Page 6 - Acquisition

UltraTech, JSW in race to acquire India Cements' project in Madhya Pradesh

India Cements had indicated in its FY22 annual report that it had acquired 184.53 hectares of limestone-bearing land at Pawai Tehsil in Panna District of Madhya Pradesh.

Sun Pharma extends rally, surges 7% in two days; now trades at 5-month high

Sun Pharma could see structural growth and be relatively insulated from the adverse price erosion scenario in the US, according to analysts.

Torrent Pharma acquires cosmetic derma player Curatio for Rs 2,000 cr

First major acquisition by Aman Mehta after taking charge at Torrent Pharma in August

Bank of India acquires over 5.5% stake in ONDC for Rs 10 crore

State-owned Bank of India has acquired over 5.5 per cent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday. On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount of Rs 10 crore in ONDC, under the private placement route, Bank of India said in a regulatory filing. The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022. In absolute terms, it has acquired 10,00,000 equity shares for Rs 100 each in the to-be operational digital commerce company, incorporated in December 2021. A number of other banks have acquired stakes in ONDC. ONDC is aimed at promoting open networks for all aspects of the exchange of goods and services over digital or electronic networks in the country. The framework is expected to make e-commerce more inclusive and accessible to consumers and sellers.

True North acquires minority stake via own fund in Accion Group for $93 mn

Accion Labs is focused on digital transformation in global enterprises and tech firms. It has more than 4,800 employees globally, spread over 20 locations

Shruti Shibulal's Tamara Leisure expects 3-fold growth this fiscal

Hospitality firm Tamara Leisure Experiences expects its business to grow three-fold in the current fiscal, compared to pre-pandemic levels, amid easing of travel restrictions, according to the company CEO Shruti Shibhulal. The company is looking at inorganic expansion through acquisitions across its affordable, mid-segment and leisure businesses across India as well as overseas through internal accruals, Shibulal told PTI. "Due to COVID there was instability... This year we are expecting to hit about three times the number that we hit in 2019-20. Take the cut-off as March," she said on the sidelines of Entrepreneur Annual Conclave. Tamara Leisure operates in three segments -- luxury resorts, business hotels and mid-segment. Daughter of Infosys co-founder and former CEO SD Shibulal said that the last couple of years were very unstable. The company's business hotels were running in losses but with the easing of travel restrictions, the revenue has boomed again. "... We are seeing a

M&M to acquire Swaraj Engines' 17.41% stake from Kirloskar Industries

Mahindra & Mahindra(M&M) Ltd on Tuesday said it will acquire an additional 17.41 per cent stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for Rs 296 crore. The acquisition will result in increasing the company's stake in Swaraj Engines Ltd (SEL) to 52.13 per cent from 34.72 per cent, M&M said in a regulatory filing. The company proposes to acquire 21,14,349 equity shares constituting 17.41 per cent of the paid up equity share capital of SEL from KIL at a price of Rs 1,400 per share, it said. Consequently, SEL, which is currently an associate of the company, would become a subsidiary of M&M, the filing said. Based in Mohali, Punjab, SEL is in the business of manufacturing of diesel engines and its components. It was promoted in 1985 by erstwhile Punjab Tractors Ltd, which has since merged with M&M, and the then Kirloskar Oil Engines Ltd (now KIL). It had a total revenue from operations of Rs 1,138.15 crore for the year ended March 31, 2022, it said.

Palihapitiya to wind down two SPACs as choppy markets drag valuations

The firms went public in October 2020 and raised $460 mn and $1.15 bn, respectively, which they intended to invest in businesses in the technology sector

How RIL quietly reinvented its investment strategy to meet new goals

Nowhere in sight two years ago, the energy vertical now accounts for over a fourth of RIL's $6.4 bn war chest while telecom's share in dipping and retail has clearly become a laggard

What explains the great Indian brand rush?

Several new-age startups in the D2C space in India are increasingly being gobbled up by bigger FMCG companies. A rush for brand acquisitions is on. Watch our next report to know more

BYJU'S has to pay Rs 2,000 cr to clear Aakash acquisition deal on Sep 23

Edtech major BYJU's is set to pay the remaining amount of nearly Rs 2,000 crore to VC firm Blackstone in the $1 billion acquisition of Aakash Educational Services on September 23

Adani Wilmar eyes acquisitions to push food business, says CEO

"We are looking at acquiring brands in staple foods and distribution companies to boost our consumer goods offering and reach," Angshu Mallick, CEO of Adani Wilmar said

Brightcom calls off Rs 566-cr deal to acquire MediaMint; to go for alliance

Hyderabad-based digital marketing solutions firm Brightcom has decided to call of its deal to acquire MediaMint for Rs 566 crore and will now go for a strategic alliance with the latter. In December 2022, the Brightcom Group had entered into an agreement to acquire digital consulting firm MediaMint for Rs 566 crore in a cash and stock deal. "Brightcom and MediaMint have jointly decided to change their proposed transaction from acquisition to a possible strategic alliance and provide back-end services to Brightcom's future acquisitions. In this context, they have cancelled the definitive share purchase agreement that was entered into on December 07, 2021," a regulatory filing stated. Some of MediaMint's recent client additions are in the same business as Brightcom, which could impact the growth prospects of the combined business. As a result, the companies determined it was best to pursue independent paths of growth, it explained in the filing. "Under the reworked plan, Brightcom wi

Google completes $5.4 bn acquisition of cyber security firm Mandiant

Google has completed the $5.4 billion acquisition of cyber-security firm Mandiant, Google Cloud CEO Thomas Kurian announced

JPMorgan to boost payments business with US firm Renovite purchase

Renovite's founder and chief executive Viren Rana called JPMorgan's payments division a "natural home" for the company's people and technology

Tata group in talks with Bisleri to acquire a stake in company: Report

Tata Group is understood to have initiated talks with Bisleri International to acquire a stake in the packaged water company, according to sources. It is in a very preliminary stage and would be premature to say a deal would fructify, a person in the know of the development said. The Tata Group houses its consumer business under Tata Consumer Products Ltd (TCPL) which also sells packaged mineral water under the brand Himalayan and with brands as Tata Copper Plus Water and Tata Gluco+ in the hydration segment. The talks are understood to have been initiated by the Tata group FMCG arm TCPL. However, when contacted both the companies denied commenting over the development. "Tata Consumer Products does not comment on market speculation," said a Tata Consumer Products spokesperson in an e-mailed reply. A Bisleri International spokesperson also said it "does not comment on market speculation". According to industry observers, if the deal is finalised, it would provide the Tata group F

Ambuja Cements and ACC stocks close much above the offer prices

The shares of Ambuja Cement closed at Rs 453 a share -- far above the open offer price of Rs 385 a share -- making the offer unattractive for its shareholders.

Kotak Securities buys investment platform for advisors, MF distributors

Over 2,300 distributors use the FundExpert Fintech platform to manage mutual fund portfolios worth over Rs 15,000 crore

Varde Partners to pick up 15% in Reliance Power for Rs 933 crore

Reliance Power's stock price closed trade at Rs 21.30 a share on Thursday, down 1.62 per cent over the previous day's close

Reliance Retail buys into 'desi' power by acquiring local consumer brands

By acquiring a string of local consumer brands, the conglomerate is looking to build volumes and scale in its private label retail business