November 2007
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Daimler out of race for India's Eicher stake

Daimler has pulled out of the race for a stake in Indian bus and truck maker Eicher Motors Ltd, the Business Standard said on Sunday. That has left Volvo, Renault, Mahindra International, a joint venture of Mahindra & Mahindra Ltd and Navistar's International Truck and Engine Corp, and “some other unidentified companies,” it said. “We were in talks with Eicher, but we are not looking at having any partnership. We are not interested in that company,” the paper quoted a Daimler India executive as saying. Eicher Motors has said it is evaluating partnership options. Daimler, which recently began assembling some Actros trucks in India, has said it was very close to naming a local partner. It makes buses in India in partnership with Sutlej Motors Ltd. […]

November 4th, 2007

Norwegian IT major ‘EDB’ buys 50.1% stake in ‘SPAN Infotech’

Bangalore based IT company, SPAN Infotech India Pvt. Ltd has announced that it has reached an agreement with EDB, which will acquire a 50.1% stake of the company. EDB is, one of the largest IT groups in the Nordic countries, with over 40 years’ experience of serving leading Nordic businesses and over 4,600 employees with revenues of over $1 billion (Rs3,925 crore). EDB delivers solutions that cover the entire range of business critical IT services. SPAN Infotech employs about 550 professionals working from 3 office locations in Bangalore, India, and is principally working in the areas of applications development and applications management. This acquisition represents one of the largest-ever investments by a Norwegian IT company in Asia. It is expected that the transaction will be implemented towards the end of the fourth quarter of 2007. The current management of SPAN Infotech will continue to run the company following the acquisition. […]

November 4th, 2007

Clearwater to invest Rs 480 cr in 4 PE deals in next 3 months

New York-based private equity firm Clearwater Capital Partners is looking at investing $120 million (around Rs 480 crore) in four PE deals in India in the next three months. Clearwater, which focuses on small and medium-sized distressed and undervalued companies in Asia excluding Japan, has already invested $350 million in 26 deals in India in the last two and a half years. “Of our total corpus ($1.7 billion), exposure to India is in the range of 25-27 per cent. We have invested $350 million in 26 deals and will invest another $120 million in four more in next three months,” Clearwater Managing Partner Rob Petty told media. The investments include automotive parts company Jamna Auto, Diamond Cables, hospitality company Kamath Hotels and offshore services firm Dolphin Offshore Enterprises (India). The firm is sector agnostic and looks at investment of $15 million upwards with an aim to stay put for 2-4 years. […]

November 4th, 2007