Temptation Foods Mulls To Mop Up $200 Mn

Temptation Foods (TFL) is looking at mobilizing $200 million by March 2008 to fund its acquisition spree and expansion. The a leading frozen food exporting company is looking at the top slot in the segment, TFL is likely to deploy these funds for acquisitions of brands and on expanding in the domestic market. The company had in 2007 raised through a Qualified Institutional Placement (QIP) $30 million, which was part utilised for acquiring Everfresh, the food processing unit of Chambal Fertilisers and Chemicals (CFCL) and recently a marine export business in South for undisclosed sum. With the acquisition of the southern firm, TFL could add Rs 350-400 crore in revenues through marine exports alone in a full year of operation, said the source. TFL is also in close talks with a couple of companies in the frozen food sector for acquisition.

UBI To Partner With KBC Group For MF Business

Union Bank of India (UBI), has chosen Belgium-based KBC group to partner it in its mutual funds business. UBI will appoint a consultant for its asset management business by 7 January, for which it is currently in talks with three players -- Ernst & Young, DSP Merrill Lynch and KPMG, said the source.

The state-owned bank will have a 51-per cent stake in the joint venture and the venture is expected to get functional in the next 6-7 months. Last week, the public sector bank had said that it has zeroed in on two companies, BBVA of Spain and KBC, which were put through a rigorous screening process before the final selection. KBC group was formed in 2005 following the merger of KBC Bank and Insurance Holding Company with its parent firm, Almanij.

FII Activity on 28-12-2007

The FIIs stood as net buyers both in equity as well as in debt. The gross equity purchased was Rs6,774.30 Crore and the gross debt purchased was Rs300.40 Crore while the gross equity sold stood at Rs5,830.30 Crore and gross debt sold stood at Rs12 Crore. Therefore, the net investment of equity reported was Rs944 Crore and net debt was Rs288.40Crore.

Bharti Airtel - Leading International Investors Pick Stake Worth USD 1 Billion in Bharti Infratel

Bharti Airtel Ltd has announced that the Bharti Infratel, a wholly owned subsidiary of the Company, on December 28, 2007 announced that leading International investors have agreed to invest USD One Billion in Bharti Infratel. The International investors are Temasek Holdings, The Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup & India Equity Partners (IEP), with Temasek Holdings being the largest investor.

The enterprise valuation has been agreed to be in the range of USD 10 to 12.5 Billion, and the final valuation, within this range, will be determined on the basis of Bharti Infratels actual operating performance in FY 2008-09. This placement highlights the confidence of leading global investors in the Indian telecom sector, which is now the fastest growing telecom market in the world and the Bharti Group. It is also an endorsement of the Governments visionary policy on sharing of passive infrastructure.

Bharti Infratel owns close to 20,000 sites and holds approximately 42% stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites. Bharti Infratel and Indus Towers will provide passive infrastructure services to all wireless telecom operators in India on a non-discriminatory basis. Sharing of passive infrastructure results in capex and opex savings and higher capital efficiency for all wireless operators, enabling quicker roll out of services especially in rural areas, thus benefiting millions of people across India.

FII Activity on 27-12-2007

The FIIs stood as net buyers in equity while no transaction was reported in debt. The gross equity purchased was Rs4,727.30 Crore while the gross equity sold stood at Rs2,306.80 Crore. Therefore, the net investment of equity reported was Rs2,420.50 Crore.

R Systems To Acquire Sento Europe

R Systems International Ltd has informed that the Board of Directors of the Company at its meeting held on December 27, 2007, has approved the acquisition of Sento Europe B.V., a Netherlands corporation and Sento S.A.S., a French corporation (collectively known as Sento Europe) from Sento Corporation, USA. The transaction is subject to contracts and corporate and regulatory approvals and it is anticipated that the transaction will be completed before January 15, 2008.

In this regard the Company has issued the following Press Release:

R Systems International Ltd. (NSE: RSYSTEMS) one of the leading providers of outsourced product development, and technical and customer support services, on December 27, 2007 announced that its board approved the acquisition of Sento Europe B.V., a Netherlands corporation and Sento S.A.S., a French corporation (collectively known as Sento Europe) from Sento Corporation, USA. The transaction is subject to Sento board approval, execution of definitive agreements and corporate and regulatory approvals and it is anticipated that the acquisition will be completed before January 15, 2008.

Sento Europe with operations in Enschede, Netherlands and Metz, France provides a wide range of integrated technical support and customer care services through multiple channels in 16 European languages. Sento Europe primarily focuses on the technology sector and amongst its clients are the worlds leading consumer electronic companies. Sento Europe achieved revenues of approximately USD 14.85 million during the year ended March 2007.

Time Technoplast - Acquisition Of Bahrain Based Battery Manufacturing Company

Time Technoplast Ltd has announces acquisition of 100% shareholding in Gulf Powerbeat WLL (GPW), Kingdom of Bahrain - through its subsidiary (71%) NED Energy Ltd (NED), Hyderabad. GPW has state-of-art production facility at South Alba Industrial Area, Manama, Bahrain for manufacture of high quality Long Life batteries. It is currently owned by a reputed business family of UAE who offered to disinvest in battery business to remain focused on their large size projects in the area of finance and real estate, etc.

The Company has entered into the battery business early this year through acquisition of NED Energy Ltd - Hyderabad based Company, manufacturing Valve Regulated Lead Acid (VRLA) batteries mainly for high growth telecom sector. NED has successively increased its capacity in FY 07 and FY 08 (present day capacity 100 mn AH) and is completely sold out on its present capacity.

To meet the huge demand of its products and to further bring new products for the fast growing automotive sector, NED is tripling its present capacity from 100 mn AH to 300 mn AH through project expansion at Jammu (J&K) which is expected to come on stream by Q2 FY09. This acquisition of GPW shall provide NED ready to use capacity which could be integrated fully with NEDs operation in next 3 months.

GPW, Bahrain has installed capacity for telecom / automotive batteries of up to 150 mn AM with surplus capacity to produce vital battery components (grids and Lead plates) of additional 250 mn AH. NED plans to tap GCC market for automotive batteries and bring additional components into India to augment the capacity of its Hyderabad plant from 100 mn AM to 200 mn AM in the first phase.

