GSK May Pick Up 5% in Dr Reddy’s – GSK is in talks to pick up a 5% stake in Hyderabad-based Dr Reddy’s Laboratories (DRL) in a deal which could be pegged at $150 million. GSK will pick up fresh shares and will have the right of first refusal should the promoter Reddy Family, which holds a 26% stake in the firm, decide to sell their stake in future. The UK-based pharma giant signed a marketing alliance with the Indian firm four months ago. Could this be another Ranbaxy in the making? (Economic Times)
Genpact, Blackstone Eye Majority Stake In WNS – Back office outsourcing firm Genpact plans to buy a majority stake in WNS at $16 a share in an all-stock deal. While private equity fund Blackstone has also put in an aggressive bid for Warburg Pincus’ 50.1% stake in WNS in the range of $16-17 per share. But the possibility of Genpact seems low as the PE firm is looking at an all-cash deal, and a valuation of at least $18 per share. (Economic Times)
UBS In Talks With Cognizant, Genpact To Sell BPO Units – Switzerland-based bank UBS, which is looking to exit its captive business and knowledge process outsourcing units, is in advanced negotiations with leading IT firms Cognizant and Genpact. The deal is expected to be announced soon. UBS India Service Centre, which has two offices in Hyderabad along with its Krakow (Poland) centre, is valued at close to $100 million. (ET)
CLP India Raises Rs 3,900 Cr For Power Projects – The Indian arm of Hong Kong-based power major China Light and Power (CLP) Group has raised Rs 3,900 crore from a consortium of 15 banks to fund a 1,320 Mw coal-fired project in Jhajjar, Haryana. The firm is also planning a 1,060 Mw gas-based power project near its existing facility at Paguthan, Gujarat. (Business Standard)
Petronet To Raise $1B Debt – Petronet LNG Ltd, India’s largest liquefied natural gas importer, plans to raise $1 billion in debt to build power plants. The fund will help the company to increase its fuel delivery capacity in the South Asian nation. Petronet plans to borrow the money from overseas and local banks by the end of 2010. It may also raise an additional 20 billion rupees in 2011, selling shares to existing investors.
SBI Eyes $1-Bn Acquisitions In UK – India’s leading lender State Bank of India is looking at acquisitions of up to $1 billion in the UK. The company, which has been growing at 40% rate in UK, expects to keep the momentum intact in coming years as well. SBI is bullish about its overseas expansion, which will mostly be carried out through organic expansion and acquisitions. It plans to open 40 branches overseas. (Business Standard)