VCCircle

The rumour about Wipro Ltd, India's third-biggest software exporter, eyeing France's Capgemini is back again. The Hindustan Times reports that Wipro may make a bid by the end of January, and that could value the French firm at $7 billion. Apparently the bankers Citigroup and HSBC are in discussions with the Bangalore based IT company to finalise a plan before the year-end holidays, the paper added, citing investment banking sources. It could be a leveraged buyout, and various financing options are being discussed, according to the paper. Wipro's bid for Europe's largest computer consultancy firm could be close to 48 euros per share, the paper said.

Gujarat NRE Coke has completed the acquisition of the Australia-based Elouera mine from BHP Billiton a part of the Australia-based Illawarra Coal Business for an undisclosed amount. The acquisition was made by Gujarat NRE Resources NL(Gujarat), the Australian flagship firm of the Gujarat NRE Coke group,. The coal lease and associated licences, including the mine, would be transferred along with associated land holdings and the responsibility for rehabilitation and closure of the mine once operations are complete. Post-transfer, the mine would be re-christened NRE Wongawilli. With the global surge in coal demand, the buyout is expected to reap benefits for the group.

LT Overseas — which owns the 'Daawat' brand of basmati rice — has bought the US-based rice brand Kusha Inc for $20 million, reports The Economic Times. The acquisition was made through LTO NA, a wholly-owned US subsidiary of LT Overseas. Kusha, promoted by Sam Nayyer, is an established brand in Southern California with revenues of around $40 million. It imports premium quality basmati rice from several countries in the Asian market including India. The rice industry in the US is currently worth around $80 million and is growing 20 per cent year-on-year.