Tata Sons Pledges Stake – Tata Group’s holding arm Tata Sons has pledged shares in Tata Steel, Tata Power and Tata Teleservices (TTML) to raise funds for acquisitions and capital expenditure. It has pledged nearly 50% stake in TTML, 14.6% in Tata power and 13.53% in Tata Steel, according to a filing made by the company. (Business Standard)
USL Open To Sell 49% in Whyte & Mackay – Vijay Mallya’s United Spirits (USL) is open to sell up to 49% stake in Whyte & Mackay (W&M), the Scotland-based whisky firm which it acquired in May 2007 for Rs 4,800 crore. This comes at a time when USL is in talks with world’s largest spirits maker Diageo to sell a stake. USL is raising funds for deleveraging debt-heavy balance sheet. (BS)
Bajaj Auto To Uo KTM Stake – Two-wheeler major Bajaj Auto has increased its stake in Europe’s second-largest power sports bike manufacturer KTM Power Sport. Bajaj is making most of the low valuations and hiking its stake in KTM from 25% to 30%. Bajaj will buy the shares through fresh issue and will pay Rs 100 crore for the stake hike. The process is expected to be completed in 6-8 weeks. (Economic Times)
Mahindra Systech In Talks For Australian Buy – Mahindra Systech, the auto components and design engineering arm of Mahindra and Mahindra Ltd (M&M), is in talks to acquire an Australian aircraft components maker. The company is also in talks with another Australian firm for a joint venture to build eight- and 14-seater planes. (Mint)
India Value Fund To Raise $800 Mn – India’s buyout major India Value Fund Advisors is planning to close its fourth fund at $800 million. The firm plans to close the fund by March this year. The funds limited partners are from Asia, the US and Europe and most of them are returning investors. The fund is looking at sectors like microfinance, healthcare, etc. Its portfolio companies include Meru Cabs, Radio City, HDFC Bank and Mahindra Castings. (ET)
Obama Pushes Stimulus Plan – Newly elected US President Barack Obama has cleared a key hurdle in the final passage of the $829 billion economic recovery package in the Senate. Obama passed the package with help of three Republican senators. (Times of India)
Infotech Enterprises To Acquire Two Firms – Hyderabad-based Infotech Enterprises is plannning to acquire two aerospace companies for $30-50 million. Aerospace is the key functional area for Infotech and contributes to 70% to its total revenues. The General Atlantic backed company plans to expand in the aerospace sector by getting into the complete product life cycle management and transformation. (ET)
Wipro Looking For Buys in Europe – India’s top-tier software services exporter Wipro is looking for acquisitions in Europe. The company is looikng to acquire software or services companies with a revenue of at least $100 million. Wipro has cash reserves of $500 million and plans to generate 40% of its revenue in Europe within three years. (ET)
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