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Mumbai-based Indian Oiltanking (IOT), promoted by Oiltanking Gmbh, Germany and Indian Oil Corporation, has picked up 81% stake in Vadodara-based Engineering and Construction company Anwesha Comtech Engineering. Anwesha Comtech is engaged in engineering and construction of storage tanks and piping work for refineries, oil terminals, fertilizer and chemical industries.The new company will be called IOT Anwesha Engineering & Construction. According to Jatin Mavani, vice president and company secretary, IOT, the acquisition is to improve its margins by having in-house storage tanks and piping work infrastructure which used to be outsourced before. IOT has been eyeing inorganic growth in recent times. Earlier it had acquired 54.9% stake in Stewarts & Lloyds of India from Tata Steel and associates. Next on the company's plans is acquisition of companies in the design engineering space and creation of a separate division to offer Exploration and Production (E&P) services. An IPO is also on the cards by the end of 2008 to raise Rs 500 crores from the capital markets. […]
Media and communication conglomerate WPP said on Monday that it has acquired a majority stake in Indian event management company Encompass for an undisclosed amount. Encompass would be aligned with JWT, WPP's Indian advertising operations. The event management firm's founders Roshan Abbas and Sukrit Singh will remain in their current positions of Managing Director and CEO respectively to ensure a smooth transition, WPP said in a statement said. “JWT has been working with Encompass on several client engagements and this transaction is a natural extension of our established relationship,” JWT President Michael Maedel said in the statement. […]
Foreign private equity funds New Vernon Private Equity Ltd and ICG Q Ltd will invest Rs 56.9 crore in Prime Securities Ltd. Prime Securities Ltd (PSL) would use the funds for meeting business needs. It would allot 20.7 lakh equity shares on a preferential basis to the two entities, PSL said in a filing to the Bombay Stock Exchange. The company would allot 18.7 lakh equity shares to New Vernon Private Equity Ltd, which makes equity investments, primarily in India, for the New Vernon India Fund. It would issue two lakh equity share warrants to ICG Q Ltd, a fully-owned subsidiary of India Capital Growth Fund Ltd (ICGF). […]
Trikona Capital Ltd., the leading fund management firm for institutional investment in Indian real estate and infrastructure, today announced it received Special Economic Zone (SEZ) status approval from the Indian government for a new development in the rapidly growing city of Greater Nodia near the nation’s capital. Trikona Capital invested $56 million in the 76-acre mixed-use Tech Oasis project, a planned development of 10 million square feet of IT, residential and commercial space located in a specially designated area, known as Tech Zone, which promotes the development of the IT services industry. Tech Oasis is situated along the Taj Expressway, which will connect the site to a new proposed international airport and provide direct access to Agra, Faridabad and Gurgaon. Since acquiring the project in March 2007, Trikona Capital has actively managed the investment from developing the project’s master plan to working closely with the Ministry of Commerce and the Government of Uttar Pradesh to receive formal SEZ status. Final project plans will now be submitted for approval. The SEZ approval gives Trikona Capital control of two of the four multi-product SEZs in the National Capital Region of Delhi, a popular location for multinational IT services firms. SEZs were created in India as export hubs to entice investment and spur economic develop outside India’s congested major metros. Both developers and tenants of SEZs receive significant tax benefits for more than a decade. […]
Software company IQMS today said it will acquire 51 per cent stake in Object Xperts Inc, USA. IQMS said it already has a strategic alliance with Object Xperts. US-based Object Xperts specialises in IT solutions, Information Systems Consulting, Information Technology Outsourcing and Business Process Outsourcing. Object Xperts also has numerous Offsite and Offshore projects for leading corporations in the US. (ET) […]
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