Stanchart, RBS Talks Collapse On Valuation – Negotiations between Standard Chartered Bank and the Edinburgh-based Royal Bank of Scotland (RBS) over a proposed sale of the latter’s assets in India, China and Malaysia to the former have collapsed. Standard Chartered pulled out of the negotiations over valuation issues. It was willing to pay up to $250 million, a figure that apparently fell far short of RBS’s expectations. RBS has 30 branches in India and over 10,000 employees. (Business Standard)
Wipro GE To Consolidate Healthcare Biz – India’s leading IT company Wipro Ltd and global medical technology major GE Healthcare has formed Wipro GE Healthcare, a GE-Wipro joint venture. Three standalone GE healthcare subsidiaries — GE Healthcare Life Sciences, GE Healthcare Medical Diagnostics and GE Medical Systems India — would be integrated with Wipro GE Healthcare. Post this JV, the entity becomes the single entity for the entire business of GE Healthcare in the country. The integrated entity will have 1,200 employees and will be headed by V Raja, president and CEO, Wipro GE Healthcare. (BS)
Rabo PE Fund To Buy 20% In Future’s Cash & Carry Arm – Rabo Equity Advisors, the Rabo Bank’s offshore private equity fund, is likely to sign a deal next week to buy nearly 20% stake in Rural Fairprice Wholesale, Future Group’s cash-and-carry entity for rural retailing and sourcing business. The PE fund is buying the stake held by Aadhaar Retail, the Future Group’s front-end entity for rural retailing, in Rural Fairprice. Future Group owns 60% stake in Aadhaar Retail and the Godrej group holds a 36% stake. The remaining 4% stake is held by A Mahendran, FMCG director of Godrej Group. (Economic Times)
Videocon To Buy Finnish Firm Elcoteq For $73M – Indian consumer durables major Videocon Industries has planned to buy Finnish company Elcoteq, which is engaged in contract manufacturing of mobile phones and other electronic items. Videocon is taking a controlling stake in the company with the deal size estimated at around $73 million. The transaction is expected to close by December this year. (BS)
Radhe Developers To Buy Rs 60-Cr Resort In Kochi – Radhe Developers, an Ahmedabad-based real estate developer, is in talks with other real estate developers as well as hospitality players for acquisitions and joint ventures. The company, which is currently engaged in developing several residential and retail projects in Gujarat, is planning to acquire a resort in Kochi. It plans to invest around Rs 50-60 crore for the resort. If the deal goes through, it would be company’s first project outside Gujarat. (BS)
Parsvnath Raises Rs 225 Cr Through Stake Sale – Realty major Parsvnath Developers is learnt to have raised Rs 225 crore through equity sale of two of its projects to private equity investors. The company had closed two transactions — one worth Rs 150 crore and another Rs 75 crore — with private equity firms. The company has sold stakes in its two projects located in the national capital region (NCR). It plans to utilise the funds to reduce its Rs 1,600-crore debt and meet construction costs. (BS)
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