VSNL offloads 10-pc stake in Lankan arm

The Tata Group promoted VSNL, which was recently renamed Tata Communications, has offloaded a 10% equity stake in its Sri Lankan subsidiary, VSNL Lanka to Sri Lanka-based Sunshine Holding for around 75 million Sri Lankan Rupees. Sunshine Holdings also has interests in pharmaceuticals, travel & tourism, tea & rubber cultivation and managing portfolio investments, apart from telecom sector in Sri Lanka.

Prior to the stake sale, VSNL Lanka was a wholly-owned subsidiary of the Mumbai-based telecom major, offering international voice and data services in the country through an External Gateway Operator''s licence which the company obtained in February 2004. Following the purchase, Sunshine Holdings now has the option to acquire an additional 5% of VSNL Lanka''s share capital in the next 12 months at fair market value.

FII Activity on 26-12-2007

The FIIs stood as net buyers in equity while it was net sellers in debt. The gross equity purchased was Rs3,498.50 Crore and the gross debt purchased was Rs196.80 Crore while the gross equity sold stood at Rs3331.10 Crore and gross debt sold stood at 199.30 Crore. Therefore, the net investment of equity reported was Rs167.40 Crore and net debt was (Rs2.50Crore).

SP Apparels Acquires Spinning Mill

S. P. Apparels Ltd (SPAL), a Coimbatore-based fully integrated garment exporter and retailer, has acquired Sri Balaji Bakiam Spinning Mill having 12,672 spindles capacity at Vazhapady near Salem. The newly acquired unit, which would become a 100 per cent subsidiary of SPAL, will result in the addition of Rs 11 crore to the company’s topline, an increase of 4 per cent.

Gujarat NRE Acquires Australian Mine From Billiton

Gujarat NRE Coke has completed the acquisition of Elouera mine from BHP Billiton, a part of the Illawarra Coal Business located in New South Wales, Australia. The acquisition was made by Gujarat NRE Resources NL (Gujarat), the Australian subsidiary of Gujarat NRE Coke Group. Completion of the sale follows the transfer of coal lease and associated licences, including the mine, along with associated land holding and the responsibility for rehabilitation and closure of the mine.

Orient To Put In Rs 555cr In India Infoline

Mumbai: Orient Global, Singapore-based investment group, has decided to buy 6.48% stake in domestic brokerage firm India Infoline for Rs 555 crore. Orient Global proposes to invest Rs 555 crore for acquiring 3.7 million shares in India Infoline representing 6.48% of the current equity capital, India Infoline said in a filing with the Bombay Stock Exchange today. Orient Global would also invest $50 million for 10% stake in India Infoline''s insurance subsidiary India Infoline Marketing Service (IIMSL). IIMSL does its business through two subsidiaries, India Infoline Insurance Services and India Infoline Insurance Brokers. Orient Global had invested $76.7 million (around Rs 300 crore) in November for a 22.5% stake in India Infoline''s consumer finance subsidiary India Infoline Investment Services. An extra ordinary general meeting of the shareholders would be held on January 18 to clear the issue.

Mascon Promoter In Talks To Acquire ICICI''s 5% Stake

New Delhi: Mascon Global Ltd''s Promoter and Chairman is in talks with ICICI Bank to acquire the latter''s existing five per cent stake in the company. The move comes on the heels of Mascon announcing a private placement to Greater Pacific Capital (GPC), for about 7-8 per cent stake through a combination of shares and warrants for a total consideration of about $15 million.

GPC hopes to pick up another up to 7 per cent stake from the market, taking its intended holding in the company to about 14.99 per cent. At present, Mascon''s Chairman and CEO, Mr Sandy K. Chandra, is reportedly in talks to acquire ICICI''s five per cent stake in the company for about $7.5 million. Mr Chandra, whose current shareholding in the company is estimated at 10-12 per cent, has the Right of First Refusal (RoFR) over ICICI''s stake; and exercising this option would allow him to shore up his holding in the company. ICICI, on the other hand, may look at converting debt of Rs 22 crore into equity. The company has also recently announced a $50-million Foreign Currency Convertible Bonds (FCCB) issue, the proceeds of which would be utilised for acquisitions in the financial services, manufacturing and healthcare domains.

FII Activity on 24-12-2007

The FIIs stood as the net seller in equity while net buyer in debt. The gross equity purchased was Rs2,561.20 Crore and the gross debt purchased was Rs27 Crore while the gross equity sold stood at Rs3,077 Crore. Therefore, the net investment of equity reported was (Rs515.80 Crore) and net debt was Rs27Crore.

Panoramic Universal''s Travel Foray Goes International With Acquisition Of Future Travels, USA

Panoramic Universal Ltd has informed that Consolidating its foray in the international travel and tourism business, the Company has now acquired the business of Future Travels - a travel agency based in the heart of New York City. This acquisition marks its diversification in US business where it already owns five hotels with 900 rooms under operation.

Future Travels is the number 1 consolidator with Air India and Kuwait Airways and has a large business with other airlines such as Delta, Air France, Lufthansa, British Airways, American Airlines etc. The gross sales are over $10.00 Mn per year achieved through its client base of 600 big and small businesses and over 15,000 satisfied customers including NRIs. It is a prime travel agency in New York with operations dating back to over 30 years.

Future Travels also specializes in arranging worldwide tours for Asian Ethnic groups based in USA and other countries. The tours are customized to the needs of the groups for destinations like Spain, Portugal, Morocco, China, Japan, Australia, New Zealand, Europe and South America. The tours are known for their exceptional cuisine. For Indian groups, the tours have an in house Indian Chef to prepare delicious Indian Cuisine. The agency arranges summer tours to Alaska including Canadian Rockies and Denali National Park. Tours to India include Manas Sarovar, Kailas, Rajasthan, Kerala and other tourist attractions. It also conducts educational packages and honeymoon tours.

The Company had recently acquired a controlling stake in an Indian travel agency Hi-Flyers Travel Services Pvt Ltd. a travel agency catering to premium corporate and HNI clients like Sharekhan, Akruti Foundation, SSKI, Jam Irrigation, Supreme Industries, Boroughs India and several others.

