MRP AutoRub Forms JV with US Based Molded Dimensions - MRP AutoRub, a rubber based auto-component manufacturer at Ambattur in Chennai, has taken the joint venture route to handle the crisis in the auto sector. The Rs.7.2 crore company has formed a 74:26 joint venture with US-based rubber and plastic moulded and extruded parts manufacturer Molded Dimensions (MDI). The JV will set up a unit for producing molded products worth Rs.15 crore annually, at Kakalur in Tiruvallur district near Chennai. The facility will be created by transferring the molded products division of MRP at Ambattur. The Rs 4 crore investment on the new facility would be funded through equity by the JV partners. Investment banker Worbus has handled the evaluation and the JV. (The Economic Times)

Tech Mahindra in Talks to Buy Bangalore Based Telecom Start Up - IT services major Tech Mahindra is in discussions to acquire Bangalore-based niche telecom solutions player Sloka Telecom. The 5 year old tech start-up, Sloka Telecom, has put a price tag of Rs 30-35 crore but there is no agreement on a final transaction. Sloka provides solutions in the areas of fixed WiMax, Mobile WiMax and 3G. The company claimed that its patent pending technology architecture gives price advantage in making smaller and cheaper telecom base stations primarily finding application in the semi-urban and rural areas. (The Economic Times)

Govt. May Invite Bids for Cheyyur UMPP in June - In its endeavour to add 30,000-MW capacity through ultra mega power projects (UMPPs), the government is likely to invite bids for the fifth project at Cheyyur in Tamil Nadu in June. PFC Consulting, a wholly owned subsidiary of Power Finance Corporation, is the nodal agency for this UMPP as well as for such projects to come up in the future. PFC Consulting had sought environment clearance for the Cheyyur project from the Ministry of Environment and Forests in December last year. The Cheyyur project is slated to be operational during the XIIth plan period (2012-17). The government plans to add nearly 30,000 MW through such projects during the same period. (Business Standard)

PEs Look to Invest in Mobile VAS Providers - Notwithstanding the lull in the industry, mobile value-added service (VAS) providers are getting fresh calls for investments from global private equity and venture capital funds, with some even close to sealing some deals. Investment firms such as Helion Venture Partners, Canaan Advisors, Matrix India Asset Advisors and Fidelity are some , which are scouting for investments or acquisitions in the sector. In February, the sector witnessed a couple of activities -- New Delhi-based MapmyIndia received a $9-million funding from Qualcomm Ventures and ValueFirst received $6 million from New Enterprise Associates. Many more deals are expected to be announced shortly. (Business Standard)

Nettlinx and Srikari Form JV for Costing Software - Nettlinx Limited, a Hyderabad-based Internet service provider and software development company, has entered into a joint venture (JV) agreement with Srikari Management Consultants to offer new costing software under the ‘Cost Excel’ brand. Nettlinx will develop a host of customised vertical-specific software packages for the manufacturing industry utilising the cost management practices being implemented by Srikari. The JV was targeting the 150 beverage companies including carbonated softdrink, mineral water, fruit juice makers and distilleries and breweries in the country with the new product. The solution is being piloted at Sarvaraya Sugar Limited, a franchisee of Coca-Cola, and about 15 companies are expected to deploy this software in the first year of launch. (Business Standard)

Biotech Firm Cellworks Raises Around Rs 51 Crore from California Based PE Fund - Bangalore based biotech firm Cellworks Group Inc has recently raised about $8-10 million (Rs 41.44-51.80 crore) from an undisclosed California based private equity (PE) fund. The name of the PE fund will be announced in a few weeks. The biotechnology start up also has an office in California. (


Leave Your Comment(s)