News Roundup: Way2Wealth Nears Second Acquisition


  • 17 Oct 2011

Way2Wealth Nears Second Acquisition - Way2Wealth is understood to be closing in on its second major acquisition, which is expected to cost around Rs 75 crore. It was only 10 months ago that the city-based wealth management and stock broking firm acquired Techno Shares & Stocks —for close to Rs 50 crore. That deal enabled it to scale up the network strength to around 600 locations. Way2Wealth is also understood to be in advanced stages of discussions to acquire an investment bank. For this, it is expected to shell out around Rs 200-300 crore. (Business Standard)

NIIT Sells Element K To Skillsoft - IT training company NIIT on Sunday said it had sold its US-based subsidiary, Element K Corporation, to SkillSoft Corporation for $110 million in an all-cash deal. NIIT had acquired the 700 employee strong Element K for $35 million in 2006. The company has also entered into a long-term services and licensing agreements with SkillSoft to work together for producing new content for SkillSoft’s e-learning content collections for Business, IT and Desktop skills. (Business Standard)

Dewan Housing To Raise Rs 1,000Cr -  Dewan Housing Finance Corporation Ltd plans to raise about Rs 1,000 crore before end-2011 or in the fourth quarter of this fiscal. It is looking to raise capital of Rs 750 crore to Rs 1,000 crore before this year end or the fourth quarter of this fiscal. The company acquired Deutsche Postbank Home Finance for Rs 1,079 crore in March this year. (Business Line)


Trent To Raise Rs 300Cr -  Tata Group retail firm Trent plans to raise up to Rs 300 crore through the issue of securities, which could include equity, to fund future expansion plans. In a filing to the Bombay Stock Exchange, the company said it has sought shareholder’s approval through a postal ballot to raise the funds. The firm said that it has been pursuing various growth opportunities, in line with its objective of becoming a leading organised retail company in India. (Business Line)

International Tractors To Sell 10% Stake - Punjab-based International Tractors Ltd (ITL), the manufacturer of the Sonalika brand, is in talks to sell a 10 per cent stake to private equity players for around Rs 450 crore. The funds will be used to fuel production capacity and acquire an overseas company. The tractor-maker, one of the top three domestic players, is close to acquiring a tractor firm in Europe for Rs 200 crore. ITL is a part of the Rs 5,000 crore Sonalika Group. It manufacturers a wide range of tractors in the 20-HP to 90-HP segment. (Business Line)

Saint Gobain Under CCI Scanner - India's competition watchdog has launched a full-fledged investigation against French glassmaker Saint Gobain after a preliminary review found that the company's Indian unit deliberately lowered prices of its products to drive out competition. Limit pricing, a monopolist practice in which an incumbent firm deliberately cuts the price of its products to discourage other potential entrants, is considered anti-competitive in India and could attract penal action under anti-trust laws.But Chennai-based Saint Gobain Glass said the charge was baseless. (Economic Times)


AEG, Electrotherm Terminate JV - Amsterdam-based AEG Power Solutions and power systems maker Electrotherm have decided to terminate their agreement to combine their solar businesses in India, citing poor demand. The two companies, which parted ways a few months ago, had said that they planned to set up 100 mw capacity in three years. Their first installation of 15mw was due to come up by December 2010 and another 30mw at beginning of this year in Gujarat and Rajasthan. (Economic Times)

Share article on