LT Overseas Buys US Rice Firm Kusha

LT Overseas, which owns the ''Daawat'' brand of basmati rice, has acquired the US-based Kusha Inc lock, stock and barrel. The acquisition was made through LTO NA, a wholly-owned US subsidiary of LT Overseas. The rice industry in the US is currently worth around $80 million and is growing 20% year-on-year. Kusha Inc, promoted by Sam Nayyer, is an established brand in Southern California with a revenue of around $40 million. It imports premium quality basmati rice from several countries in the Asian market including India. Following the $20-million acquisition, the Daawat group''s share in the US retail market will increase from 7% to about 51%, making it the largest basmati rice retailer in that country. LT Overseas, which posted revenues of Rs 485 crore in 2006-07, is one of the top three volume players in the domestic basmati rice market engaged in the business of milling, processing and marketing branded and non-branded basmati rice. The company also deals in research and development of rice and rice-food products. In the international market, its products are sold in more than 35 countries including the US, the UK, Canada and the European Union.

FII Activity on 20-12-2007

The FIIs stood as the net seller in equity while net buyer in debt. The gross equity purchased was Rs2,585 Crore and the gross debt purchased was Rs6.50 Crore while the gross equity sold stood at Rs3,677.50 Crore and gross debt sold stood at Rs5.80Crore. Therefore, the net investment of equity reported was (Rs2,1,092.50 Crore) and net debt was Rs0.70Crore.

India Infoline - Orient Global Invests Rs 750 crores (approximately USD 191 million) in the Company

India Infoline Ltd, on December 24, 2007 announced the proposed equity investment in the Company of Rs 555 crores (approximately US 191 million) by Orient Global, the Singapore - based investment group on a preferential basis, subject to shareholder and other approvals, if any. Orient Global will acquire 32 million shares in India Infoline Ltd representing 6.48% of the current equity capital.

The Company has been witnessing robust growth in its retail and institutional equities businesses. The capital provided by Orient Global provides resources for the Companys continued development.

The board of the Company also noted a further proposed investment by Orient Global of USD 50 million (Rs 197 crores) for a 1O% stake (post-money, fully diluted) in India Infolines insurance subsidiary, India Infoline Marketing Service Ltd (IIMSL).

IIMSL does its business through its two subsidiaries, India Infoline Insurance Services Ltd and India Infoline Insurance Brokers Ltd. The capital provided by Orient Global will be used to expand the Companys branch network, establish call centres, invest in new technology and set up training facilities and general corporate purposes.

In November of this year, Orient Global invested USD 76.7 million (approximately Rs 300 crores) for a 22.5% stake in India Infoline Ltds consumer finance subsidiary, India Infoline Investment Services Ltd.

Speaking on the occasion, Mr. Nirmal Jain, Chairman & Managing Director of the Company said India Infoline is delighted to strengthen its relationship with Orient Global. As the financial services sector in India continues its extraordinary growth path, India Infoline has emerged as a dominant player in the broking and insurance distribution space. The capital provided by Orient Global will help us further grow these businesses.

Nagarjuna Construction Secures Order From Govt Of Oman

Nagarjuna Construction Company Ltd has informed that the Company has recently bagged a major order from the Govt of Oman for the prestigious Wadi Adai Al Amerat Road project. The Project cost is estimated to be around Omani Riyals 56.549 million (Rs 570 Crores). The proposed 7.5 km road is to be completed in 18 months. The project among others involves the construction of six new bridges of varying lengths, nine box culverts and one single lane bridge.

JCT Signs MOU With Dakshidin Corporation To Produce Water Pumping & Power Generation Wind Mills

JCT Ltd has informed that Dakshidin Corporation producers of the worlds most powerful water pumping windmill, and the Company jointly announce that they have signed a memorandum of understanding for distribution and manufacturing capabilities of Dakshidins RESTEC windmills in India.

The Company has a strong position and efficient distribution within India and abroad. In addition to the distribution of Restecs windmills, the project aims to eventually manufacture the products as well. JCT Ltd is committed to helping solve Indias water crisis, stated Samir Thapar, Vice-Chairman and Managing Director of the Company.

Rcom Acquires US Data Services Firm

Reliance Communications on Dec 20 said it has acquired the US-based data communications services company Yipes for $300 million to amplify its presence in the $100-billion global market for this industry. The Federal Communications Commission (FCC), the regulator for the industry in the US, has given its nod to the acquisition by Flag Telecom, which is a part of the Reliance-Anil Dhirubhai Ambani Group, the company said in a statement. FCC approval is an important step for Reliance Communications to accelerate its plans to expand Yipes coverage in US domestic market, said Punit Garg, chief executive of Flag and president of Reliance Communications.

This step also paves the way to extend Yipes'' services worldwide over Flag''s global next-generation network, creating significantly more value from our undersea network in the strongholds of India, the Middle East and East Asia.According to Flag, the global enterprise and institutional data services market is estimated at $100 billion, while the Ethernet services market is projected to become a $30.7-billion market by 2012. Yipes customers will enjoy broader coverage, access to more international markets and more rollout over new innovative services, the company said.

Trinidadians Should Invest In India

India is one of the most investor friendly destinations and Trinidadian businesses should invest more in India, the Indian High Commissioner said.

At an interactive business luncheon Wednesday, Jagit Singh Sapra said that India remains an investor friendly destination.

"India was an investor friendly destination for investments and sure way to watch your money grow," he told a large gathering of Trinidad and Tobago investors.

The high commissioner also said that India would like to be a partner in the development of Trinidad and Tobago, be it in the field of investment, trade, art or culture.

Sapra identified many areas for investment including auto industry, biotechnology, infrastructure projects, information technology and pharmaceuticals.

"We are happy to see Trinidad and Tobago's emergence as the most industrialised country in the Caribbean region. With an impressive growth rate, the country has continuously strived to improve the investment climate and at the same time, diversified the business and economy in the context of globalisation," Sapra added.

He pointed out that the presence of Indian companies in the country like Mittal Steel, the Essar Group, New India Assurance and the Bank of Baroda was an example of the good relations between the two countries.

