Adani, Others Sign NDA For Gujarat Gas Stake – The Adani group and state-run oil companies have signed confidentiality agreements to bid for the controlling stake of the BG Group in India’s biggest private-sector city gas distribution venture Gujarat Gas Co Ltd. State-run companies, such as Oil India Ltd and GSPC, are among the companies that have signed non-discosure agreements with the BG Group for the controlling stake in Gujarat Gas which BG is exiting. Torrent Power, which was also considering a bid, is learnt to have shelved its plan. (Economic Times)
Dilip Chhabria To Raise Rs 100Cr – Automotive designer Dilip Chhabria is planning to raise about Rs 100 crore to fund a new super-luxury car project for DC Design that he promotes. There are a few potential private equity players to dilute stake, and discussions are on with them — though at an early stage. Chhabria is in the process of mandating an investment banker to run the sell process. (Business Standard)
Way2Online Acquires 160by2 – Hyderabad-based Way2Online Interactive India, a consumer-focused Internet technology company that runs person-to-person (P2P) messaging portal Way2SMS.com, has acquired 100 per cent of 160by2 in an all-cash deal and for an undisclosed sum. With the acquisition, 160by2, a P2P business unit of enterprise messaging and advertisement-based free SMS services provider SMSCountry, brings to Way2Online’s fold 13 million users, taking the combined entity’s registered user base to over 33 million. (Business Standard)
JBM Acquires TescoGo – JBM Cadmium Pvt Ltd, part of JBM Group, on Tuesday announced the acquisition of TescoGo, a leading provider of engineering services in product development process. Over the years, TescoGo has been catering to a whole range of customers such as Piaggio, MAN, McLaren, MercedesBenz/Daimler, JMC Ford, Iveco, Lamborghini, Scania, Bajaj, BMW, Chrysler, FIAT, Maseratti and Tata. TescoGo, was established 43 years ago and has a global presence in Detroit, London, Munich, Stuttgart and Turin. (Business Line)
SBI Calls Of JV With Visa, Evalon – State Bank of India, the country’s largest bank, has called off its plans to set up a joint venture with Visa Inc and Elavon Inc to enter the merchant acquiring business over differences on sharing technology. The joint venture between SBI Payment Services, the wholly-owned subsidiary of SBI, and Visa Inc and Elavon Inc was proposed in May 2010. SBI board formally decided to call off the joint venture negotiations as Visa did not want to share technology expertise in building the business. (Economic Times)
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