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News Roundup: IPG set to buy Sequoia Capital-backed Interactive Avenues

13 August, 2012

IPG Set To Buy Sequoia Capital-backed Interactive Avenues – Interpublic Group or IPG, the world’s fourth largest advertising network after WPP, Omnicom and Publicis, is close to acquiring the largest digital marketing agency in India, called Interactive Avenues (IA). While the deal size could not be ascertained, IA has clients like ICICI Bank, Sony India and ITC, among others. IPG already has a 51:49 joint venture with IA, called Reprise Media. (Business Standard)

Shareholders of Actis-owned Halonix Move To Sebi, ED – Private equity firm Actis-owned Halonix, formerly Phoenix Lamps, is facing shareholder ire after a block of investors moved market regulator Securities Exchange Board of India (Sebi) and Enforcement Directorate seeking probe on fears of violations of Foreign Exchange Management Act (Fema) and allegations of misleading public shareholders. Unifi Capital, a Chennai-based portfolio management services firm controlling about a 5% stake, complained to Sebi chairman U K Sinha alleging that company disclosures manipulated public investors and eroded their wealth. (Times of India)

L&T To Get Investors In Infrastructure Projects – Larsen & Toubro, the multinational conglomerate, has planned to get investors for the individual infrastructure projects it undertakes, as an alternative to a partner for its wholly owned subsidiary, L&T Infrastructure Development Projects Ltd (L&T IDPL). IDPL is one of the nine divisions of the parent construction major and houses highway projects, along with the Hyderabad metro rail project. (Business Standard)

Sun Pharma Eyes Acquisitions In Brazil, Mexico & Russia – Drug major Sun Pharmaceutical Industries is looking for acquisitions in Brazil, Mexico and Russia, with a view to enhance presence in these emerging markets. The company, however, is not looking at big ticket acquisitions as it is primarily focusing on developing access and presence. (Business Standard)

Govt Plans Rs 30,000Cr Privatisation Programme – The government could resume its stalled privatisation programme by selling stakes in BHEL and SAIL, two leading public sector units, as well as launching an initial public offering (IPO) from RINL, the Vizag-based steel maker. The exercise could get underway as early as next month. The ministry, now headed by P Chidambaram, hopes to garner more than the Rs 30,000 crore projected as receipts from disinvestment in the Union Budget. (Economic Times)

Honda Siel Buys Usha International From JV –  Japan’s Honda Motor Co on Friday ended its 16-year-old joint venture in India by buying the entire stake of Usha International for Rs 180 crore. Shriram Group-promoted Usha International Ltd (UIL) said in a statement it had sold its 3.16% stake, or 1.8 crore shares, in Honda Siel Cars India to the Japanese automaker. The sale was sealed at Rs 100 a share, inclusive of a non-compete fee. (Economic Times)

Anil Ambani Group May Raise Rs 15,000Cr Through Dilution – Anil Ambani-led Reliance Group plans to seek shareholders’ nod to raise funds, estimated at about Rs 15,000 crore at current valuations, through equity dilution of up to 25% in four of its companies. Companies include Reliance Communications, Reliance Power, Reliance Infrastructure and Reliance Capital will seek shareholders’ approval at their AGMs next month. (Financial Express)


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News Roundup: IPG set to buy Sequoia Capital-backed Interactive Avenues

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