Tech Mahindra To Buy Bharti’s Comviva For Rs 750Cr – Billionaire Sunil Bharti Mittal-led Bharti Group is in advanced discussions to sell Comviva Technologies, a mobile financial and value-added services (VAS) solution provider, to Tech Mahindra, the Mahindra group’s IT arm, for around Rs 750 crore. The deal had been delayed for a while as some minor issues such as valuation of future contracts of Comviva had to be resolved. Comviva is about 50% owned by Mittal and his family, 30% by Sequoia Capital, 5% by Cisco and 15% owned by employees. (Economic Times)
Morgan Stanley Enters Fray For DLF’s Wind Power Biz – Morgan Stanley, the US-based investment bank, has joined the race to buy real estate firm DLF’s wind power business. Morgan Stanley Infrastructure Partners, the arm of the US-based investment bank, is likely to invest in the New Delhi-based company’s wind power business. Bharat Light and Power and the Hyderabad-based Mytrah Energy are among others interested in the purchase. Morgan Stanley recently paid Rs 1,200 crore to buy a majority stake in wind energy firm Continuum Wind Energy.
Dentsu Acquires Taproot For Rs 140Cr – Japanese advertising behemoth Dentsu has acquired a 51% stake in Taproot, arguably the most creative among the Indian independent advertising agencies. Industry observers estimate the initial upfront payout at Rs 60 crore with another Rs 80 crore expected in future earn-outs. (Economic Times)
Kumar Birla To Rework Pantaloon Deal – Aditya Birla Nuvo is set to rework its deal for a controlling stake in Pantaloons after the latter’s June quarter business fell below estimates, leading to a slight valuation drop. Billionaire Kumar Mangalam Birla had announced plans to buy a 50.1% stake in Pantaloons in May this year for Rs 800 crore in cash while taking on a similar quantum of debt. (Times of India)
Morgan Stanley Exiting IHHR Hospitality – Morgan Stanley is selling its 26% stake in IHHR Hospitality, which owns the world’s top-rated spa, Ananda in the Himalayas. US-based financial services provider is selling its stake to IHHR Hospitality’s biggest stakeholder, the London-based Choudhrie family. Morgan Stanley had bought the stake in 2007 for about $40 million. (Economic Times)
GMR Infrastructure On Divestment Drive – In a bid to lighten its debt burden and infuse more liquidity in operations, energy-to-infrastructure major GMR Group is planning to bring down stake in its holding company, GMR Infrastructure, from 72 per cent. The Bangalore-based group is also going to sell up to 49 per cent stake in GMR Highways, one of the three infrastructure holding companies, besides GMR Airports and GMR Energy. (Business Standard)
Competition Panel Clears Birla’s Stake Buy In India Today – The Competition Commission of India has approved Aditya Birla Group’s acquisition of 27.5 per cent stake in Living Media India Ltd by IGH, an investment company of Aditya Birla Group. IGH signed a share purchase agreement on May 18 with Living Media India Ltd, a holding company of India Today Group. India Today Group and Aditya Birla Group were engaged in the organised retail business. (Business Line)
CIC Shareholders Okay Jindal Deal – Jindal Steel and Power’s deal to acquire Canada’s CIC Energy for about $116 million (over Rs 600 crore) has been approved by the shareholders of Canadian firm. CIC said the deal was approved by the shareholders of CIC Energy at the special meeting held on August 27. JSPL had entered into an all-cash deal to acquire 100 per cent stake in CIC Energy which holds 2.6 billion tonnes of high thermal coal in Botswana. (Business Line)