Emaar-SRK to Sell Aryan Lifestyle to Primus Retail – Dubai real estate giant Emaar and Bollywood star Shah Rukh Khan (SRK) are close to selling their highstreet retail distribution company Aryan Lifestyle to Bangalore-based Primus Retail. The three-year-old Aryan Lifestyle operates around 45 exclusive stores for brands like Tommy Hilfiger, Nike and Tag Heuer in the country. According to sources, Primus Retail is set to acquire retail assets, including stores as well as inventory, of Aryan Lifestyle. However, the deal may not cover Aryan Lifestyle’s entire corporate staff, as Primus already has a team in place to manage the business. (The Economic Times)
IVRCL to Buy Water Technology Company in Europe – IVRCL is looking at acquiring an engineering company in Europe that specialises in water technologies for a consideration of around $100 million (Rs 510 crore). The proposed acquisition will be through IVRCL Infrastructure and Projects, an arm of the IVRCL Group. It is likely to be completed by the end of third quarter of the coming fiscal. The company was looking at acquisitions in Europe a couple of years ago. IVRCL is looking at an engineering company that has the manpower and capability in terms of technology, besides a good customer base. IVRCL would then conver such a company into a wholly owned subsidiary. (The Economic Times)
M&M in Talks with Lockheed Martin and BAE for Naval JV – Mahindra & Mahindra is looking at the defence sector as a strategic business interest. M&M, which has already tied up with BAE for a land systems-specific joint venture, is reportedly talking to Lockheed Martin, as well as, BAE for a naval JV. M&M has already spun off its land and naval business into wholly-owned subsidiaries of Mahindra Defence Systems, its defence business vertical. It will offer 26% in both subsidiaries to global partners. Sources say that M&M’s defence vertical will be on acquisition path for both Indian and overseas deals. The firm is interested in acquiring niche Indian companies with specific technical expertise in areas like defence electronics and integrated mobile shelters. It will also look at bigger European defence companies in the long-term. (The Economic Times)
Schedule for Daiichi’s Open Offer Will Change, Says Zenotech – Zenotech Laboratories on Tuesday said the schedule of open offer by Japanese drug maker Daiichi Sankyo for 20 per cent stake in the domestic entity will undergo a change. The draft letter of offer had been submitted to the Securities and Exchange Board of India (SEBI) on January 30, 2009, on which observations in terms of regulations 18(2) of the regulations are still awaited. Zenotech has also said that the revised schedules of the open offer would be announced separately after receiving SEBI’s observations. (The Economic Times)
JP Associates to Hire 2,000, to Give Bonuses and Salary Hikes to Existing Employees – Construction and cement firm Jaiprakash Associates will hire 2,000 people in 2009 for its ongoing expansion projects. The company plans to give performance bonus and salary hikes to its existing employees this year. Of the proposed 2,000 new hires, 600 will be in the officer grade, comprising engineers, MBAs, CAs, and other highly-skilled people, while the rest will come from the pool of skilled tradesmen, ITI graduates and diploma holders. Jaiprakash Associates, which added 2,500 staff in 2008, currently has employee strength of 17,000. (The Economic Times)
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