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News Roundup: United Technologies May Buy Firepro For $200M

30 August, 2011

United Technologies May Buy FirePro For $200M – United Technologies, the US-based $54 billion diversified aerospace and building systems provider, is likely to acquire Bangalore-based Firepro Systems for around $200 million. FirePro Systems, with a topline of Rs 700 crore is among the established players in India offering integrated solutions for fire protection, security and building management systems.Firepro is likely to be acquired by the UTC Fire & Security, a $6.5 billion arm of United Technologies. UTC Fire & Security helps commercial, industrial and residential customers manage fire and security challenges. (Business Standard)

Moksha Yug Gets Vinod Khosla Backing – MYA, short for MokshaYug Access, is raising Rs 25 crore in new round from a global pool of wealthy individuals, including Vindo Khosla and existing investor Unitus Equity Fund. MYA  is building a network of collection centres for fresh milk across south Karnataka, drawing in 88,000 litres a day from small dairy farmers who each pool in an average of 4 litres. Founded in 2006, MYA has raised Rs 12 crore in two previous rounds, apart from debt funding of over Rs 3 crore. (Economic Times)

Insecticides India Eyes PE Funding – Insecticides India (IIL) is in talks with private equity (PE) investors and qualified institutional buyers (QIBs) to raise capital to fund expansion. The company, which is expecting a 38% rise in turnover to Rs 650 crore in this financial year, is aiming to nearly double revenue over the next two years. At present, promoters hold 75% in IIL, and with the issue of fresh shares by the company, their stakeholding will also drop by a single digit. (Financial Express)

IDFC In Talks For DLF’s IT Park – Infrastructure Development Finance Company (IDFC) today said it was in talks to buy the entire stake of the country’s largest real estate player DLF in an IT park in Noida in Uttar Pradesh. “IDFC is in talks with DLF for a business proposal,” the financial company said in a filing to the Bombay Stock Exchange (BSE) in response to a report that stated it is in talks with the realty major to buy its entire 70% stake in a IT park in Noida. (Business Standard)

Soota’s Happiest Minds Kickstarts With 12 Member Team – Ashok Soota, co-founder and former chairman of information technology (IT) services company MindTree, today announced the founding team of his new venture, Happiest Minds. The 12-member team includes seven senior executives of MindTree, including Soota himself, three from Wipro and one from Infosys. Soota said the firm would require an initial investment of about Rs 200 crore and is in talks with two venture capital firms for raising funds. (Business Standard)

PE-backed Nova Forms JV – Bangalore-based Nova Medical Centers has announced its expansion into West Asia. For the expansion, Nova and the Omzest Group have created a 51:49 partnership venture. Through this partnership, Nova and Omzest will set up ambulatory surgery centres in Dubai, Muscat, Abu Dhabi and Riyadh. Additionally, Omzest will invest in Nova’s Indian operations and acquire a 10 per cent equity stake. (Business Line)

Ravi Pillai Eyes Petrochemical Firms – Leading Saudi Arabia-based serial entrepreneur Dr Ravi Pillai, who acquired the Leela, Kovalam property for Rs 500 crore in recent times, is now eyeing the petrochemicals sector to make his presence felt in the industrial landscape. Dr Pillai is the founder Managing Director of Nasser S. Al Hajri Corporation (NSH), which is one of the largest construction contractors in the entire West Asia. Pillai has been approached by a ‘petrochemical giant’ in India for joint initiatives in the domestic petrochemical sector. (Business Line)

Shree Ganesh Acquires NBFC For Gold Loan Biz – Shree Ganesh Jewellery House Ltd (SGJHL) has acquired a Kolkata-based non-banking financial services company (NBFC), at an undisclosed price, for foraying into the gold loan business. SGJHL previously sought the Reserve Bank of India’s approval for setting up NBFC outfit. The acquired company has an existing portfolio of gold loans. (Business Line)


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News Roundup: United Technologies May Buy Firepro For $200M

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