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News Roundup: Muthoot To Buy 5% In Catholic Syrian Bank

23 September, 2010

Muthoot To Buy 5% In Catholic Syrian Bank – The Muthoot Pappachan Group has picked up 1% stake in the private sector Catholic Syrian Bank, whose largest shareholder, Bangkok-based Sura Chansrichawla, was asked by RBI to lower his stake to 10%. Muthoot plans to raise its stake to 5% over the next three to six months. (Business Standard)

Franchise India Holdings Plans $100M Fund – New Delhi-based Franchise India Holdings is launching a $100 million or Rs 460 crore fund that will invest exclusively in franchises. The fund will have a 10 year horizon. Franchise India has advised companies like Videocon Industries and Gitanjali Gems.

Coffee Day Holdings Eyes Logistics Firm – The V G Siddhartha-promoted Coffee Day Holdings is trying to acquire a logistics company by using part of the $200 million raised earlier this year from PE players. Buzz is that the Rs 630-crore logistics company Gati is Coffee Day’s target. (Economic Times)

M&M May Back Sicilian Financier – Mahindra & Mahindra Ltd may back Sicilian financier Simone Cimino’s plan to convert Fiat SpA’s Termini Imerese car factory to production of electric vehicles. Cimino, who’s planning to invest as much as $602 million, has a preliminary agreement with Reva Electric Car Co. to build electric cars at Termini. Mahindra in May agreed to buy 55% of Reva, a closely held company based in Bangalore, India. (Bloomberg)

Orient Ceramics Buys Bell Ceramics – Orient Ceramics and Industries Ltd. (OCIL) has entered into a share purchase agreement with Bell Ceramics Ltd. OCIL will acquire a 62.92% stake in the company from its promoter Mr S.K. Jatia. OCIL also said that it would also make an open offer to the shareholders of BCL for the acquisition of up to 24,34,762 shares or 20% of voting rights. (HinduBusinessLine)

Thomson Reuters Eyes Acquisitions – Thomson Reuters’ Tax and Accounting vertical has initiated talks with Indian partners for partnerships and acquisitions as it introduces its products and solutions into the Indian market to coincide with the introduction of the global reporting standards. This comes as India prepares for IFRS (International Financial Reporting Standards) from April 2011. (HBL)

VA Tech Wabag To Raise Rs 475Cr – Chennai-based VA Tech Wabag Ltd, a water management company, plans to raise around Rs 475 crore through its initial public offering (IPO). The price band for the issue has been fixed at Rs 1,230 to Rs 1,310 per equity share of Rs 5 each, aggregating Rs 125 crore. Of the total proceeds, Rs 125 crore would be used to set up an integrated IT system and Enterprise Resource Planning (ERP) system to connect its Chennai corporate office with 18 countries to monitor ongoing projects. (BS)

Vivek Mansingh Quits Dell, May Join PE –  Vivek Mansingh, the country head for research & development for Dell, has resigned to pursue a different career path. He was instrumental in scaling up Dell’s R&D presence in the country which contributed a lot for the global projects. He plans to pursue his career either in software or in the private equity venture capital space. (Silicon India)

Mahindra Forms JV With Ayala – Mahindra Lifespaces Developers Ltd has floated a special purpose vehicle (SPV) along with Arch Capital, an Ayala group company based in Philippines, to promote a Rs 700-crore premium residential project near here. Mahindra Lifespaces would hold 51% in the SPV — Mahindra Residential Developers Ltd — while Arch Capital will hold the remaining 41%. (BS)


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News Roundup: Muthoot To Buy 5% In Catholic Syrian Bank

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