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News Roundup: Kirloskar Brothers Looks at Overseas Acquisitions

26 June, 2009

OVL, IOC, OIL to Invest $5 Billion in Iran Gas Field – ONGC Videsh Ltd (OVL) and its partners Indian Oil Corporation (IOC)and Oil India Ltd (OIL) have proposed an investment of about $5 billion in bringing to production a massive gas field they discovered in offshore Iran, in the next 3-4 years. OVL has submitted a development plan to the Iranian authorities. The investment proposed is around $5 billion, say sources. (Business Standard)

Pfizer Ups Offer for Stake in Indian Arm – Leading drug maker Pfizer has increased its tender offer price to Rs 830 per share, an increase of 23% over the original offer price of Rs 675 per share, to acquire 33.7% stake in its Indian subsidiary, Pfizer Ltd. The offer from Pfizer Investments Netherlands BV, an indirect wholly-owned subsidiary of world’s largest drug maker Pfizer, is to acquire 10,078,143 shares in Pfizer Ltd from public shareholders. Pfizer owns 41.23% in the Indian subsidiary and the tender offer is to increase the holding to 75%. (Business Standard)

Kirloskar Brothers Looks at Overseas Acquisitions – Kirloskar Brothers Ltd(KBL), a leading player in the pump manufacturing segment, is looking at acquisitions in the US and Europe in the pumping solutions space, and hopes to complete the process within this fiscal. The company is at the same time bullish on the power sector, especially by the opportunities thrown open by the Indo-US nuke deal. KBL has a cash surplus of Rs 75-100 crore while the Kirloskar Group has a surplus of around Rs 700 crore. (Business Standard)

JBIC Eyes Stake in Indian Infrastructure Projects – Japan Bank for International Cooperation (JBIC), the international wing of the Japan Finance Corporation (JFC), a policy-based financing institution, is planning to pick up stake in Indian infrastructure projects. Besides providing export finance to Indian companies to source goods and services from Japan, JBIC is engaged in a phased programme for equity investments in infrastructure and environment projects. (Business Standard)

Premji Sends Legal Notice to Board and Former Directors of Subhiksha – The Azim Premji-owned Zash Investments has upped the ante in its dispute with the board of troubled retail firm Subhiksha by sending a legal notice to all its current and former directors over their alleged failure to perform their duties. Zash, which owns 10% of Subhiksha, has said that the directors, including those belonging to ICICI Venture, another leading shareholder, did not fully probe the retail firm’s financials and did not provide proper numbers when Zash bought a stake in the company last year. (The Economic Times)

Bangalore Law Firms J Sagar Associates, M&C Partners Merge – Bangalore-based law firm J Sagar Associates (JSA), has announced that the entire practice of M&C Partners, another law firm from Bangalore, will merge with JSA to create one of the largest law firms in South India. Murali Ananthasivan and Vivek K Chandy, founder partners of M&C, will join as equity partners of JSA. With this merger, JSA will have 39 lawyers, including five partners. (Domain-b.com)

UB Group’s Investment Plan Hits FIPB Roadblock – The department of revenue in the finance ministry has raised objections to an application by United Breweries (Holdings) Ltd (UBHL) seeking approval for raising Rs 708 crore by issuing fully convertible equity warrants to FirStart Inc, a company owned by UB group promoter Vijay Mallya’s mother, Lalitha, and headquartered in the British Virgin Islands. The approval is being sought “ex post-facto”, meaning the deal has been partially concluded. (Business Standard)

General Atlantic May Exit Patni Computer – Private equity firm General Atlantic Llc., which holds a 17.8% stake in Patni Computer Systems Ltd, is looking at options to exit the firm. It will exit the firm once the market stabilises. General Atlantic had signed a $100 million (Rs485 crore) deal to acquire a minority equity stake in Patni Computer in 2002. (LiveMint.com)

Unitech to Raise $200 Million for Low-Cost Housing from PE Firms – The country’s second-largest realty firm, Unitech, is likely to raise $200 million (nearly Rs 1,000 crore) within the next three months by selling stake in its affordable housing projects to private equity players. According to sources, Unitech is in advance stages of negotiations with some domestic and global private equity firms to raise funds for its affordable housing projects being developed under the brand ‘Uni Homes’. (Business Standard)  

 


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News Roundup: Kirloskar Brothers Looks at Overseas Acquisitions

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