Trinidad and Tobago has a large Indian community, mainly descendants of indentured Indian labourers who came to work in the sugar plantations over a hundred years ago. There are around 520,000 Indo-Trinidadians in a population of a million.

Infosys Eyes At Acquisitions Overseas

Infosys, the country''s second-largest software and services firm, is looking at buyout aims in Japan, Australia, Europe and the US. The preferred merger and acquisition (M&A) size will be between $300-500 million, said Kris Gopalakrishnan, CEO of Infosys. The top management says the company will look M&As in consultancy, products, package implementation and BPO. They are looking at a number of deals in the range of $300-500 million outside India. Infosys is carefully choosing its target companies from the strategic point of view besides ability to retain employees. Infosys is clearly high on an oriental play as only 3 per cent of its revenues comes from Japan, which it wants to significantly ramp up.

IFCI Scraps Stake Sale To Sterlite-Morgan

New Delhi: In a dramatic development, the board of directors of IFCI on Dec 19 unanimously decided to cancel the process of inducting a strategic investor to whom a 26 per cent stake in the country''s oldest financial institution was to be offered via fresh issue of equity shares. Sterlite Industries-Morgan Stanley combine was the front-runner for the stake as it offered the highest price among the three consortia that submitted the financial bids last week. The deal was, however, canceled on Dec 19, in the wake of conditional offer made in the financial bid by the Sterlite-Morgan Stanley consortium, which was not acceptable to the members of the board, sources in IFCI said. Sources said that the Sterlite-Morgan Stanley consortium was not looking for management control, but they were certainly looking for some more representation on the board.

The consortium noticed that it was coming into IFCI as a strategic partner and not as a financial investor. Therefore, the representatives wanted to know how they could control the destiny of IFCI via their stake. At the time of invitation of expression of interest (EoI) in August this year for the stake sale, Mr Atul Rai, Chief Executive of IFCI, had said that IFCI was eyeing for a strategic investor who would help it remain relevant and viable. The RBI has now categorised IFCI as a systemically important non-deposit taking NBFC. IFCI sources maintained that an intricate matrix of issues including management control led to the deal being canceled on Dec 19.

ICICI Venture Likely To Offload Stake In Dr. Reddy''s Unit

Citigroup ICICI Venture Funds Management Co. and Venture Capital International Ltd may offload their stakes in the research unit of Dr. Reddy''s Laboratories Ltd. The holdings in Perlecan Pharma Pvt. will be sold for $26 million, on concern over the commercial viability of Perlecan''s experimental drugs. It did not disclose the holdings the two companies have in Perlecan. Dr. Reddy''s said it does not comment on market speculation, the newspaper reported.

FII Activity on 19-12-2007

The FIIs on Wednesday stood as the net seller both in equity and debt. The gross equity purchased was Rs3,446.50 Crore and the gross debt purchased was Rs2Crore while the gross equity sold stood at Rs5,896.30 Crore and gross debt sold stood at Rs262.70Crore. Therefore, the net investment of equity reported was (Rs2,449.80 Crore) and net debt was (Rs260.70Crore).

L&T bags Rs 287 crore Elevated Access Road Contract to Mumbai International Airport

Larsen & Toubro Ltd (L&T) has announced that Companys Construction Division has secured a Design and Build contract from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Elevated Access Road from Western Express Highway (WEH), Mumbai, to the Chatrapathi Shivaji International Airport (CSIA).

Valued at Rs 287.37 crore this is to be completed in 30 months. The scope of work involves design and construction of 1850m long 6 lane corridor consisting of pedestrian and vehicular subways, resurfacing of roads at Western Express Highway including the construction of a 1150m long, 6 lane elevated access road as well as one 165m long tunnel. The elevated access road will be built using segmental construction technique.

When completed, this critical project will provide easy and quick access to and fromChatrapathi Shivaji international Airport being developed by Mumbai International AirportsLtd.

Royal Orchid - Acquisition Of 30 Acre Property In Dar Es Salaam In Tanzania

Royal Orchid Hotels Ltd has informed that as a part of expansion plan, the Company has acquired 30 acre property in the Dar Es Salaam in Tanzania through a buy-out route.
This acquisition was made through a buy out of the company Multi Hotels Ltd which previously owned the property in the capital city of Tanzania.

FII Activity on 18-12-2007

The FIIs stood as the net seller in equity and net buyer in debt. The gross equity purchased was Rs4, 117.70 Crore and the gross debt purchased was Rs385.40 Crore while the gross equity sold stood at Rs5, 216.40 Crore and gross debt sold stood at Rs0.00Crore. Therefore, the net investment of equity reported was (Rs1, 098.70 Crore) and net debt was Rs385.40Crore.

GE Shipping contracts to buy 2 more Kamsarmax Dry Bulk Carriers

Great Eastern Shipping Company Ltd (GE Shipping) has informed that the Company has signed a contract with SPP Shipbuilding Co. Ltd Korea for 2 new building Kamsarmax dry bulk carriers. These vessels of approximately 81,000 dwt will join the Companys fleet in first quarter of FY 2011 12 respectively.

In this regards the Company has issued following Press Release :

Great Eastern Shipping Company Ltd (GE Shipping) signed a contract with SPP Shipbuilding Co Ltd, Korea for 2 new building Kamsarmax dry bulk carriers. These vessels of approximately 81,000 dwt will join the Companys fleet in Q1 FY 2011-12.

The Company had earlier placed orders for 4 Supramax and 2 Kamsarmax dry bulk carriers. All these new building vessels are expected to join the Companys fleet between FY 2010 and FY 2012. This is in line with our view to enhance tonnage and participate in the increasing opportunities in the dry bulk commodities trade.

With this contract, the Companys new building order book comprises 12 vessels aggregating 0.85 mn dwt (4 LR1 product tankers aggregating 0.30 mn dwt & 8 dry bulk carriers aggregating 0.55 mn dwt).

GTC Industries To Invest For Joint Development Of Property

The board of GTC Industries has considered and approved investment of Rs 20 crore for joint development of property, i.e. construction of residential, office / commercial and shopping area totalling approximately 1,80,000 sq.ft. at Najafgarh Road, Bijwasan, Delhi. The company is to get 60% of the built-up area.The company made this announcement during the trading hours today, 17 December 2007.

