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News Roundup: Novatium To Raise $10M Growth Fund

05 January, 2010

Dorf Ketal Buys DuPont Unit For $40M – Mumbai-based specialty chemicals company Dorf Ketal Chemicals has acquired the global specialty catalysts business of DuPont Chemicals and Fluoroproducts for around $40 million. The acquired unit had revenues of $50 million during 2008. DuPont is in the business of organic titanates and operates in more than 70 countries. (ET)

Novartis To Hike Alcon Stake – Swiss drug major Novartis AG plans to acquire a majority stake in the world’s largest eye-care company, Alcon. The acquisition will give a boost to Novartis’ Indian operations as it will get a new basket of products. Novartis will also get access to a large distribution network in the eye care segment. In 2008, Novartis bought 25% Alcon stake for $10.4 billion. (BS)

Novatium To Raise $10M Growth Fund – Novatium Solutions Pvt Ltd, a Chennai-based affordable and pervasive computing services provider, is planning to raise a $10-million (approximately Rs 47 crore) growth fund. The company is in active discussion with a few venture capital companies and expects to close the deal during this quarter. It believes the fund will help it market its products internationally, besides India. It had raised an undisclosed sum in 2007 from New Enterprise Associates, a US-based venture capital fund. (BS)

Jindal Raises Rocklands Offer By 8% – Jindal Steel & Power has raised its bid for Rocklands Richfield of Australia by another 8%, matching the $0.56 per share offer of its competitor Meijin Energy for the 4.8 lakh tonne coking coal maker. The move comes after Meijin improved its bid from $0.52 per share to $0.56 last week. Both the companies now value Rocklands at $197 million. Jindal has been trying to acquire Rocklands since September last year when it had offered $0.42 per share. At the current $0.56 per share, Jindal’s offer is 33% more than its initial offer. (DNA)

Suitors Line Up For Ratnakar Bank Pie – The existing shareholders of Kolhapur-based Ratnakar Bank are believed to be in fund raising spree and has approached to investors including Dabur family lad Mohit Burman, the Mumbai-based Sekhsaria family, and the promoters of financial services company Enam. A group of professional managers were negotiating with potential investors to structure a deal which would meet the approval of the Reserve Bank of India (RBI). (ET)

Central Bank To Offload NPA Accounts Worth Rs 410Cr – Central Bank of India, a public sector lender, plans to sell non-performing assets (NPAs) of 41 industrial units with an outstanding of Rs 410 crore to clean up its balance sheet. These accounts (in the second round) are offered for sale on a cash basis and on a security receipt basis with cash component on as-is-where-is basis and what-is-where-is basis. Three other public sector lenders, Dena Bank, UCO Bank and Vijaya Bank, are also in the market to sell NPAs of over Rs 670 crore. (BS)

Bosch To Invest Rs 2,000Cr In India – Bosch of Germany will invest Rs 2,000 crore in India between 2010 and 2012, of which a lion’s share will go into its automotive business. The company has already pumped in Rs 2,100 crore between 2005 and 2009 in India and the decision to go in for a near identical sum in half the timeframe is a clear reflection of its faith in the country. It has also invested Rs 60 crore in its new ABS (antilock braking system) plant near Pune and has planned another Rs 40 crore by 2012. (Hindu Business Line)

 


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News Roundup: Novatium To Raise $10M Growth Fund

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