IL&FS Eyes Overseas Acquisitions – IL&FS, one of India’s infrastructure development and finance companies, is looking for overseas acquisitions. The company has received UK regulatory approval to start commercial operations through IL&FS Global Financial Services. The London operation will focus on providing advisory and attracting international investors to participate in India-focused infrastructure projects. Besides, the company is looking out for acquisitions in UK in line with its recent acquisitions of a transportation company in Madrid, Spain and Indonesia. (Economic Times)
Godrej Eyeing Rs 1K-Cr Buys Globally - FMCG firm Godrej Consumer Products Ltd (GCPL) is looking at several acquisition opportunities globally and has earmarked a budget of Rs 1,000 crore for the purpose. The company is exploring opportunities for acquisition in hair colour and hair care segment, while in India, GCPL is eyeing the hair care and personal care categories. (PTI)
Mercator Lines To Buy Palghar Shipyard - Mercator Lines chairman and managing director HK Mittal is set to buy Palghar shipyard in Maharashtra, currently owned by Mech Marine Engineers Pvt Ltd, a JV company between Mercator Lines and shipbuilder Mech Marine Engineers. Mittal is doing this in his personal capacity and has already invested Rs 20 crore as an initial sum for a part-by-part buyout. The JV, which was formed in 2007 to build cargo-carrying ships, owns six ships currently. Mittal is also looking at buying land around the shipyard for expansion. (DNA)
L&T Info In Talks To Buy Patni Computer - L&T Infotech, part of engineering & construction major Larsen & Toubro (L&T), is in advanced talks to acquire a majority shareholding in the country’s sixth-largest software firm, Patni Computer Services. L&T has already completed due diligence and contours of the deal are being worked out. The three Patni brothers -- Narendra Kumar, Gajendra Kumar and Ashok Kumar -- who together hold 48.30% stake finally decided to sell their stake. PE firm General Atlantic, which holds 18% stake against $100 million investment in 2002, also wants to exit from the company. (Financial Express)
Global I-Banks Knock On IIMC Door - As job market gets its swing back, Finance, the sector most battered by the slowdown, made a grand comeback at IIM-Calcutta (IIMC) on Wednesday, as the institute’s summer placement begins. The 2009-11 batch saw 80% of the offers pouring in from that domain. With i-banks re-entering the fray with gusto, along with private equity firms, and the balance 20% of the offers made by consultancy firms, positive sentiment once again ruled at the IIMC campus. In the first day, around 90 recruitments happened, close to a two-day figure a year ago. (ET)
India Inc To Meet Listing Target In 5-Yrs - In an attempt to get promoters reducing their stakes for higher public holding in listed companies, finance ministry has drawn up a proposal that would make it mandatory for companies to have at least 25% public float over five years beginning 2010. As part of the plan, companies will have to sell at least 5% a year to achieve the minimum public holding. (ET)
Karvy Wealth Appoints K Ramachandran - Karvy Private Wealth, the private wealth management arm of Hyderabad-based Karvy group, has appointed K Ramachandran as head – products and investments. He has joined Karvy from Barclays Wealth India where he was head of investments and product office. (Business Standard)
