News Roundup: Fortis Picks 56% Stake in Apollo RM Hospital

02 February, 2009

Fortis Picks 56% Stake in Apollo RM Hospital – Fortis Healthcare has picked up 56% stake in the Bangalore-based Apollo RM Hospital, through one of its wholly owned subsidiaries, for an undisclosed amount. According to sources, Fortis has acquired a majority for around Rs 10 crore. Fortis also plans to invest an additional Rs 10 crore and increase its sake to 76% by the end of the year. The former owners two urologist Dr Mohan Keshavamurthy and Dr Lakshmi Narayana Raju will hold the remaining stake. Apollo RM, which started in 2007 as a franchisee of Apollo Hospital. The privately held hospital is now being rechristened as Fortis Hospital. (The Economic Times)

Bhushan Steel to Acquire Controlling Stake in Orissa Sponge Iron and Steel – Delhi-based Bhushan Steel is close to picking a controlling stake in Orissa Sponge Iron & Steel. Sources suggest that Bhushan Steel is going to acquire the entire 34% stake held by the existing promoter, Prashant Mohanty in Orissa Sponge. Bhushan Steel has already hiked its holding in Orissa Sponge to 14.85% by acquiring a large part of 12.11% owned by Chandra family of Unitech in Orissa Sponge. If Bhushan Steel buys out Mihanty, its stake in Orissa Sponge will go up to 48.85% triggering a mandatory open offer to purchase another 20% from other shareholders, as per the takeover norms. (The Economic Times)

The Hinduja Group Joins Race to Acquire Satyam – The Hinduja group has joined the race to acquire the fraud-hit Satyam Computer Services. The group has sent a formal communication to the investment bankers of Satyam expressing its interest in Hyderabad based software exporter. Hinduja Global Solutions, the new industry arm of the Hinduja Group, has $130 million of cash in books to mount the takeover bid. The promoters of the Hinduja Group have promised to contribute additional funds if the group makes the bid. The group is already in discussions with its bankers to raise additional funds if required. (The Economic Times)

Bombay HC appoints Deloitte and Wipro as auditors in FT- NSE Case – The Bombay High Court has appointed Deloitte Haskins & Sells and Deloitte to conduct a systems audit of Financial Technologies’ (FT) front-end trading solution (CTCL). The NSE had put the exchange solutions provider on a watch list in October 2008 due to alleged flaws in the software, following which FT dragged NSE to court. Before undertaking the audit, the auditors will decide on the reference terms and send a notice asking both FT and NSE to file their submissions and objections. Both parties will share the fees of the third-party auditors, in equal measure. (The Economic Times)

Spice Corp to Acquire Stake in Cellucom – The BK Modi group promoted Spice Corp is in talks with Dubai based mobile retailer Cellucom to acquire stake in its Indian mobile retail chain. Cellucom, which has about 120 mobile retail stores in India, has decided to dilute its stake in its Indian retail arm. Last month, RP Goenka group had sold off its 50% stake in the erstwhile joint venture to Cellucom. A buyout of stake would help Spice Corp’s mobile retail business, Hotspot Retail to expand its presence across India with an addition of 120 stores. (The Economic Times)

Fidelity Increases Stake in Satyam to 6.79% – Fidelity International (FIL Asia Services Pty Ltd) has purchased 3.62% shares of Satyam Computer Services, thereby raising its stake in the fraud hit company to 6.79%.  The open market purchase was done by FIL and its direct and indirect subsidiaries. This move makes FIL, which earlier held 3.17 per cent stake, the second-largest stakeholder in Satyam after Larsen & Toubro (L&T), which currently has a 12.04 per cent stake in the IT company. (Business Standard)

Biba Plans to Invest Rs 40 Crore to Increase Store Network – Mumbai-based retailer Biba Apparels plans to increase its store network to over 100 in the next two years by investing Rs 40 crore. The stores will be set up in the metros, Tier II and Tier III towns. The stores will be spread across 1,200 sq ft and would be self-managed. The company intends to set up a minimum of 30 stores in 2009-2010, with each store entailing an investment of Rs 40-60 lakh and spread across 1,000 sq ft each. (DNA Money)

Take Solutions- Four Soft Merger Called Off – The proposed merger between the Chennai-based Take Solutions and the Hyderabad-based Four Soft has been called off following differences on post merger issues, including management. Both are providers of software products and solutions in the supply chain management space. The merger was proposed in March last year. The board of Take Solutions felt that it would not be correct to ahead with the merger, considering the current economic conditions. The two companies were also unable to achieve a consensus on the possible management post merger. (Business Line)

Sistema Shyam Eyes More Acquisitions in CDMA Business – The latest entrant in mobile space, Sistema Shyam Teleservices is looking at more acquisitions to get faster access to the Indian markets. The company, which was among the operators to get new licences early 2008, is aiming to offer CDMA-based mobile services across the country before the middle of 2010. Sistema has already launched services in Rajasthan and is planning to begin in Tamil Nadu and Kerala by March. The company hopes to roll out services in at least 10 circles by this year-end by launching services in one or two circles each month. Sistema has got agreements with infrastructure companies to share towers. About 70-80% of the towers on Sistema’s network are currently shared. SSTL is also plans to give outsourcing deals for managing its IT and call centre functions going forward. (Business Line)

Sutter Health to Pick Stake in Jaipur Healthcare City – Multi-billion dollar US-based not-for-profit healthcare organisation, Sutter Health is planning to pick up a stake in the Rs 200 crore healthcare city being set up by Narayana Hrudayalaya in Jaipur. Narayana Hrudayalaya is the renowned cardiac care hospital in India started by cardiac surgeon Devi Shetty and is setting up a chain of healthcare centres across many cities in India called ‘Health City’. According to sources, the deal for Sutter Health picking a stake in the Jaipur project is expected to be finalised by the end of net month. (Business Standard)

Goldstone Infratech Board Approves – Hyderabad-based telecommunications equipment company, Goldstone Infratech Limited (formerly Goldstone Teleservices Limited), is planning to merge Newtech Stewing Engineering Limited, Shree Shree Telecom Private Limited and Sun Plast O Met Limited with itself. A proposal to this effect has been approved by the company’s board of directors in the meeting held on January 29. (Business Standard)

IOB Gets RBI Approval For Acquiring Shree Suvarna Sahakari Bank – Indian Overseas Bank has got RBI’s nod to go ahead with the acquisition of Pune-based Shree Suvarna Sahakari Bank. The due diligence report for the same will be prepared by the first week of February. (The Economic Times)

 

 

 

 


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News Roundup: Fortis Picks 56% Stake in Apollo RM Hospital

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