Manyavar may buy rival Mebaz; Mitsui to acquire stake in OMC Power
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Vedant Fashions Pvt. Ltd, owner of the ethnic wear brand Manyavar, is close to buying rival Mebaz, Mint reported citing two people aware of the development.

Mebaz is run by Hyderabad-based New MeenaBazar International Pvt. Ltd. In 2015-16, the company made a net profit of Rs 7.67 crore on total income of Rs 136 crore.

Vedant was previously in talks to buy womenswear brand Soch Apparels Pvt. Ltd for about Rs 1,200 crore but the deal fell through, the report said.

In another development, Japan’s Mitsui and Co. will acquire a stake in OMC Power Pvt. Ltd for 1 billion Japanese yen (about Rs 59 crore), Mint reported, citing spokespersons for the two companies. The spokespersons didn’t disclose the size of the stake.

Established in 2011, OMC Power supplies electricity to mobile networks and rural communities through mini-grids. It is also one of the largest mini-grid suppliers to telecom tower companies.

Separately, the Press Trust of India reported that Hero Electronix Pvt. Ltd, part of Hero Group, has acquired Malaysia’s Spectrum Integrated Technologies and the test lab business of Singapore’s Lynxemi Pte Ltd for undisclosed sums.

The acquisitions have been carried out through Tessolve, the company’s semiconductor engineering solutions venture, the report said, citing Hero Electronix founder Ujjwal Munjal.

Tessolve will take over SpectrumIT’s printed circuit board fabrication unit in Malaysia and a testing facility of Lynxemi in Singapore.

Hero Electronix was set up in June 2015. It marked the Delhi-based Hero Group’s entry into the electronics and technology segment.

In June 2015, the company acquired a majority stake in Mybox Technologies Pvt Ltd. In July 2016, it bought the Indian operations of TES DST Holding Europe, a German electronics design services company.

Meanwhile, drugmaker Aurobindo Pharma Ltd is in talks to buy the Russian business of Mumbai-based Shreya Life Sciences Pvt. Ltd in a deal potentially valued between $80 million and $100 million, the Mint reported citing two people aware of the development.

Aurobindo Pharma has given a term sheet and talks hinge on the final valuation, added the report Shreya Life Sciences is keen to retain a part of the business and may decide against selling everything, the report said.

Established in 2001, Shreya Life Sciences manufactures a wide array of pharmaceutical products. The company has strategic business units in Russia, Ukraine, Uzbekistan, Belarus and Kazakhstan, according to its website.

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