UTV Software - Acquisition Of Controlling Equity Stake In Indiagames Ltd

With reference to earlier announcement dated December 08, 2006 regarding the Company has entered into an arrangement with Indiagames Ltd (Indiagames) and its promoters for acquisition of a controlling equity stake in Indiagames Ltd, which is into business of mobile and online games based in Mumbai for a consideration of approximately Rs 68 crores, UTV Software Communications Ltd has informed that subsequent to the above arrangement and pursuant to all the condition precedents having been satisfied in the relevant agreements entered into by the relevant parties (including the Company), UTV Communications (UK) Ltd (UTV UK), a 100% subsidiary of the Company on December 14, 2007 has acquired a controlling stake, constituting 62.42% of the issued share capital of Indiagames from Tom Online Games Ltd.

Simultaneously, with the aforesaid acquisition by UTV UK, the Company has also acquired a 12.11% equity stake in Indiagames by subscribing to Indiagamess share capital. In addition, UTV UK has an obligation to subscribe to additional shares amounting to 8% of the equity share capital of Indiagames for a value of USD 1.5 Million (Additional Subscription).

On December 14, 2007 the Company along with UTV UK would hold approximately 66.97% of the existing capital of Indiagames. The total investment after the Additional Subscription will be approximately Rs 42.40 Crores in Indiagames. The key management of Indiagames has been granted certain management options. Upon exercise of such management options, UTV UKs shareholding in Indiagames shall be approximately 60% of the equity share capital of Indiagames.

FII Activity on 14-12-2007

The FIIs on Friday stood as the net buyer in equity while net seller in debt. The gross equity purchased was Rs6,909.50 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs5,827.40 Crore and gross debt sold stood at Rs9Crore. Therefore, the net investment of equity reported was Rs1,082.10 Crore and net debt was (Rs9Crore).

HSBC Open To Taking Over Indian Banks

KOLKATA: HSBC, a leading foreign bank operating in India, is open to the idea of acquisitions subject to the regulatory regime and environment which would be in place in 2009 when the Indian banking sector opens up to overseas players.

Group general manager and country head of HSBC group companies in India Naina Lal Kidwai said, "We are open to the idea of taking over Indian banks depending upon the environment and regulatory regime which would rule in 2009," she said.

When pointed out that foreign banks like HSBC would have to target private sector banks since public sector banks were controlled by the government, Kidwai wondered why only the private banks.

Kidwai was of the view that the government should also allow public sector banks to face the competition when the Indian banking sector was thrown open to foreign players.

At the moment, the main focus of HSBC would be organic growth. "We are keen on organic growth still now", she told reporters here on Friday. In India, the banking sector was controlled by public sector banks and the rest by private and foreign banks.

HSBC has 47 branches at the moment. Kidwai said that the optimum number of branches which HSBC was looking at was 200.

IVR Prime Attracts Rs 250 Crores From Kotak India Realty Fund Ltd For Development Of Its Projects

IVR Prime Urban Developers Ltd has announced that the Company received investment commitments of around Rs 250.O0 Crores for its multi use integrated development realty projects.

The Company further announces that few more realty funds are also inclined to join hands with IVR Prime for development of some of its projects.

The Companys land reserves are to the extent of 2850 acres around. Tier I cities inChennai, Hyderabad, Pune, Bangalore, Visakhapatnam and NOIDA.

IRDA All Set To Give Flexibility For Insurers To Invest In Ipos

Mumbai: The Insurance Regulatory Development Authority is all set to allow insurers more flexibility in investing in highly rated initial public offerings. Initial public offerings (IPO), at present, fall within the ''other than approved'' category and the insurance regulator could now look at making it easier for insurance companies by putting highly rated IPOs within the ''approved'' category of investments. Instruments like mortgage based securities and highly rated infrastructure bonds may also make the cut as approved investment. The Insurance Advisory Committee is likely to meet in January to amend the existing regulation and issue new guidelines.

Canara Bank Hikes Open Offer Price To Rs 63

Canara Bank, public sector bank, said that it has raised the open offer price to Rs 63 per share and revised the schedule for purchasing additional 21.06 per cent stake in Can Fin Homes, a housing finance company. The open offer for the shareholders of the housing finance firm would now commence from December 19 and close on January 7 at the revised price of Rs 63 per share as against Rs 58, the company said in a filing to the Bombay Stock Exchange. Earlier, the open offer was scheduled to begin from October 19 and close on November 7. The company intends to increase its existing 29.94 per cent stake in Can Fin Homes to 51 per cent through the open offer by purchasing 43,14,246 fully paid up equity shares. After the open offer, the housing finance company would become a subsidiary of Canara Bank.

The company''s board of directors had approved the acquisition of 51 per cent differential shares in Can Fin Homes through an open offer on August 27. Necessary permissions for it have been obtained from the Reserve Bank of India as well as the Finance Ministry. Chennai-based Ind Bank Merchant Banking Services is acting as the merchant banker to the open offer process. Shares of Canara bank closed 1.16 per cent down, at Rs 314.25 on the BSE.

FII Activity on 12-12-2007

The FIIs stood as the net buyer on Wednesday both in equity and debt. The gross equity purchased was Rs4, 178.20 Crore and the gross debt purchased was Rs427 Crore while the gross equity sold stood at Rs3, 488.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs689.90 Crore and net debt was Rs427 Crore.

Rel Cap To Offload 5-Pc AMC Stake For Rs 501cr

Mumbai: The US-based global multi-strategy investment organization, Eton Park, has acquired 5 per cent stake in Reliance Capital Asset Management (RCAM), the wholly-owned mutual fund arm of Reliance Capital, for Rs 501 crore. The deal values the Anil Ambani-controlled asset management company (AMC) at over Rs 10,000 crore.

The proposed investment values RCAM at approximately 13% of its assets under management (AUM). Reliance Capital AMC manages Rs 77,764 crore (as on November 30), and is the top fund house in terms of AUM. The proceeds of the transaction will be utilised by RCAM for its domestic and international expansion. The transaction is subject to completion of definitive documentation and necessary approvals, if any, and is expected to close in January 2008. Eton Park currently manages over US$ 10 billion through its offices in New York, London and Hong Kong. The investment by Eton Park comes at a time when a host of global asset management companies announce entry into the Indian mutual fund space.

