RIL In Talks With Raython For Homeland JV – Reliance Industries, India’s most valued company, is in “advanced talks” with American defence giant Raytheon to create a joint venture that will pursue opportunities in homeland security in India and abroad. A joint venture with Raytheon – maker of the famous Patriot missiles used in the first Iraq War and a strategic partner of the US government on key homeland security programmes – will give Reliance access to high-end security products and engineering solutions. (Economic Times)
Mittal Brothers Look To Exit Gontermann – Barely a year after they sold Ispat Industries to JSW Steel, the Mittal brothers — Vinod and Pramod — are on the lookout for a buyer for Gontermann-Peipers (India) Ltd, which makes rollers for steel mills, among other products. The brothers, younger siblings of steel tycoon Lakshmi Narayan Mittal, had even approached Sajjan Jindal with a proposal to sell promoter stake in the company, but the talks didn’t go far. The Mittals own 56.13% in Gontermann. (DNA)
Hero Eco To Buy UK’s Ultra Motor – Hero Eco Pvt. Ltd, a corporate entity that will house the Munjal group’s electric two-wheelers, bicycle exports, and light and heavy engineering goods businesses, is set to buy UK-based electric vehicles maker Ultra Motor Ltd for an undisclosed sum to expand its presence in Europe, China and Taiwan. The New Delhi-based company claims the acquisition of the money-losing Ultra Motor will make it the world’s largest electric two-wheeler maker. The acquisition is likely to be completed by the first week of January. (Mint)
Govt To Ask Sterlite To Buy Balco Stake – The government will soon ask Sterlite Industries to make an offer to buy out its residual 49% stake in Bharat Aluminium Company Ltd, or Balco. Sterlite had acquired 51% stake in the company in a strategic sale by the government in 2001 for Rs 551 crore. Balco is not listed on a stock exchange but its peer group companies such as Nalco and Hindalco have a market capitalisation of Rs 12,448 crore and Rs 22,370 crore respectively.
Alok Vajpeyi Quits Daiwa Capital Markets – Alok Vajpeyi, managing director and senior head of equities of Daiwa Capital Markets, is moving out of the Japanese firm after an eight-month stint. In May 2011, Vajpeyi joined Daiwa, Japan’s second largest brokerage, from Dawnay Day AV, where he was the vice chairman and managing director. Recently, Daiwa Securities asked 18 executives from its domestic investment banking, research, and sales divisions to leave. (Economic Times)
EDB Ergo Buys Remaining Stake In Ionnor – EDB ErgoGroup, one of the biggest Norwegian information technology companies, has acquired the remaining stake in Chandigarh-based software development company Ionnor Solutions. In 2008, ErgoGroup had acquired 51% stake in Ionnor. Founded by Bobby Buttar and Peder Floer in 2003, Ionnor is a privately-held firm that supplies offshore software solutions and IT services relating to computing, operation, outsourcing and online banking to local onsite markets. It has a special focus on the Nordic region. (Economic Times)