Edelweiss Financial Services Ltd said it abandoned the deal to acquire the securities business of Religare Enterprises, including the company’s securities and commodities broking and depository participant services. “Due to the seller’s inability to obtain the requisite clearances within the agreed timeline, the binding agreement has come to an end on March 15, 2018,” Edelweiss […]
Singapore-based agricultural commodity player Wilmar International has taken a controlling stake in Shree Renuka Sugars, one of India’s largest sugar companies that was saddled with high levels of debt. As of December 30, both the Indian promoter and Wilmar had a stake of just above 27% with about 257 mln shares each. On Friday, the […]
Prestige Estates, arguably the biggest developer of office buildings in Bangalore, said it will pay Rs 336 cr to get 80% of a company that owns 59 acres of land on Outer Ring Road at Sarjapur in Bangalore. “The company intends to develop a state of the art commercial office space with over 6 mln […]
Bangalore-based real estate player Prestige Estates Projects said Singapore-based GIC Realty Pte Ltd, the country’s sovereign wealth fund, has signed a term sheet to explore the possibility of acquiring a ‘significant minority’ stake in the Indian company’s commercial buildings business. The term sheet is to explore an investment by Reco Jade Ind Pvt Ltd, a […]
Idea Cellular, one of India’s largest telecom operators, said the recently concluded sale of its shares to institutional investors, along with a recent fund infusion by the promoter, will reduce its net debt by Rs 6,750 cr. “This equity raise of Rs. 3,500 crore along with recent infusion of Rs. 3,250 crore by Idea’s Promoter […]
Auto components maker Bharat Forge Ltd said it was buying a 45% stake in Tork Motorcycles at a cost of up to Rs 30 cr, taking yet another step towards adapting to the upcoming shift from internal combustion engines to electric vehicles. Tork has designed, developed and built a complete electric motorcycle, the company said. […]
UK’s Vodafone is looking to combine its stake in Indus Towers, India’s largest tower company, with Bharti Infratel, the tower arm of market leader Bharti Airtel, on the basis of $5 bln valuation for its asset, the Economic Times reported, quoting unnamed sources. The move would seem to indicate an upcoming merger of Indus Towers and […]
Tata Steel said it has completed the acquisition of a 135 MW power plant from a subsidiary of Jasper Industries for Rs 255 paid in cash. The thermal power plant, located in Cuttack district in Odisha, will help it increase its captive source of power to meet its growing demand, it said. The acquired company […]
Idea Cellular and Vodafone India will gear their network heavily towards 4G after merger and will also shut down over 60,000 cell sites as part of network optimization, going by the presentation being made by Idea in front of investors. The companies had earlier announced that they would surrender around 6,300 cell sites that are […]
IT services provider Wipro said it will invest $9.9 million (Rs 63 cr) in marketing consultant Harte Hanks and will jointly offer end-to-end marketing technology services to customers. Harte Hanks specializes in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center. “Wipro’s investment in Harte Hanks […]
Shriram Transport Finance Company said it has decided to sell a majority stake in its vehicle auction company Shriram Automall to Cartrade.com to create what it called India’s leading used vehicle platform. CarTrade, owned by MXC Solutions India, will acquire majority stake in Shriram Automall India Limited (SAMIL), India’s offline auction platform for pre-owned vehicles […]
Telecom operator Bharti Airtel said it received the approval of the Rwanda Utilities Regulatory Authority for its acquisition of Tigo Rwanda Limited, a subsidiary of Millicom International Cellular S.A. The deal was announced a month ago. “The merged entity will have the largest customer base in Rwanda with 5.9 million subscribers,” it said. It will […]
Ipca Laboratories Ltd said it is has acquired US-based drug manufacturer Pisgah Labs Inc. for US$ 9.65 millions free of debt. The acquisition is aimed at establishing the company’s foothold in the US market in the field of contract research and small-volume manufacturing of active pharmaceutical intermediaries. Pisgah Labs Inc., North Carolina, USA was originally […]
The proposed merger between Idea Cellular and Vodafone got the approval of India’s National Company Law Tribunal, with the rider that the merged entity will be liable to pay income tax on behalf of Vodafone India in case of a ruling that Vodafone India has to pay the arrears. “Considering the entire facts and circumstances […]
NIIT Limited, which made a name for itself training millions of Indians with IT skills, said it acquired a US-based corporate training company. NIIT will incur a cost of $8.1 mln (Rs 51.50 cr) over the next five years for the acquisition, including assumed debt and goodwill costs. Eagle International Institute provides training programs for […]
Vivimed Labs said it will receive $7.5mn investment from OrbiMed Asia into its API business as a follow on to the $42.5 mn invested in September 2017. At the time, Vivimed has said that the proceeds will be utilised for debt reduction at the parent entity level as well as for expanding the API business. […]
Reliance Jio, the firm led by Mukesh Ambani, will walk away with most of the telecom assets of Reliance Communications, led by Mukesh’s brother Anil. Rcom said it has “signed definitive binding agreements with Reliance Jio Infocomm Limited for sale of Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets.” The Anil Ambani company […]
Bank of Baroda said it will buy out its foreign partner Pioneer Investments in its asset management subsidiary to raise its stake in the unit to 100%. It will acquire 51% of Baroda Pioneer Asset Management Company for an undisclosed amount. This is being done due to the acquisition of Pioneer Investments by Amundi, which […]
Shareholders of Tata Teleservices Maharashtra Ltd — the listed unit of Tata Tele — will get one share of Bharti Airtel for every 2,014 shares held by them, the company said. The ratio of share issue indicates that the consumer mobile business of Tata Telservices Maharashtra Ltd accounts for only 3.77% of the equity value […]
Bharti Airtel Limited said it has agreed to acquire 100% of Tigo Rwanda Limited, the local unit of Millicom International Cellular S.A.. Airtel already has operations in Rwanda and the acquisition “will consolidate the Rwandan telecom market and position Airtel as a strong number 2 operator in Rwanda,” it said. The consideration for the transaction […]