TV18 To Pick Up 53-Pc Stake In Infomedia India

Mumbai: TV18 has decided to buy 53 per cent stake in the publication company Infomedia India Ltd from an ICICI Venture managed fund, subject to regulatory clearances. The stake will be purchased in a staggered manner - 40 per cent immediately, followed by an open offer for 20 per cent of Infomedia

In the event that the open offer does not garner enough response, then TV18 has the right to purchase such number of shares from the ICICI Venture managed fund so as to augment its stake up to at least 53 per cent, said a press release. TV18 has acquired the 40 percent stake for a total purchase consideration of Rs 178 crore. This acquisition would enable TV18 to enter the publication businesses. TV18 will also benefit from the cross media leverage of its existing brands. Infomedia India Ltd has further agreed to issue 50 lakh warrants to TV 18 and 10 lakh warrants to the ICICI Venture managed fund. This issue is as per SEBI pricing norms and this fresh infusion of funds will be used to propel further growth in Infomedia. Infomedia is one of the first leveraged buyouts in India led by ICICI Venture. The sale process of ICICI Venture''s stake had witnessed strong interests from several strategic and financial investors, including international majors. YES Bank was the exclusive financial advisor to ICICI Venture Ltd. and BMR Advisors assisted TV18 for the transaction.

FII Activity on 11-Dec-2007

The FIIs stood as the net buyer on Tuesday in equity while net seller in Debt. The gross equity purchased was Rs3,128.60 Crore and the gross debt purchased was Rs122.80 Crore while the gross equity sold stood at Rs2,827.90 Crore and gross debt sold stood at Rs130.10 Crore. Therefore, the net investment of equity reported was Rs300.60 Crore and net debt was (Rs7.20 Crore).

Info Edge - Investment in Study Places Inc, USA

Info Edge India Ltd has informed that the Company through its 100% owned subsidiary - Info Edge (India) Mauritius Ltd has invested USD 500,000 against the total proposed investment of USD 1 million in Preferred Stock of Study Places Inc. USA.

FII Activity on 11-12-2007

The FIIs stood as the net buyer on Monday both in equity as well as in Debt. The gross equity purchased was Rs4,752.30 Crore and the gross debt purchased was Rs987.50 Crore while the gross equity sold stood at Rs4,747.10 Crore and gross debt sold stood at Rs497.50 Crore. Therefore, the net investment of equity reported was Rs5.20 Crore and net debt was Rs490 Crore.

Wipro inks MoU with M''rashtra Institute of Tech

Wipro, IT service and solutions provider, has inked an agreement with the Maharashtra Institute of Technology, Pune, to provide faculty development programmes, technical sponsorships and student workshops. The memorandum of understanding envisages a set of planned activities and interactions addressing various stakeholders namely students, faculty and the management. These activities and interactions include faculty development programmes, technical sponsorships and student workshops.

Volvo emerges front runner for buying stake in Eicher

Volvo, the world''s No 2 truckmaker, emerges as the front-runner to acquire a majority stake in Eicher Motors. Truckmaker Eicher has been in talks with various firms for a strategic partnership that would help it become a significant player in the heavy commercial vehicles (CV) segment.

Incidentally, late last week, the market was abuzz with speculation that Eicher was striking a deal with Volvo, spiralling its stock up by 8% to close at Rs 545 on the Bombay Stock Exchange. In the last one month, the Eicher stock has risen 27% on the BSE. Sources said Volvo would acquire the majority stake in the company either from the promoters or through a preferential route. It seems that JM Financials have managed the deal for Eicher.

FII Activity on 07-12-2007

The FIIs stood as the net buyer both in equity and Debt. The gross equity purchased was Rs4, 943.20 Crore and the gross debt purchased was Rs1,187.60 Crore while the gross equity sold stood at Rs4,120.80 Crore and gross debt sold stood at Rs59.60 Crore. Therefore, the net investment of equity reported was Rs822.40 Crore and net debt was Rs1,128 Crore.

FII Activity on 06-12-2007

The FIIs stood as the net buyer on Thursday both in equity and Debt. The gross equity purchased was Rs5, 515.50 Crore and the gross debt purchased was Rs533.70 Crore while the gross equity sold stood at Rs4, 434.20 Crore and gross debt sold stood at Rs45.10 Crore. Therefore, the net investment of equity was Rs1, 081.30 Crore and net debt was Rs488.60 Crore.

House of Pearl acquires FX Imports in UK

House of Pearl Fashions Ltd has informed that the Company has acquired FX Imports Ltd, UK based Import and Distribution Company through is subsidiary Poetiegem Ltd. UK.

FX Imports Ltd., is a reputed supplier to the mid market fashion retailer, with this the Company will be able to enter higher end of the market which offer better margins. The Company expects to increase its revenue by Rs 80 crores aprox in 2007-08 and is projected to increase its revenue by Rs 200 crores aprox in next three years as a result of this acquisition.

Welspun mulls to acquire European textile firm

Terry towel and bedlinen maker Welspun India Ltd is spinning a new plan to ride the increasing rupee. On the heels of Rs 200 crore acquisition of towel brand Christy''s in the UK, Welspun is now looking at a small but strategic acquisition in Europe soon. Welspun is a supplier to high end brands in Europe and the deal will cover the firm''s manufacturing facilities as well.If the Chinese currency starts to appreciate, these companies would benefit, says Anand Tandon, Director, Gryffon Investment Advisors.

FII Activity on 05-12-2007

The FIIs stood as the net buyer on Wednesday both in equity and Debt. The gross equity purchased was Rs3,974.10 Crore and the gross debt purchased was Rs369.50 Crore while the gross equity sold stood at Rs3,954.60 Crore and gross debt sold stood at Rs107.60 Crore. Therefore, the net investment of equity was Rs19.50 Crore and net debt was Rs262 Crore.

