Swiss Re To Sell 26% In TK Healthcare TPA – Re-insurance firm Swiss Re will sell its entire 26% stake in third party administration firm TTK Healthcare TPA to Vidal Healthcare Services so that it can focus on the re-insurance business in India. The transaction is subject to regulatory approval, it added. Bangalore-based TTKHTPA, which was formerly known as TTK Healthcare Services, provides third party administration (TPA) services relating to Indian medical and health insurance policies. (Economic Times)
TPG Forms Team To Run Vishal Retail – Private equity major TPG Capital, which is in final stages of completing buyout of Vishal Retail, is building a team led by former Reliance Retail executive Gunender Kapur to run Vishal retail. The PE firm is hiring Aparna Raje, former vice president at Aditya Birla Retail and Kevin Pleass, a Tesco plc veteran besides other hires.
Tata Steel May Sell South African Unit – Tata Steel, India’s largest producer of the alloy, is looking for a buyer for its South African unit after agreeing to sell its Teesside operations in the UK. Tata Steel KZN Pte, set up in Richards Bay, South Africa in 2006, recorded a profit of rs 43 crore in the year ended March 31 against a loss of Rs 180 crore the previous year with sales rising to Rs 522 crore. (Economic Times)
Career Point IPO Next Week – Kota-based Career Point Infosystems Ltd is planning to raise $24.6 million (Rs 115 crore) through initial public offering (IPO) in early next week. The funds would be utilized for expansion and for acquisitions. Career Point is backed by investors like Franklin Templeton and Nadathur Holdings. (ET)
KEC International Eyes More US Buyouts – KEC International Ltd. is planning more acquisitions as it looks to expand its business in North America. KEC recently acquired Texas-based SAE Towers Holdings for $95 million. KEC also produces cables and takes up turnkey contracts in transmission & distribution, and could look at these areas. (DNA)
Jayesh Desai Joins Unitech Infra – Real estate major Unitech Group has hired Jayesh Desai, an Ernst & Young veteran who joined Enam to launch a private equity fund focused on infrastructure. Unitech recently diversified into the infrastructure business by launching Unitech Infra, leveraging its existing know-how in real estate. Desai joined in Enam in February this year and was the national director for infrastructure, real estate and government, at Ernst and Young. (Mint)
Wipro Eyes LatAm, Africa Buys – Wipro is looking at the possibility of making acquisitions in Latin America and Africa in the information technology space to accelerate the pace of growth. Wipro is exploring both organic and inorganic routes to extend its footprint in the two markets, which were growing at much faster pace than developed markets like the US and Europe. (DNA)