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News Roundup: L&T To Exit Infotech Business

28 January, 2011

L&T To Exit Infotech Business – Larsen & Toubro may sell stake in its infotech subsidiary after failing to turn it into a bigger business by buying out Satyam Computer Services in 2009. The firm is talking to merchant bankers about a sale mandate and has also held discussions with a bank representing a potential bidder last week. Analysts tracking the company said the management may no longer believe it is capable of reaching a critical mass in revenues and could be examining the idea of a sale. Japanese firm Fujitsu is believed to have shown interest. (Economic Times)

 

Cipla Promoters In Talks To Sell Stake – The promoters of Cipla, India’s second-largest drug maker by sales, are in negotiations to sell their stake to a global buyer. They have appointed Kotak Investment Bank and may conclude a deal some time this year. Cipla’s talks with Germany-based Merck seem to be most advanced. Cipla, with over 5% market share, makes a good fit for any company looking for a sweet spot in the Indian pharma market. (Economic Times)

Omshakthy To Raise Rs 75 cr From PEs – Omshakthy Agencies (Madras) Pvt Ltd plans to raise Rs 75 crore from a private equity (PE) fund for its proposed township project. The company has said that, besides the township project, it has lined up projects in which it will invest around Rs 500 crore. Omshakthy is developing a township project at Pallavaram, near Chennai, spread over 150 acres. (Business Standard)

Accel Partners To Raise $400M Growth Fund – Accel Partners, the marquee global venture capital and growth equity provider, is setting up a $400 million India-dedicated private equity fund. The Palo Alto, California-headquartered fund, best known for investments in Facebook and Groupon, is understood to have hit the road to set up the India fund. Accel, during late 2009, hired Neeraj Bhardwaj from Apax Partners as MD of the growth capital business in India. (Business Standard)

SKNL To Get IPO Approval By February-End – Indian textiles firm SKNL expects the market regulator Sebi’s approval for its unit’s $250 million initial public offering (IPO) by February-end and expects to list by March. The firm will use the proceeds of the issue to fuel growth of unit Reid & Taylor and to pay off debt. It has mandated JP Morgan and UBS AG, among others to manage the issue. (Mint)

RockeTalk To Raise $10M In Second Round – Mobile social networking company, RockeTalk, is planning to raise $10 million through a second round of venture capital funding over the next few months. The company with over four million active users in Indian is targeting to reach 20 million subscribers over the next 12-18 months. RockeTalk plans to target a user base of 100 million. (HinduBusinessLine)

Elektro Anlagen Sells Stake To Kasa – Elektro Anlagen Pvt. Ltd., a company engaged in providing industrial electricals and automation solutions, is turning into a joint venture with the induction of U.S.-based KASA Companies Inc. as a financial partner. Elektro Anlagen will take a new name and will be called Kasa Anlagen. In the joint venture, KASA Companies will hold a 30% stake. (Hindu)


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News Roundup: L&T To Exit Infotech Business

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