Nokia To Infuse $75mn In Chennai Plant

Nokia declared fresh investments to the tune of $75 million towards its manufacturing plant in Sriperumbudur near Chennai. This investment is geared towards enhancing the capacity of the manufacturing plant to cater to the burgeoning need of the Indian and other emerging markets. The manufacturing plant currently employs approximately 6,000 people. The decision to make additional investment in the plant is a reflection of Nokia''s commitment to the Indian mobile communications industry and of the increasing demand for mobile devices from Asia, Middle East and Africa.

REL promoters to pick up stake in insurance cos

Mumbai: Promoters of Reliance Energy Ltd will pick up the quota meant for public sector insurance companies in the preferential offer, in the event the latter decline it. Life Insurance Corporation, New India Assurance, Oriental Insurance, General Insurance Corporation, National Insurance and United India Insurance which have been long-term shareholders of the company over the past several decades and who collectively hold approximately 18 per cent of equity have been given the preferential offer by the board of REL. The company is mopping up Rs 8,000 crore as fresh equity for several mega projects under implementation. The new equity capital will substantially enhance REL''s net worth and augment its borrowing capabilities. The company had also said that the proposed capital infusion will help REL rank among the 20 most valuable private sector companies in India in terms of all major financial parameters including assets, sales, net worth, profits and market capitalisation.

GTL arm acquires 100pc stake in SCS

Mumbai: GTL International, the wholly owned subsidiary of GTL, has purchased 100 per cent stake in Strategic Communication Services (SCS), a network deployment company in North America. The acquisition would beef up the services of network deployment, infrastructure management and project management services of GTL. This will allow accessing the key market i.e. the US, and will allow GTL to offer its comprehensive services to its service providers in the US. SCS hopes revenue of approximately $10 million for the financial year 2008.

SCS offers, network deployment services including site acquisition and collocation, project management and telecom infrastructure management services. The take over will also beef up services with leading telecom sectors such as Nokia Siemens Networks and Ericsson. SCS has long-term relationships with leading service providers in North America comprising Verizon, Sprint/Nextel, Cricket Communications and Mactec among others. In November, GTL has acquired a Malaysia-based network planning and optimisation company, ADA Cellworks, in an all-cash deal of $25 million.

Holcim increases stake in Ambuja Cements

Swiss cement maker Holcim has successfully finished the transaction to increase its stake in Ambuja Cements by roughly 13 per cent to around 46 per cent. The move comes as rapid economic growth in India spurs demand for building materials. With cement demand set to rise thanks to big-ticket investments in housing and infrastructure projects, the company now wants to consolidate its India operations by tightening its grip on local affiliate Ambuja Cements. In effect Holcim has increased its shareholding in Ambuja Cements by around 13 per cent in the last four months by pumping in over $780 million for the share buyout.

ICICI acquires stake in JP Infra for $800mn

ICICI Ventures has paid $800 million (Rs 3,200 crore) for stake in Delhi-based Jaypee Infratech. ICICI Ventures is paying $800 million to acquire about 5 per cent stake. This picking of stake is being done in a combination of equity and convertible debentures, which values the company at about $12-15 billion. Jaypee Infratech is a fully-owned subsidiary of the Jaypee Group and was set up to execute the 165-km Taj Expressway project, connecting the cities of Noida and Agra in Uttar Pradesh along the banks of the Yamuna river.

FII Activity on 04-12-2007

The FIIs stood as the net buyer in equity and net seller in Debt . The gross equity purchased was Rs5, 566 Crore and the gross debt purchased was Rs9.40 Crore while the gross equity sold stood at Rs114.40 Crore and gross debt sold stood at Rs539.90 Crore. So, the net investment of equity was Rs114.40 Crore and net debt was (Rs530.50 Crore).

JSL To Infuse Rs 9,600cr In Orissa Plant

New Delhi: Jindal Stainless Ltd (JSL), the country''s largest stainless steel manufacturer, in the next three to four years will be infusing around Rs 9,600 crore in its Orissa project. The company has already infused Rs 2,250 crore for establishing a greenfield integrated stainless steel plant in Orissa with capacity of 1.6 million tonnes (mt) per annum. JSL is also in the course of increasing its annual melting and hot rolling capacity at its Hisar plant to 900,000 tonnes from the current 600,000 tonnes by 2010. The project in Orissa is being commissioned in three phases. The first phase has already been finished with an investment of Rs 2,250 crore. The second phase will require an investment of Rs 5,600 crore and the third phase will seen an investment in the region of Rs 3,000 crore to Rs 4,000 crore.

In the first phase of the project, the company has established a ferro alloy plant with a production capacity of 1.5 lakh tonnes and two ferro-chrome furnaces which have already started production. In the second phase, JSL is looking at commissioning a 0.8 mt plant by December 2009 and another 0.8 mt in the third phase. Out of the Rs 5,600 crore being invested in the second phase, Rs 3,400 crore was raised via loans, $250 million from ECBs and the rest from internal accruals.

Mindtree Eyeing At Amalgamations, Acquisitions

Bangalore: IT and R&D Services Company MindTree Consulting is considering amalgamations and takeovers in specialised R&D verticals it has added to its portfolio. The company has recently made and incubated industry groups in underserved areas - avionics, medical and defence, realising the phenomenal opportunities in these markets. They are continuously eyeing at inorganic growth and opportunities for M&As in these areas of key specialisation, apart from hiring domain specialists and organic growth. Currently, the main areas that the company is working on are capital market, insurance, manufacturing and travel and transportation. Expanding its industry verticals and creating industry groups is part of MindTree''s growth plans towards becoming a $1-billion company.

Coca-Cola To Infuse $250mn In India

Beverages giant Coca-Cola is mulling to infuse $250 million in India in the next three years, expand its product portfolio and strengthen the firm''s infrastructure. They are growing in India rapidly, quarter after quarter, and they need to invest in infrastructure to ensure that the growth continues. The company currently has 61 bottling plants and is on the lookout to open more across the country. Coca-Cola India, which has already infused over $1.2 billion in India and employs about 150,000 people, is also planning to set up a retail university to equip Indian retailers with the right techniques, tools and knowledge.

