Harris Stratex to Acquire Majority Stake in Telsima - Harris Stratex Networks, a US based wireless service provider, is set to acquire majority stake in Telsima, a 5 year old India focused Wimax solutions for $55 million. Telsima is a marque valley investors backed firm. The NASDAQ listed Harris Stratex is expected to announce the deal later this month. Telsima’s list of existing investors includes Vinod Dham, Tushar Dave, NEA and Intel Capital. According to the sources, the firm is being valued at roughly 2x times the annualised revenues. While the valuation appeared attractive in the current market conditions, it might not have offered any significant upside to the investors. Harris had evaluated around three similar companies, but Telsima emerged as the preferred partner because of its strengths in wireless access and presence in emerging markets of India, Russia and Africa. (The Economic Times)

Tata Group’s Trent Enters Into JV With Inditex Group - The retail arm of Tata group, Trent has formed a joint venture with Inditex group to develop and promote Inditex’s Zara stores in India. Inditex is a leading Spain based fashion retailer. While Inditex will hold a 51% stake in the joint venture, Tata company will hold the remaining 49% stake. The JV plans to open stores in New Delhi, Mumbai and other major cities in India. (The Economic Times)

Corporate Affairs Ministry to Inspect 150 Companies’ Books - The ministry of corporate affairs will inspect the books of as many as 150 companies under section 209-A of the Companies Act to check if their accounts are in order. Swaraj Mazda, Glenmark Pharma, Uttam Galva Steel and Madras Aluminium Company Ltd are expected to come under the scanner. Some other companies that are also being named in connection with the probe are Akruti Construction, Viraj Group, Shalimar Paints, Manipal Finance Corporation, South City Projects and Metro Tyres. The government has decided to probe into the books of these companies after complaints were received by regulators against some companies and in other cases, there were adverse remarks about the auditors. (Times of India)

Edserv Softsystems to Open IPO - Edserv Softsystems Ltd will tap the primary market by opening its Initial public Offering (IPO) Rs 39.7 lakh equity shares on Thursday. The company has fixed a price band of Rs 55-60 per share of face value Rs 10. The issue closes on February 9. The company plans raise around Rs 20 crore from the float, to expand human ware education & deployment system business up to 200 centers. The issue has received poor grading from rating agency CARE. (The Economic Times)

Tharanco Group Acquires Greg Norman - Global golf apparel brand Greg Norman owned by MacGregor Golf has been acquired by New York based Tharanco group for an undisclosed amount. Tharanco group is promoted by Indian Haresh Tharani and owns luxury fashion brands like Bill Blass, Poleci, Doo Ri and Joseph A. The new company Tharanco Lifestyle LLC, will be co-partnered by MacGregor Golf President and CEO Michael Setola. The new agreement is effective immediately and the Greg Norman collection will continue to be managed and sold by its existing sales team. Marketing Management Group (MMG) represented MacGregor Golf in the transaction. (The Economic Times)

Mallya Ready to Sell Up to 38% Stake in USL - Liquor baron Vijay Mallya is now ready to sell any level of stake in United Spirits from the treasury stock as long as it is not exceeding the holdings of the promoter, UB Group. UB Group, the promoter of country's largest liquor manufacturer United Spirits, has around 38 per cent stake in the company. Mallya had earlier said that talks were in final stages for a stake sale of up to 14.9% in the group firm United Spirits to the spirits maker Diageo. (Business Standard)

Sterlite Industries to Buy Asarco LLC - Sterlite Industries, India’s largest copper producer, is close to signing a contract to buy Asarco LLC. The acquisition will end the US miner’s 4 year long bankruptcy. The companies have agreed on a dollar value for the sale of Asarco's assets and other major points of a proposed contract. Sources suggest that the contract is expected to be signed within two weeks. Sterlite would pay less than the $2.6 billion it had offered for Tucson, Arizona-based Asarco last year before copper prices declined. (Business Standard)

Jazeera Airways May Pick Up Stake in Domestic Airline - The Kuwait based low cost airline, Jazeera Airways may consider picking up a stake in a domestic airline if management control is also handed over to the investor. The airline will look at investment opportunities regionally including those in India, West Asia and North Africa. Jazeera Airways is to initiate talks with domestic airlines to expand its presence in the Indian market. The airline has been reporting profits since its inception 3 years ago. The Ministry of Civil Aviation has proposed that foreign airlines be allowed to pick up a 20-25 per cent stake in domestic airlines. On the other hand, the Commerce Ministry is keen to allow foreign airlines to have a 49 per cent stake in domestic airlines. The Union Cabinet will have to give its nod before foreign airlines are allowed to pick up a stake in domestic airlines. (Business Line)


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