Mahindra FirstChoice IPO in 2013 – Mahindra FirstChoice Wheels may go public in 2013 when its turnover reaches around Rs.2,000 crore. The multi-brand, pre-owned car seller raised private equity funding of Rs 80 crore in 2008 from Phi Advisors. The company will likely close the current fiscal with a turnover of Rs.400 crore against Rs.140 crore earned last year. (Sify)
ACK Media To Acquire India Book House – ACK Media is evaluating the prospect of buying out India Book House Pvt. Ltd (IBH), one of the oldest and largest distribution networks for books and other published material. The deal could create an integrated publishing and distribution company, one of the largest of its type in India. ACK is the owner of brands such as Amar Chitra Katha, Tinkle and Karadi Tales. (Mint)
Axis May Buy Stake In Max New York Life – Axis Bank is in talks to buy a 5% stake in Max New York Life Insurance for around Rs 200 crore which would value the firm at close to Rs 4,000 crore. The country’s third largest private sector lender will sell the Max’s insurance policies through the it’s branches from May. Max was among the first players to enter the life insurance arena when the sector was opened in 2000 and was ranked eighth in terms of total premium income in the period between April 2009 and February 2010. (Business Standard)
SPIC Exits Jordan JV – Fertiliser firm Spic has exited from its 12 year old joint venture in Jordan. Spic, which is in the process of working out a restructuring scheme, has entered into an agreement for the sale of its 52.17% stake in its subsidiary, Indo-Jordan chemicals ( IJC) for a consideration of $50.6 Million (around Rs 227.7 crore). The stake was sold to its principal JV partner Jordan Phosphate Mines ( JPMC). (Economic Times)
Forbes Marshall Forms JV – The Pune-based Forbes Marshall has entered into an alliance with the Belgium-based Vyncke Energietechniek. Forbes is involved in steam engineering and control instrumentation solutions for the process industry. Forbesvyncke Pvt Ltd, the new 50:50 joint venture, will promote, manufacture, install and provide after-sales support for technologies that are converting waste biomass to green energy. (HinduBusinessLine)
DTZ Appoints David Schaefer For Asia Investment Business – DTZ, a real estate consultancy, has appointed the former Asia-Pacific head of Citi Property Investors David Schaefer to spearhead its investment management business in Asia. Schaefer will be looking to set up a fund targeting institutional investors across Asia Pacific who are looking to invest in property. (Reuters)
SBI Open To Overseas Acquisitions – State Bank of India is open to overseas acquisitions in case there is synergy in businesses. The target should fit into SBI’s environment, public sector culture, business, our clientele. SBI’s global operations contribute about 14 per cent to the top line at the moment. (PTI)
Future Group To Sell Stake in Non-Core Business – Kishore Biyani plans to offload stakes in units not part of the group’s core categories of retail and financial services to raise money needed to fund expansion plans. Biyani began restructuring Future Group’s 22 companies into two key business groups three months ago. Biyani wants to cap his stake in the non-retail and non-financial services business at 26% and keep 40-45% in the operating companies.(Mint)
Gautam Adani Hikes Stake In Firm – Adani Enterprises chairman Gautam Adani, on behalf of family trust, has raised founder stake in the firm to 51.29% by acquiring additional 3.27% stake in the firm, it informed the stock exchange. (Reuters)
Citigroup Hires Colin Banfield As M&A Head – The US banking major Citigroup has appointed Colin Banfield as head of M&A for Asia Pacific. Banfield is a longtime M&A banker in Asia, with previous roles at Credit Suisse and Lehman Brothers. Banfield remained in a top M&A role at Nomura after Lehman collapsed and was purchased by the Japanese bank. (Reuters)
Plethico Pharmaceuticals To Raise $100M – Plethico Pharmaceuticals Ltd, an Indore-based pharmaceutical company, plans to raise up to $100 million through qualified institutional placement. The company also plans to use other routes including global depository receipts (GDRs), american depository receipts (ADRs), foreign currency convertible bonds (FCCBs) and other security options. The board of directors of the company will meet on April 19 to take final decision on the same, it informed the BSE. (Team VCC)
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