Cafe Coffee Day To Acquire Sical Logistics – Tanglin Retail Realty Developments Pvt. Ltd, a group company of Coffee Day Resorts Pvt. Ltd is planning to acquire 15% stake in Sical Logistics Ltd for around Rs.200 crore. Cafe Coffee Day retail chain owner V.G. Siddhartha has ventured into the logistics business by acquiring majority control of Sical Logistics Ltd for around Rs.200 crore, thus effectively ending the logistics run of one of Chennai’s oldest business families, the M.A. Chidambaram Group. Muthiah, Sical’s promoter, currently holds 42.66% of the company. Sical allotted 16,08,0010 shares to Tanglin while it has acquired 39,52,000 shares in Sical on 12 November through a block deal.
Maran May Chair Spicejet-Kalanithi Maran, SUN TV Group promoter is likely to take over as chairman of SpiceJet. Official confirmation is expected to come in the board meeting of Spicejet on Monday. The open offer of SpiceJet and the number of shares acquired by Maran, subsequent to the closure of the open offer on November 6, will also be taken up. It is also expected that Maran will make some modifications in the management acquiring 38.7% shares in SpiceJet and will rope in some of his trusted lieutenants from Sun TV. (THE ECONOMIC TIMES)
PricewaterhouseCoopers To Double Headcount-PricewaterhouseCoopers (PwC) is strengthening its audit and other business practices and plans to invest $100 million over the next three years and double its headcount from 6000 at present. Dennis M Nally, chairman PwC International believes that after the Satyam fiasco company’s business has affected which has resulted in the arrest of two of its top audit partners, apart from the numerous inquiries. Nally also explains that PwC will expand in India in line with the rapid expansion of the country’s economy and its rising status globally. (TIMES OF INDIA)
Merck & Co To Look At Acquisitions- Ramesh Subrahmanian , senior vice-president and president, Asia Pacific human health, Merck & Co said during India Economic Summit that they are looking at acquisitions and alliances with local firms to scale up its business in India. He also said that the American company plans to be among the top two pharmaceutical companies by 2015 in the fiercely-competitive Indian drug market. This is an ambitious agenda considering that it is currently ranked 28th in the Indian retail market with a 1% market share. (ET)
Facebook To Launch Its Email Service– Facebook is likely to unveil its e-mail service at Web 2.0 Summit in San Francisco on Monday. The announcement of ‘Project Titan’ could see ‘@facebook.com’ e-mail addresses being unveiled, an overhaul of the site’s entire messaging system. According to social media news blog Mashable, Users are unable to send messages outside of Facebook, and the system can’t handle simple things like attachments and forwarding”. “If Facebook really wants to take on Google , it needs to have a far more robust messaging system, akin to web-based e-mail. Monday may be the day we see that happen.” (ET)
Tulip To Raise Rs 1000 Crore Via PE- Tulip Telecom has announced to raise funds to the tune of Rs1000 crore, and the company is also looking at private equity, debt and internal accruals for this. The company is hoping to fund its growth plans, which include looking at an increased focus in the enterprise data service market, by offering a broader range of products and services to clients through the roll-out of fibre – something that has led the company to become a key player in the telecom sector. (MINT)
Dabur To Acquire Personal Care Co. In US- The Rs 3,415-crore company Dabur is in talks with the US company to acquire a personal care company for Rs 500 crore. The acquisition, when it fructifies, will be the second one for Dabur this financial year after the buyout of Turkish firm, Hobi Kozmetik, in July. The Rs 3,415-crore firm is in advanced negotiations with the US company, and is likely to close the deal shortly, persons familiar with the development told Business Standard. The name of the company, however, could not be ascertained immediately. The deal size is in the region of Rs 500 crore. According to company’s 2009-10 Annual Report, its cash & bank balances were Rs 192.31 crore, while its secured loans were Rs 70 crore, and unsecured loans were Rs 109 crore. (BS)
State Bank Of India Eyes Deals In Indonesia– The State Bank of India is planning to acquire a bank in Indonesia in a cash deal of USD 100 million (Rs 450 crore approx). A senior official said SBI has identified 2-3 banks for possible acquisition. “We are not in favour of giving cash more than USD 100 million,” the official said. Presently SBi has its subsidiary in Indonesia, PT Bank SBI Indonesia which has sic branches. (ET)