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News Roundup: MTN In Talks With Loop

28 June, 2010

MTN In Talks With Loop – Africa’s largest mobile service provider MTN Group is in talks with India’s Loop Telecom to purchase a stake in the company, which owns mobile telephony licences in 21 circles. Loop Telecom may be willing to sell a 45% stake in the firm. Loop, in which the Ruias of Essar Group have a less than 10% holding, had also held talks with billionaire serial investor C Sivasankaran. (Business Standard)

Blackstone May Acquire 12% in Monnet Power – Private equity major Blackstone may acquire 12% of Monnet Power for Rs 300 crore and the deal could be announced as early as this week. Monnet Power, a subsidiary of steel maker Monnet Ispat, plans to build a power plant in Angul, Orissa, to generate 1,050 mw. That may require Rs 5,000 crore, which will be partly met from the stake sale to Blackstone. (Economic Times)

Topsgrup Plans Rs 300Cr IPO – Security services provider Topsgrup, is planning to raise Rs 300 crore through initial public offering (IPO) in 2011-12. The company would submit the DRHP with market regulator SEBI within the next three months. The proceeds would be used to acquire a man-guarding firm in the US and a few others in India in both man-guarding and investigation spaces. Topsgrup acquired 51% stake in an UK firm for Rs 125 crore in 2008. (ET)

HDFC Bank Buys Stake in BSE – HDFC Bank is learnt to have bought a small stake in the Bombay Stock Exchange (BSE) as part of the share-swap agreement with the stock exchange. The bank has acquired the stake at Rs 375 per share in lieu of the part of the holding in Central Depository Services (CDSL) that it sold to the BSE recently. BSE had acquired a controlling stake in the country’s second-largest depository services provider by buying part of the holdings owned by three banks — HDFC Bank, Bank of Baroda and Bank of India. (ET)

Dubai Contractor Eyes India Acquisitions – Dubai contractor Drake and Scull International is planning for acquisition or partnership options with companies in India by the end of the year. The company is looking at three or four companies in India for a joint venture or to grow organically with a family company. Drake & Scull International offers mechanical, electrical and plumbing, infrastructure, water & power and civil contracting services. (BS)

Jayshree Tea Scouts For Estates in Vietnam, Indonesia – Jay Shree Tea & Industries is planning for acquisitions in both sugar and tea segments in the current financial year. The company is looking to acquire gardens in Vietnam, Indonesia and Africa. Jay Shree recently acquired tea estates in East Africa with a total production of 10 million kilograms per annum. (ET)

Lupin Eyes Buys In Brazil, Mexico – Pharma major Lupin is looking for acquisitions in Brazil and Mexico to expand its revenue from the Latin American region. The company would spend $50 million to $75 million for acquisition. Lupin is eying firms with a strong marketing relationship with physicians and will make the acquisitions soon. (ET)

Tata Motors May Acquire Company in Mexico – Tata Motors is planning to acquire company in Mexico, eyeing an entry in the North American market via Mexico. The company is already in talks for the acquisition of an automotive company. Tata Motors had earlier acquired a manufacturing unit in South Africa previously owned by Nissan Motor Company to make a low cost entry in the emerging markets. (HindusBusinessLine)

Piramal Eyes Acquisitions In US, Europe and Canada – Piramal Healthcare is planning for acquisitions in the US, Europe and Canada in the next two to three years. The company is looking to acquire companies in biotech space. Recently Piramal Healthcare, had acquired a brand oral contraceptive i-pill from Cipla last month to strengthen its OTC portfolio. The company recently sold its domestic drug business for $3.72 billion (over Rs 17,000 crore) to US pharmaceutical major Abbott Labs. (BS)

RIL May Sell BKC Plot To Wadhwa Group – Mukesh Ambani’s Reliance Industries is planning to sell 2.5 acres of land in Central Mumbai to realty major Wadhwa Group for Rs 1,000 crore. The 2.5-acre plot is part of an 18.5-acre piece of land that Reliance Industries had purchased for Rs 1,104 crore from the Mumbai Metropolitan Regional Development Authority (MMRDA) at an auction in 2006. (BS)

RIL May Sign A Deal With Mexican Govt – The Mexican government may seek to ink a deal with India’s private sector petroleum giant Reliance Industries Limited (RIL) to develop a new refinery here. Reliance could provide services for the proposed refinery to be developed by Mexican state-owned petroleum company, Pemex. (BS)

HSIL Acquires UK Firm  – HSIL Ltd has entered into a definitive Share Purchase Agreement to acquire 100% equity share capital of Barwood Products (Staffordshire) Ltd. in an all cash transaction. Barwood is a small boutique manufacturer of specialized bathroom ceramics. The deal was done through Haas International B.V., step down subsidiary of HSIL in Netherlands. (BSE)

Essar Steel To Acquire Egypt’s Kandil Steel – Essar Steel is reportedly in talks to acquire Egypt’s Kandil Steel. The Indian steel giant is believed to have sent feelers to Kandil Steel and is likely to offer a formal proposal to its management in the near future. (PTI Via ET)


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News Roundup: MTN In Talks With Loop

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