Six year after it made its last major acquisition, Tata Global Beverages is again gearing up to gobble up few more international brands with an aim to emerge as a global beverage company of enviable size, said R K Krishna Kumar, vice-chairman and a key figure in the Tata group. The company made its first global acquisition, an audacious takeover of iconic British tea brand Tetley, several times its size in 2000. Then in 2006, Tata Global acquired US Coffee brand Eight O’Clock for $220 million, half of the size of Tetley’s $450 million. Several international, though much smaller sized, brands like Good Earth or Czech brand Jemca, were picked up on the way, following which 90% of Tata Global’s current revenue comes from branded products sold in 40 countries. (DNA)

Essar Power raises Rs 750 crore via bond sale: Essar Power has completed an 11 year, Rs 750 crore (~$125 million), rupee denominated bond offering. This is the second of a number of Rupee bonds to be offered by Essar Power, which when completed will total Rs 5000 crore (~.$850 million). The proceeds will be used to make repayments on existing loan facilities within the power business, particularly relating to its new coal fired power projects. Essar Power was assigned a credit rating of A+ by ratings agency Credit Analysis and Research Ltd ( CARE), of Mumbai, in October 2012 in respect of the proposed Rs 5000 crore (~.$850 million) bond issue. The new bonds issued will be listed on the Bombay Stock Exchange and will be repaid from 2022 to 2024. However, it is currently intended that this bond issue will be refinanced with an Rs 3,000 crore (~US$500 million) credit enhanced Rupee bond issue in due course. ()

NRI businessman M A Yousuf Ali picks up stake in Federal Bank: NRI businessman M A Yousuf Ali has picked up a 4.47 per cent stake in Federal Bank, thereby becoming the biggest individual shareholder in the Kerala- based lender. Ali purchased a 4.47 per cent stake in Federal Bank from Dubai-based Emirates Financial Services, a subsidiary of Emirates NBD, newsportal 'Emirates 24|7' said in a report. Pursuant to the transaction, Yousuf Ali has become the single largest individual shareholder in Federal Bank, which has a strong deposit base of non-resident Indians from Kerala. M A Yusuf Ali is the Founder and Managing Director of EMKE Group which owns Lulu Hypermarket chain in the Middle East. ()

Courtesy: VCCEdge


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