Mahindra First Choice Services, the servicing arm of Mahindra & Mahindra, said it has agreed to acquire the assets of bankrupt auto-service chain Carnation Auto (India). The company did not disclose the exact number of service centers that will accrue through the deal, but said...
MERGERS AND ACQUISITIONS
HCL Tech gets strategic partnership deal from Broadcom after CA acquisition
HCL Technologies has been picked as the services partner for Broadcom’s enterprise software products, one of the two primary business units of CA Technologies, a software and solutions company that the chipmaker acquired earlier this year for $19 billion. HCL Tech will also take over some...
TCS acquires US-based management consultant Bridgepoint Group
Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”. The company did not disclose the value of...
Sun Pharma buys Japanese skin-drug maker Pola Pharma for $1 mln
Sun Pharmaceutical Industries said it agreed to acquire Pola Pharma Inc, a Japanese pharmaceutical company engaged in the research and development, manufacture, sale and distribution of branded and generic products in Japan for $1 million. Pola Pharma had annual revenues of approximately US$ 108 million...
Vodafone Idea to eliminate 16,000 distributors, shut 2,000 showrooms
Vodafone Idea, the company formed out of the merger of the former No.2 and No.3 telecom operators in India, said it will eliminate around 16,000 distributors, close over 2,000 branded stores in urban areas and slash the number of call centers by more than half....
Cipla agrees to buy US drug company for $215 million
Cipla said is US subsidiary has agreed to acquire a US company developing an intravenous formulation of the pain-relief medicine Tramadol for up to $215 million (Rs 1,500 cr). The transaction will be done in two phases, with a $35 million injection into the company, Avenue...
Bharti Airtel overtakes Vodafone Idea in mobile broadband
Bharti Airtel overtook the combined Vodafone-Idea entity in mobile broadband users in August due to a steep, 20% fall in Vodafone India’s wireless broadband users in the month. The sharp decline of 12.5 mln mobile broadband users on Vodafone’s network in August was at odds...
Zydus confirms Heinz India buy for Rs 4,595 cr; gets Complan, Glucon D
Zydus Wellness, the consumer healthcare arm of Zydus Cadila, said it has agreed to acquire Heinz India Private Ltd, the Indian unit of global FMCG major Kraft Heinz. The transaction, which will be carried out in association with Cadila Healthcare Ltd, values Heinz India at Rs 4595 cr, the company...
Bharti Airtel to list African unit, raises $1.25 bln pre-IPO
Bharti Airtel said it has raised $1.25 bln (Rs 9,150 cr) from institutional investors by selling shares in its Africa unit and intends to list Airtel Africa soon. The investors who have committed to invest in the UK-based unit include Warburg Pincus, Temasek, Singtel, SoftBank Group...
IDBI Bank board approves LIC deal, ball in shareholders’ court
IDBI Bank said its board of directors has approved the issue of shares to Life Insurance Corporation of India to make the latter the majority shareholder in the bank. The insurer will hold 51% of the total shares of IDBI Bank once the issue is...
Tata Communications buys Dutch IoT specialist Teleena
Tata Communications, the wholesale communication arm of the Tata Group, said it has agreed to buy Teleena, a Netherlands-based Internet of Things (IoT) connectivity specialist and mobile virtual network enabler (MVNE). The company was already the single largest shareholder in Teleena with a 35% stake, following...
Infosys buys Nordic Salesforce.com consultant for undisclosed amount
Infiosys announced it was buying Europe-based Salesforce consultant Fluido for an undisclosed sum. The acquired company has over 240 specialists and offices in Finland, Denmark, Sweden, Norway and Slovakia. Salesforce is a low-cost alternative to customer relationship management software from the likes of Oracle and...
L&T Tech Svcs buys Bangalore-based Graphene Semiconductor Services
Engineering outsourcing company L&T Technology Services said it has agreed to acquire 100% of Bangalore-based semiconductor services firm Graphene for an undisclosed amount. The all-cash transaction is expected to be complete by October, it said. Graphene Semiconductor Services Private Limited is one of the fastest...
Adani takes over Reliance’s Mumbai power business
Reliance Infrastructure Ltd said it has completed the sale of its Mumbai power business to Adani Transmission for Rs 18,800 cr. Out of the total amount, it has already got Rs 13,800 cr, and has used the amount to pay back its debt. It will...
PVR purchases Satyam, 16 other multiplexes for Rs 633 cr
PVR, India’s largest multiplex operator by far, said it will acquire 72% of SPI Cinemas, which operates 17 multiplex theaters in South India including Chennai’s Sathyam, for around Rs 633 cr in cash, and the remaining 28% by issuing its own shares. SPI Cinemas is...
Idea Cellular officially confirms DoT approval for Vodafone merger
Idea Cellular, India’s fourth largest telecom company, officially confirmed the receipt of approval for its mega merger with Vodafone India. “We wish to inform you that the Department of Telecom has approved the merger of Vodafone India ltd and Vodafone Mobile Services Ltd with Idea...
No final decision on LIC-IDBI merger yet – Govt
The finance ministry has clarified that it is yet to take a final decision on the proposed acquisition of IDBI Bank by India’s largest insurer Life Insurance Corporation or LIC. Responding to concerns of “hard earned money of the LIC policy holders sinking” in the...
Cipla buys South African pharma maker for Rs 225 cr
Cipla, one of India’s largest pharmaceuticals makers, said it has agreed to buy South African pharmaceuticals maker Mirren for 450 mln rand, or about Rs 225 cr. Mirren is a fast-growing OTC specialist with 152 mln rand of turnover in the last financial year, 123...
RIL invests Rs 9.5 cr in Gurgaon-based Fashion startup
Reliance Industries, the parent of Reliance Retail, said it has acquired a 12.5% stake in a fashion company called Future101 Design Pvt Ltd at a cost of Rs 9.5 cr. The Gurgaon-based company designs and manufactures garments such as ladies kurtis and men’s shirts. “Future101,...
Reliance Infra to turn cash surplus as MERC approves Mumbai op sale to Adani
Anil Ambani-led Reliance Infrastructure said it has won approval from the Maharashtra Electricity Regulatory Commission for the sale of its Mumbai power business to Adani Transmission Ltd. It said it now expects to close the Rs 18,800 cr transaction next month. Reliance Infrastructure will utilize...