Hitachi, the Japanese maker of industrial power equipment and electronic goods, has emerged as the front-runner to buy the promoter's stake in Crompton Greaves, a power transmission and distribution company owned by billionaire Gautam Thapar, two persons familiar with the development said. Goldman Sachs, which has been appointed by the Indian promoters to scout for a buyer, has zeroed in on the $117.9-billion (March 2012 figures) Hitachi, which has had a presence in India for eight decades. Currently, Thapar owns 42.7% of company. Though the discussions are yet to be concluded, the deal is expected to value Crompton Greaves at over $2.5 billion, or Rs 15,000 crore, said one of the persons. (The Economic Times) 

Videocon set to acquire Datsons Labs for Rs 350 cr: Videocon Industries is set to acquire Dr Datsons Labs Ltd (DTL) at an enterprise value of Rs 350 crore ($58 million). Sources said negotiations in this regard were in advanced stages and a deal might be signed soon. “We are in talks with a couple of merchant bankers for a possible sale. At the same time, we are also evaluating other options, including investments into the company, to meet our proposed capital expenditure plan for expansion projects. By next week, we will be finalising the name of the merchant banker for a possible stake sale,” said DTL Vice-chairman Kannan Vishwanath. Sources said Videocon had written to Bank of Baroda to extend Rs 35 crore of credit to acquire additional stake in DTL. (Business Standard)

Courtesy: VCCEdge


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