SUUTI Puts Arsec on The Block - Special Undertaking of Unit Trust of India (SUUTI), which holds a 39.29% stake in Asset Reconstruction Company (Asrec), has put its shareholding on the block. Asrec's chief executive Ajeet Prasad has resigned his post in the company. Other major shareholders in the company are Bank of India, Allahabad Bank, Indian Bank, and Andhra Bank. RBI allows an entity to hold a maximum stake of 49% in an asset reconstruction firm. (Economic Times)
Dabur Looks for More Buys - Indian FMCG major Dabur is scouting for more acquisitions in the healthcare segment and is willing to shell out upto Rs 500 crore for deals. The news comes after its recent acquisition of Fem Care Pharma for over Rs 250 crore. Dabur is looking to acquire companies in the range of Rs 200-500 crore and brands of Rs 10-200 crore. (Business Standard)
Tata Tele Eyes Matrix - Tata Teleservices (TTSL) is in negotiations to acquire Matrix Cellular Services, which could be valued upwards of Rs 350 crore. Report says that a staged is being worked on which could see TTSL pick up around 15% in Matrix initially and increase it to 75% over three years. Matrix provides post-paid cards to Indian travellers, allowing them to make calls at much lower rates compared to regular international call charges. (Economic Times)
Siva in Talks To Acquire Stake in Power Project - C. Sivasankaran is in talks to buy a 26% stake in a 4,000MW power plant at Cuddalore in Tamil Nadu, promoted by Infrastructure Leasing and Financial Services Ltd. The project will be built in four phases of 1,000MW each, with a total investment of Rs18,000 crore. SIve Ventures and IL&FS will hold 26% each, while the rest 48% will be sold to a domestic and international investors. (Mint)
3i Buys Out Chinese JV Partner - 3i Infotech will buyout its joint venture partner in Elegon Infotech. The stake will be bought from from Yucheng Technologies, its joint venture partner in China. Elegon Infotech will then become a wholly owned subsidiary of 3i Infotech. The firm had enetered into a 51:49 JV with Yucheng Technologies earlier this to foray into Chinese markets. (BS)
Reliance Money Chief May Exit - Reliance Money managing director Sudip Bandyopadhyay is on his way out from the company and is likely to leave by September this year. Bandyopadhyay is credited for rapid growth of Reliance Money, Reliance Capital's broking, distribution and money transfer arm, since its inceptioon in 2007. He will leave for a job with a media and entertainment company. (DNA)
