Q Investment Closes Sale of XCEL Telecom to ATC - Leading US-based private equity firm Q Investment has closed the transaction to sell 100% shareholding in its incubated telecom tower firm XCEL Telecom to American Tower Corporation (ATC). XCEL Telecom was incubated in late 2006 by the Q investments family of funds to serve the telecom market in India and owned 100% equity in the company. Q Investments had invested about $40 million in XCEL and based on regulatory filings of American Tower, XCEL was valued at about $154 million at closure of the deal. (Business Standard)
UTV Media to Invest Rs 150 Crore in Gaming - UTV Chairman Ronnie Screwvala is gung-ho on the gaming sector. Having invested Rs 270 crore, including acquisition and investment in intellectual property (IP), the company plans to invest another Rs 150 crore. Gaming is not new to UTV. The company used the acquisition route to enter the segment in 2007, when it acquired online and mobile gaming firm, Indiagames. It simultaneously acquired the UK-based console gaming firm, Ignition. And finally in 2008, it acquired US-based True Games, an online gaming firm. (Business Standard)
Apple India Chief Alok Sharma Quits - Apple Computer’s India managing director Alok Sharma along with several of his colleagues has left the company. Sharma had joined Apple India in 2004, and was responsible for helping Apple create significant retail and distribution alliances in the country, including a partnership with Reliance Digital. Tom Preising is Apple's new acting country sales manager for India. (The Economic Times)
Ford Parts Supplier Looks for India Buyer - American auto component giant Visteon's investment bankers have approached Delhi-based auto parts major Amtek Auto for the sale of its plants and businesses. Visteon, a former Ford division, is looking to sell assets like factories, machinery and equipment as well as entire business verticals in both the US and Europe after having filed for Chapter 11 bankruptcy protection. According to sources, Amtek's CEO (overseas operations) John Flintham is currently looking at what's on offer and the Indian component maker is interested, provided the terms are attractive. (The Economic Times)
Jaiprakash Raises Rs 500 Crore Through Treasury Share Sale - Construction and cement major Jaiprakash Associates (JAL) raised Rs 500 crore through sale of 2.5 crore treasury shares in a block deal on Thursday. The funds will be used to part-fund the company’s three projects comprising Formula 1 race track in Greater Noida, a cement plant in Andhra Pradesh and the Yamuna Expressway between Noida and Agra. (The Economic Times)
UBS Puts BPO, KPO Units On the Block - Switzerland-based bank UBS is believed to have put its business process outsourcing (BPO) and knowledge process outsourcing (KPO) units up for sale. The bank, which has centres in Poland and Hyderabad, is in talks with Indian IT companies such as Infosys and Wipro. The UBS India Service Centre (ISC), along with its Krakow (Poland) centre, is valued at around $200 million. (The Economic Times)
Kellogg Open To Small Deals;Sees Room To Grow In India, Brazil - Kellogg Co. (K) is open to making small acquisitions of cereal and snack companies, and is interested in growing its business in India and Brazil. Still, Kellogg's current strategy on the acquisition front remains one of making "bolt-on" or small, complementary deals. The company is also looking at expanding in India. ()
