Renuka Ramnath’s Multiples Alternate Raises $375M – Former ICICI Venture veteran Renuka Ramnath-led private equity (PE) fund Multiples Alternate Asset Management has raised $375 million from both domestic and international investors. Multiples will not look at further fund raising at this stage and will initiate deploying the fund through investments. Multiples is in early talks with Dehradun-based oil and gas equipment maker Nov Sara for a management buyout transaction to buy out its American JV partner STS Products where the PE fund will end up owning majority stake in the business. The deal size could be in the range of Rs 150 crore. (Economic Times)
Marico Eyes More Acquisitions – Marico Ltd., the Indian consumer goods maker, is in early talks to buy companies both in India and abroad, and may raise funds through equity or debt offerings to finance a potential buy. The company, which is looking for ways to propel its growth, can fund an acquisition in the $20 million to $25 million range through debt. Marico is looking at targets in the developing markets of Africa, Southeast Asia and the Middle East. (Wall Street Journal)
Wipro May Sell Water Business – Soaps-to-software major Wipro is evaluating the options to sell off its water business and sharpen its focus on the existing revenue streams. Wipro entered the water business in 2008 through the acquisition of water treatment firm Aquatech and executes water treatment projects for large industrial customers, including United Breweries, PepsiCo and Coca Cola. The deliberations are part of the group’s strategy to streamline businesses and ensure focus on growing units. (Economic Times)
Navin Fluorine Takes 51% In Manchester Organics – Navin Fluorine International (NFIL), a part of the Arvind Mafatlal Group, today said it has acquired a 51% stake in UK-based company Manchester Organics for 4.335 million pounds. Manchester Organics, a privately-held company founded in 1996, specialises in laboratory scale multi-step synthesis of a wide variety of organic compounds. NFIL has a turnover of $100 million. (Business Standard)
EXL Services To Buy OPI For $91M – Nasdaq-listed outsourcing company EXL Service Holdings Inc. said on Tuesday it has agreed to acquire Outsource Partners International (OPI) for $91 million (Rs 400 crore). OPI is one of the largest pure-play providers of complex finance and accounting outsourcing services outsourcing in the market. OPI employs 3,700 people in locations including the US and India, has about 80 clients, and earned a revenue of $76 million in 2010.
Grasim To Buy 33% Stake in Domsjo – Grasim Industries plans to invest Rs 280 crore to acquire a 33% stake in Domsjo Fabriker AB, a leading Swedish speciality pulp and bio-refinery company, from Aditya Holding AB. Aditya Holding is equally owned by the group’s international subsidiaries Thai Rayon Public Company (TRC) and PT Indo Bharat Rayon (Indonesia) (IBR). Both TRC and IBR in April acquired Domsjo through a 100 per cent subsidiary Aditya Group AB for a consideration of Rs 1,500 crore. (Business Line)
Vaswani Industries IPO Oversubscribed 3.87 Times – The initial public offer of sponge iron manufacturer Vaswani Industries on Tuesday got over subscribed by 3.87 times on the final day of the issue today. The major support has been witnessed from non-institutional investors, their reserved portion has been subscribed more than seven times till May 2. The price band of the issue, which opened on April 29, is at Rs 45—49 a share. The proceeds of the IPO would be utilised for pre-payment of term loan coupled with working capital requirements among others. (Business Line)
Jaiprakash Power Merges Two Units – Jaiprakash Power Ventures Ltd (JPVL) said on Tuesday it has got the approval of shareholders and creditors for the proposed merger of Jaypee Karcham Hydro Corporation Ltd (JKHCL) and Bina Power Supply Company Ltd (BPSCL) with itself. Following the amalgamation, JPVL as a standalone company will have a power portfolio of 4,250 MW, of which 2,200 MW is likely to be operational within the Eleventh Five-Year Plan period (by March 2012). (Business Line)