Sintex Acquires Nero Plastics Of US

Ahmedabad: Wausaukee Composites mc, USA (WCI), a downstream subsidiary of Gujarat-based Sintex Industries, has purchased Nero Plastics Inc. Sintex had taken over Wausaukee Composites mc, USA (WCI) six months ago. Its customer base comprises Caterpillar, Motor Coach Industries and Kenworth Truck. Caterpillar accounts for around 65 per cent of its sales, and is also a major customer of WCI. According to industry sources, the group has purchased the company for Rs 20 crore. The take over represents a significant step towards consolidating our position in the US'' plastic composite market. Nero Plastics has showed firm growth through the years.

3i Infotech - Acquisition Of Majority Stake In Linear

3i Infotech Ltd has informed that the Company has acquired a majority stake in M/s. Linear Financial & Management Systems Pvt Ltd (Linear), a Delhi based BPO (Transaction services) Company. Linear carries on its business under the brand name Factoring House.

Linear is a profit making Company and has been in existence for over 15 years. The main business of the Company is Contact Point Verification for banks and financial organizations engaged in retail leant. It has clients encompassing private, foreign and public sector banks. Linear was set up and run by Mr. Kavi Ghei.

The acquisition is in line with the stated strategy of the Company, of expanding its capabilities in the domestic BPO (Transaction services) business in India.

Mr. Rajiv Malhotra, Innovative Solutions, New Delhi was the advisor to both the parties.

ICICI Ventures To Buy 5pc Stake In MCX

ICICI Ventures is close to buy a 5% equity stake in Multi Commodity Exchange of India (MCX). According to sources, negotiations with ICICI Ventures and a couple of other investors have been going on for the past couple of months. Earlier this year when Financial Technologies (FT), the promoter of MCX, divest its stake to Citi and Merrill Lynch the exchange was valued at slightly over $1 bn. The stake sale to ICICI Ventures is also likely to be around the same valuation. ICICI Ventures likely to acquire the stake from Financial Technologies. The other major stakeholders of the exchange are HDFC Bank, SBI and other public sector banks holding a total 27%, FID Fund (Mauritus) an affiliate of Fidelity International has a 9% stake, both Citi and Merrill Lynch have a 5% stake each, Passport India Investment (Mauritius) has 3% stake while GLG Financials Fund has another 2% stake.

The new norms to admit foreign investment in commodity exchanges are just waiting in the wings. Sections think these norms likely to be on the similar lines of the foreign investment rules in stock exchanges, stipulated at 49%. Further, Sebi has stipulated the investment limit for a single foreign investor at 5%, beyond which an FII or any other investor, like foreign stock exchanges, cannot raise its stake in domestic exchanges.

SAIL Plans To Invest Rs 53,000cr For Expansion

Kolkata: Steel Authority of India (SAIL), the state-run steel company which has been given the Navratna status, has more than increased its investment in its corporate plan-2012 which was considered three years ago. The investment in the corporate plan will be Rs 53,000 crore to increase hot metal capacity to 26 million tonnes. Initially, an investment of Rs 25,000 crore was mulled to increase the capacity from 13 million tonnes to 20 million tonnes.

The investment in technology and sustenance of facilities across different locations would be around Rs 15,000 crore. The steel major has placed orders for modernisation and expansion of IISCO and Salem Steel Plant. The investment will be funded via a mix of debt and equity. The debt-equity ratio would be 1:1. The company is also looking for coal resources in Australia, Canada, Russia and Mozambique. It has formed a special purpose vehicle with five public sector units (PSU) in this regard. Alliance with ArcelorMittal on the cards SAIL is analyzing options for a possible alliance with ArcelorMittal.

Euro Ceramics To Invest Rs 575cr For Expansion

Mumbai: Euro Ceramics is infusing Rs 575 crore to build up its vitrified tiles output capacity by 100,000 tonnes per annum (TPA). The BSE-listed company, which currently manufactures only vitrified tiles for flooring, is also entering into the vitrified wall tiles. It is now in the process of establishing a sanitaryware facility at its existing plant in Kutch with an annual capacity of 11,000 TPA at an investment of Rs 77 crore. At present, Euro Ceramics has an installed capacity of 79,971 TPA of vitrified tiles, 45,000 TPA of calcarious tiles and 1,800 TPA of aluminium extruded sections. The Rs 1,800-crore domestic vitrified tiles market is growing at 30 per cent, according to a report by Keynote Capital Research. The technology was initiated in France and Italy and has globally led to widely used natural stones such as marble or granite being replaced by vitrified tiles.

Video Game Giants In $18bn Merger

The companies behind Call of Duty and World of Warcraft are merging in a deal which could shake up the global video games industry. Activision and Blizzard have said they will form the world''s most profitable games business in a deal worth $18.8bn (£9.15bn).

US-based Activision also makes hit console games such as the Tony Hawk series and Guitar Hero. Nine million people pay a monthly subscription to play World of Warcraft. Blizzard is the biggest player in online gaming and Warcraft is the global market leader of what are known as massively multi-player online role-playing games, or MMORPGs.

It is currently owned by the French media group Vivendi. As part of the merger plan, Blizzard will invest $2bn in the new company, while Activision is putting up $1bn. The merged business will be called Activision Blizzard and its chief executive will be Activision''s current CEO Bobby Kotick. Vivendi will be the biggest shareholder in the group.

Asian Oilfield Secures Two Orders From ONGC India

Asian Oilfield Services Ltd has informed that the Company has secured two orders from ONGC India. One is a Rs 44.55 Crore order from ONGC Jorhat office for acquisition of 2D Seismic Data in Nagaland to be executed within 400 operating days of the issue of the Award of Contract. This order is extendable further to acquire more data at mutually agreed terms & conditions.

The other order is from the ONGC Baroda office for Rs 15.17 Crores for providing Integrated Seismic Job Services & Shot Hole Drilling Services. The work on this project will start in December 2007 and will continue for Field season 2007-08 & 2008-09.

Punj Lloyd - Punj Lloyd Group Bags Rs 1272 Crore LTA Project In Singapore

Punj Lloyd Ltd has informed that Sembawang Engineers and Constructors Pte Ltd, a wholly owned subsidiary of the Company has won a major contract worth Rs 1272 crore for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore. The contract has been awarded by Land Transport Authority of Singapore.