Punit Goenka, the CEO and MD of Zee Entertainment Enterprises and part of the promoter group of the company, said recent controversies involving the promoters have not affected the determination of the promoters to find the right strategic partner for the media company. Goenka was responding to questions of whether international companies have been unnerved […]
Zee Entertainment Enterprises Ltd, the country’s largest listed media company, confirmed that its promoter is in talks to sell a part of its stake in the company, but also said that the talks are still ongoing. “Promoters have been in discussions/negotiations with various prospective investors,” the broadcasting company said. “The Company is not in a […]
Mahindra First Choice Services, the servicing arm of Mahindra & Mahindra, said it has agreed to acquire the assets of bankrupt auto-service chain Carnation Auto (India). The company did not disclose the exact number of service centers that will accrue through the deal, but said the acquisition will “add significantly” to its current network of […]
HCL Technologies has been picked as the services partner for Broadcom’s enterprise software products, one of the two primary business units of CA Technologies, a software and solutions company that the chipmaker acquired earlier this year for $19 billion. HCL Tech will also take over some of the former employees of CA Technologies. “Effective immediately, HCL […]
Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”. The company did not disclose the value of the transaction. “TCS currently partners with eight of the top […]
Sun Pharmaceutical Industries said it agreed to acquire Pola Pharma Inc, a Japanese pharmaceutical company engaged in the research and development, manufacture, sale and distribution of branded and generic products in Japan for $1 million. Pola Pharma had annual revenues of approximately US$ 108 million and net loss of US$ 7 million for the 12 […]
Vodafone Idea, the company formed out of the merger of the former No.2 and No.3 telecom operators in India, said it will eliminate around 16,000 distributors, close over 2,000 branded stores in urban areas and slash the number of call centers by more than half. The moves are aimed at reducing operating costs and helping […]
Cipla said is US subsidiary has agreed to acquire a US company developing an intravenous formulation of the pain-relief medicine Tramadol for up to $215 million (Rs 1,500 cr). The transaction will be done in two phases, with a $35 million injection into the company, Avenue Therapeutics, in the form of purchase of new shares for […]
Bharti Airtel overtook the combined Vodafone-Idea entity in mobile broadband users in August due to a steep, 20% fall in Vodafone India’s wireless broadband users in the month. The sharp decline of 12.5 mln mobile broadband users on Vodafone’s network in August was at odds from the usual course, when the company used to add […]
Zydus Wellness, the consumer healthcare arm of Zydus Cadila, said it has agreed to acquire Heinz India Private Ltd, the Indian unit of global FMCG major Kraft Heinz. The transaction, which will be carried out in association with Cadila Healthcare Ltd, values Heinz India at Rs 4595 cr, the company said. Heinz India’s business comprises the brands Complan, Glucon D, […]
Bharti Airtel said it has raised $1.25 bln (Rs 9,150 cr) from institutional investors by selling shares in its Africa unit and intends to list Airtel Africa soon. The investors who have committed to invest in the UK-based unit include Warburg Pincus, Temasek, Singtel, SoftBank Group International and others, it said. The investment will be at […]
IDBI Bank said its board of directors has approved the issue of shares to Life Insurance Corporation of India to make the latter the majority shareholder in the bank. The insurer will hold 51% of the total shares of IDBI Bank once the issue is completed, it added. The Bank had around 418 cr shares […]
Tata Communications, the wholesale communication arm of the Tata Group, said it has agreed to buy Teleena, a Netherlands-based Internet of Things (IoT) connectivity specialist and mobile virtual network enabler (MVNE). The company was already the single largest shareholder in Teleena with a 35% stake, following an investment in January 2017, and has extensive dealings with […]
Infiosys announced it was buying Europe-based Salesforce consultant Fluido for an undisclosed sum. The acquired company has over 240 specialists and offices in Finland, Denmark, Sweden, Norway and Slovakia. Salesforce is a low-cost alternative to customer relationship management software from the likes of Oracle and SAP, and is preferred by smaller organizations and those that […]
Engineering outsourcing company L&T Technology Services said it has agreed to acquire 100% of Bangalore-based semiconductor services firm Graphene for an undisclosed amount. The all-cash transaction is expected to be complete by October, it said. Graphene Semiconductor Services Private Limited is one of the fastest growing companies in the Semiconductor Services domain with a presence […]
Reliance Infrastructure Ltd said it has completed the sale of its Mumbai power business to Adani Transmission for Rs 18,800 cr. Out of the total amount, it has already got Rs 13,800 cr, and has used the amount to pay back its debt. It will get another Rs 5,000 cr next year. “Regulatory Assets under […]
PVR, India’s largest multiplex operator by far, said it will acquire 72% of SPI Cinemas, which operates 17 multiplex theaters in South India including Chennai’s Sathyam, for around Rs 633 cr in cash, and the remaining 28% by issuing its own shares. SPI Cinemas is a leading cinema player in South India with 17 multiplexes, […]
Idea Cellular, India’s fourth largest telecom company, officially confirmed the receipt of approval for its mega merger with Vodafone India. “We wish to inform you that the Department of Telecom has approved the merger of Vodafone India ltd and Vodafone Mobile Services Ltd with Idea Cellular Ltd,” the company said in a statement today morning. […]
The finance ministry has clarified that it is yet to take a final decision on the proposed acquisition of IDBI Bank by India’s largest insurer Life Insurance Corporation or LIC. Responding to concerns of “hard earned money of the LIC policy holders sinking” in the deal, finance minister Piyush Goyal said it was LIC that […]
Cipla, one of India’s largest pharmaceuticals makers, said it has agreed to buy South African pharmaceuticals maker Mirren for 450 mln rand, or about Rs 225 cr. Mirren is a fast-growing OTC specialist with 152 mln rand of turnover in the last financial year, 123 mln in the preceding year and 83 mln in the […]
