Wockhardt May Sell Marketing Division – Mumbai-based pharma company Wockhardt has put another business on the block. The firms marketing division of pharmaceutical formulations, Merind, with a price tag of nearly Rs 800 crore. The top line and EBIDTA of Merind could be Rs 300-350 crore and Rs 60-70 crore. (Economic Times)
Essar Steel Gets New CEO – Essar Group has announced the appointment of Malay Mukherjee as CEO of its steel business, effective October 15. Mukherjee will take charge from current CEO J Mehra, who will assume a new role as director, Essar Group. Mukherjee recently resigned as director from the board of global steel giant ArcelorMittal. (ET)
Bhushan Acquires Australian Firm – Bhushan Steel (Australia), a unit of of Delhi-based Bhushan Steel group, has acquired a 60% stake in Australian exploration company, Bowen Energy. The Australian firm has 2,400 sq km of prime exploration ground in the heart of the Bowen basin, close to major mines operated by BHP, Rio Tinto, Xstrata and Anglo Coal. (Business Standard)
Ackruti City Raises Rs 300 Cr – Mumbai based real estate developer Ackruti City has raised Rs 300 crore through qualified institutional placement (QIP). The company will deploy the amount to retire debt and further its expansion programme. It has diluted around 10% stake in the company through the placement. (ET)
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