United Phosphorus Looks To Buy Stake In Israeli Co For $1 Billion – Pesticide manufacturer United Phosphorus Ltd (UPL) is in negotiations with Israel-based Makhteshim Agan Industries (MAI) for a 39% stake buy for about $1.1 billion. The acquisition will make UPL the world’s largest generics agro-chemical company. (BS)
JSW Steel Defers IPO Of Power Unit – JSW Steel said that it has deferred the initial public offering for its power unit till the market condition improves and there is some certainty. The company had announced in July that it plans to hit the capital market to raise about Rs 1,000 crore for its expansion plans. (ET)
PE Fund Eredene Mulls Second Infrastructure Fund – UK-based PE Fund Eredene Capital plans to come up with its second fund of $300-400 million to be invested in Indian infrastructure projects. The fund is going to be raised next year and its focus will be to invest in logistics infrastructure at ports, warehouses, container freight stations, distribution, real estate and allied services. Already there are 12 projects in pipeline to be invested in from this fund. (DNA)
Mineral Enterprises Hikes Stake In Lincoln – Bangalore based Mineral Enterprises (MEL), which is into mining of iron ore has bought a stake of 5.17% through its wholly owned Australian subsidiary, in Australian company Lincoln Minerals which has doubled its stake in the latter to 10.17%.
Pritish Nandy Promoters Increase Stake – Pritish Nandy Communications said that its promoter group company, Artinvest India, has bought 1.88 lakh shares from open market and has increased its stake to 2.69%. As a result, the promoters’ stake in the company has increased to 34.45%. (ET)
Sasken To Complete Share Buy-Back On Nov 3 – Sasken Communication Technologies in a filing to BSEhas said that it intends to complete the buy back of equity shares by November 03, 2008. The buy-back had started on Sep15, 2008. (Business Standard)
Gati Coast To Coast Acquires M.V Gati Majestic – Gati, an express cargo delivery and distribution and SCM (Supply Chain Management) solutions provider, has announced the launch of Gati Majestic 10736 DWT Containerized vessel which has a carrying capacity of 844 Teu’s having an acquisition price of $ 17 million. They expect the new vessel to be operational by mid – Oct and it would be running between Chennai, Portblair & Yangon and connecting Ranong, Penang and Chittagong using Portblair as Transhipment Hub. (Moneycontrol)
PNB Scouting To Buy A Bank In Kazakistan – Punjab National Bank is looking to buy a bank with capital size of $20-25 million in Kazakistan and is holding negotiations. It is also looking at possibility of a subsidiary in Canada. (DNA)