for 140.37 cr. The completion of transaction and receipt of consideration is possible after fulfilling the conditions and approval from all concerned authorities and creditors of APEL, the construction and transportation company […]
AstraZeneca Pharma India said AstraZeneca UK has asked to terminate its existing distribution arrangements for Meronem (meropenem) in India. “This is as a result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc, of its late-stage small molecule antibiotics business,” the company said. Separately, its global parent […]
The NSE has sought clarification from Idea Cellular after television channel CNBC TV18 reported that the company was in preliminary talks with Vodafone to merge its operations. “Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such negotiations were taking place and b) Whether you/company […]
Tech Mahindra said UK’s Financial Conduct Authority approved its acquisition of Target Group, a financial services outsourcing and software provider. The transaction, announced on 27th May, will see the current management team remain in the business, ensuring continuity and acceleration of the Target groupś growth strategy. Target’s previous parent was Pollen Street Capital. Target Group […]
Tata-owned Indian Hotels Co Ltd denied reports that it was in talks with Hyderabad-based GVK Reddy family to merge their joint venture Taj GVK with Indian Hotels. The company was reacting to a news item in CNBC TV18 news channel claiming that the GVK family was negotiating a swap ratio for merging the two companies. […]
Religare Enterprises Ltd, a diversified financial services group, said its wholly owned subsidiary Religare Global Asset Managment Inc USA completed its exit from Landmark Partners LLC and its subsidiaries. Landmark is a private equity and real estate investment company specializing in secondary funds. It had assets under management of $15.1 billion with about 16,000 underlying […]
The State Bank of India said it has approved its merger with another two banks, State Bank of Patiala and State Bank of Hyderabad, taking the total of such banks to six. Yesterday, the SBI had said it had approved its merger with four banks including State Bank of Mysore, Travancore and SBBJ. “State Bank […]
State Bank of India board of directors has approved the share swap ratios for the upcoming merger of the bank with other State Bank entities. “The Central Board of Directors of the State Bank of India (SBI), at its meeting held on 18.08.2016 have accorded their approval to the Scheme of Acquisition of State Bank […]
Singtel today entered into conditional share purchase agreements with Singapore’s sovereign investment firm Temasek to acquire 7.39% of Bharti Telecom — the holding company of Bharti Airtel — and 21% of Intouch Holdings — which holds stake in Thailands’ biggest mobile operator — for a total consideration of S$2.47 billion. Intouch is the biggest shareholder […]
Aksh Optifibre Ltd. will complete the acquisition of Unitape Mandovi Pvt. Ltd.Composites within 15-20 days, the company said. It said it decided to buy Unitape as it was engaged in the business of manufacturing fibre re-inforced plastic (FRP) rods. Aksh said FRP rods was also its own main line of business. Unitape has a production […]
Tree House Education & Accessories Ltd today said they are changing share swap ratio with Zee Learn Ltd to salvage the merger deal and ensure consolidation of business. “Board of directors shared that in order to move the merger ahead in the right direction and salvage the deal with ZLL, the management of THEAL had to re-work […]
Thermax Ltd. said it will invest Rs 6 crores in First energy Pvt. Ltd. during this financial year. Thermax had acquired one-third stake in First Energy in July last year. The company did not disclose its present share in the unit. First Energy pvt. ltd. is an alternative energy solutions company. Thermax had paid about […]
Tata Chemicals said it sold its urea business to Europe-based Yara for Rs 2670 crore. Yara sells farmers’ products. Tata Chemicals will continue to own the brands Paras, TKS and Daksha. This transaction does not include specialty products and complex fertilisers, the company added. ”This process of divestment by Tata Chemicals Limited is in line […]
Reliance Communications and the shareholders of Aircel Cellular said they expect to be able to “shortly” sign an agreement for the merger of the latter’s wireless operations into the Anil Ambani company. “Maxis Communications Berhad and Sindya Securities and Investments Private Ltd expect to sign binding definitive documentation and announce the proposed Transaction for the […]
Reliance Communications said it will switch off CDMA in most of its circles in June, and in some of the circles, as early as today. Except for four circles — Rajasthan, Tamil Nadu, Kerala and Karnataka — RCom has set the ball in motion to migrate its CDMA subscribers on to its GSM network. The company […]
Anil Ambani group’s Reliance Communications and Aircel Cellular, a unit of Maxis of Malaysia, have again extended talks for merging the wireless operations of the latter with the former by 30 days. The companies noted that ‘substantial progress’ has been made in the matter. “Based on the substantial further progress made, RCOM, MCB and Sindya […]
The government of India today said that Tube Investments, a part of the Murugappa Group, withdrew its proposal seeking approval for the sale of the 14% equity it held in Cholamandalam MS General Insurance Co to Japan’s Mitsui Sumitomo Insurance Co Ltd. CORRECTION UDPATE: Murugappa Group has clarified that it has withdrawn the application after […]
SSG Capital Management Group is investing up to Rs 580 cr to acquire 40% stake in Future Supply Chain Solutions Ltd (FSC) from the existing shareholders of the company at a valuation of up to Rs 1,450 cr. This will include 14% stake to be acquired from Future Retail Ltd (FRL) and the management team […]
Flipkart today announced the acquisition of PhonePe, a Bangalore based mobile payments company. Co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari, PhonePe is building India’s first Unified Payments Interface (UPI) based product. UPI, planned to go live in the April, will allow users to transact using their unique identification and mobile phone number or […]
