Infosys eyeing acquisitions in Europe, U.S. : The back-office arm of Infosys Technologies, India's No. 2 software services provider, is looking at acquiring firms in Europe and in the United States of $50 million to $100 million, a top official said on Monday. Infosys BPO would also hire 1,200 people in the current financial year, the unit's chief executive, Amitabh Chaudhry, told reporters on the sidelines of the World Economic Forum.
Emami Up 2% On Diversification Plans : Kolkata based FMCG major Emami has moved up on diversification plans. The stock opened at Rs 485, touched a high of Rs 489 and slipped to a low of Rs 460. The scrip is now trading at Rs 472, up 2% from the previous close. The counter has clocked volumes of 1,443 shares as compared to the two-week daily average traded volumes of 6,862 shares on the BSE.The company is diversifying into cement business and will invest Rs 1,750 crore to set up production units in the next three years.
GM Europe Boss May Take JLR Charge - The departing boss of General Motors Europe, Carl-Peter Forster, is all set to take charge of Indian conglomerate Tata group-owned Jaguar Land Rover (JLR) in the next few months. Forster was likely to be appointed to a senior role at Tata Motors, owner of Jaguar Land Rover, and would take charge of the group’s British operations. Forster was sounded out about the job earlier in the year, and is expected to join within a few months. (Business Standard)
Yes Bank To Raise Rs 1,500 Cr This Fiscal – Private sector lender Yes Bank plans to raise about Rs 1,500 crore during this fiscal to fund its growth strategy. The company plans to raise the fund through tier I capital via qualified institutional placement (QIP). As part of the plan, the company would dilute equity of about 12%. The objective of raising the fund is to give momentum to its growth strategy and aims to have a total capital of Rs 5,000 crore by March 2010. (Economic Times)
Quiagen To Acquire Diagnostic Firm In India - Quiagen, German molecular diagnostic major, is planning expansion in India. As part of the plan, the company plans to go inorganic and acquire firms to ensure a space in the fast-growing Indian diagnostic market. Quiagen has an ongoing partnership programme with PATH, an international health NGO being funded by the Bill and Melinda Gates Foundation, to undertake demonstrative screening in select Indian towns. It also plans for a manufacturing facility in India is also linked to the growing need for diagnostic services within the country. (BS)
STel To Raise Rs 2K Cr For Telecom Rollout - STel, a joint venture between the Siva group and Bahrain Telecom, has announced raising of Rs 2,000 crore for its telecom venture. The promoters have already brought in the equity capital of Rs 1,253 crore, while the remaining Rs 953 crore would come from eight public sector banks led by IDBI. The company has licences for six circles — Himachal Pradesh, Orissa, Bihar, Jharkhand, Jammu and Kashmir and Assam. The funds would be used over two to three years. (BS)
Bajaj Seeking Funds To Buy Balrampur Chini- Bajaj Hindusthan has not given up on Balrampur Chini yet. The company is in talks with State Bank of India and ICICI Bank for a Rs 1,500-2,000 crore loan to finance the buyout. The company is also likely to raise around Rs 200 crore through a non-convertible debentures (NCD) issue. The deal was called off earlier as Balrampur promoters wanted to exit the company in one go and wanted a bullet deal (a straight one-time payment deal for all their stake) whereas Bajaj wanted to buy 26% from them and 20% through the open offer that they'd be forced to make. (DNA)
RIL Closes In On Big-Bang Overseas Acquisition – Mukesh Ambani-led Reliance Industries Ltd (RIL) is close to announcing a major overseas acquisition. The likely target is a part of the assets owned by troubled petrochemical major LyondellBasell, which is undergoing reorganisation under the protection of a US court. RIL is planning to finalise the deal before its annual general meeting scheduled to be held on November 17, but that depends on how the talks progress. The transaction is expected in the region of $6 billion, which may include both the US and the European assets of LyondellBassell. (ET)
Jubilant To Exit Non-Core Biz By March - Pharma company Jubilant Organosys expects to complete the divestment of its non-core business by the end of this fiscal and is also expanding its US operations. It will now go slow on acquisitions and rather focus on integrating the assets it acquired in the last couple of years. The divestment of the consumer products and application polymer division is expected to be completed by March. The company has appointed Kotak Bank as the advisor to sell the two business units. (ET)
BV Naidu To Quit Matrix Enport - BV Naidu, vice chairman, Matrix Enport, an infrastructure company promoted by former Matrix Labs founder N Prasad, is set to quit the company. Matrix Enport is one of the promoters of the $4.5 billion, 26 km-long Vodarevu and Nizampatnam Port & Industrial Corridor in Andhra Pradesh. The other promoters include the government of AP and the UAE's government of Ras Al Khaimah. (DNA)
Kingfisher in Talks With PE Firms - Kingfisher Airlines is in advanced talks with private equity firms to raise $400 million. The firm is also planning to close a $100 million rights share issue and a $100 million global depository receipts issue by the end of the fiscal year. (Reuters)