Wipro To Buy Target India Unit For $60 Million - Country's third-largest software exporter Wipro is close to a deal to acquire Target Technology Services India, is a wholly owned subsidiary of US-based Target Corporation, for $60 million (around Rs 275 crore). Wipro has finished the due diligence exercise and the deal likely to be announced this week. Target is expected to give a long-term contract of assured business for the next 5 years whose value will be at $500 million. TCS and Infosys were also in the fray. (Deccan Herald)
Dalmia Cement In Talks With PEs To Raise Rs 1,200 Cr - Dalmia Cement (Bharat) is looking to raise Rs 1,200 crore and has started talks with private equity players. Dalmia Cement is planing to double capacity in four years and will sell shares in its wholly-owned subsidiary Dalmia Cement Ventures, the investment vehicle for new capacity addition. This entity could be listed in the next five years in order to provide an exit route to PEs. (Economic Times)
Shinsei, Jhunjhunwala To Sell MF Biz - Japan’s Shinsei Bank and investor Rakesh Jhunjhunwala are selling out their Indian mutual fund JV to Daiwa for about $10 million. Daiwa has raised funds for Indian mutual funds from Japanese investors in the past is currently on expansion spree. It has hired bankers to start business in capital markets, private equity and M&A. (ET)
DT Cimemas, DLF Deal Stuck - The acquisition of DLF-owned DT Cinemas by PVR Ltd is stuck over valuation differences between the two firms. PVR has not issued shares on preferential basis to DLF on due date as part of the consideration in the Rs 60 crore deal. Shares of PVR are now trading 20% higher since the deal was signed, increasing its acquisition cost. PVR recently said that preferential allotment of shares to DT Cinemas has been deferred for certain pending compliances with regards to handover of properties to the company. (ET)
Dorf Ketal Eyes $75 Mn Acquisition - Mumbai's Dorf Ketal Chemicals is in talks with a US-based innovative products specialty company for a deal of upto $75 million (Rs 340 crore). Dorf Ketal recently acquired the global speciality catalysts business of DuPont Chemicals and Fluroproducts. Dorf Ketal is a global player in process chemicals and additives for refineries, petrochemicals, fuels, plastics, lubricants and oilfield industries with a turnover of Rs 1,100 crore. (Business Standard)
Aditya Birla Capital Raises Rs 675 Cr Fund - Aditya Birla Capital Advisors has raised Rs 675 crore from domestic investors for its first India-centric private equity fund. The fund will invest in companies engaged in the education, healthcare, consumer-related business and infrastructure sectors. Aditya Birla Group contributed 20% of the corpus. (ET)
Avendus To Enter Wealth Management Biz - Avendus Capital has poached Nikhil Kapadia, the Deutsche Bank MD & CEO for onshore private wealth management in Asia, to set up its wealth management business. He will be joining the Mumbai-based investment bank as a partner with a stake in the business. Kapadia's departure comes after Deutsche's head of South Asia wealth management Vinay Gandhi quit the bank late last year to join JP Morgan. (ET)
INOX To Buy Fame India - Theatre chain INOX Leisure is close to buying out the promoters’ 44% stake in Fame India. The company has been valued at Rs 101 crore, much lower than its market capitalisation of Rs 134 crore as Fame has around Rs 80 crore debt. With this deal, INOX would replace PVR’s second position in the multiplex space. Anil Ambani’s BIG Cinemas leads the pack of multiplexes with 242, followed by PVR Cinemas with 134 screens. (BS)
Tantia Constructions To Sell 10% Stake - Tantia Constructions, which is involved in civil and core infrastructure development, is looking at dilute 10% stake to raise money for upcoming projects. The company is considering fund raising through secondary market transactions and could offload stake to FIIs and private equity players. (BS)
ABG To Sell Great Offshore Stake To PEs - Private shipbuilding major ABG Shipyard is in talks with global private equity (PE) players to sell its 15.23% stake in Great Offshore Ltd in a transaction to be sealed within six months. ABG through Eleventh Land Developers acquired 5.7 million shares of Great Offshore through an open offer. Great Offshore was the target of a six-month-long takeover battle, with shipbuilders ABG Shipyard and Bharati Shipyard slugging it out for its acquisition. Late last year, ABG exited the race after rival Bharati raised its open offer price to Rs 590 per share. (BS)
DLF To Exit MF Venture - Realty major DLF has decided to exit from its mutual fund venture by selling its entire stake to the overseas partner Prudential Financial. US-based Prudential Financial (PFI) is expected to buy DLF's entire 39% stake in DLF Pramerica Mutual Fund which is yet to start operations. (ET)
Stemcor To Up Stake in Sathavahana Ispat - UK's steel trading major Stemcor is planning to increase its stake in Sathavahana Ispat from 14.7% to at least 20% stake. The move by the $11-billion Stemcor would automatically trigger a 20% open offer under SEBI's takeover norms. In 2008, Sathavahana Ispat sold a 14.69% stake to Stemcor Holdings to raise funds for expansion and to meet its raw material needs. (ET)
