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AOL is close to selling its call center in India to Aegis, a BPO (business process outsourcing) company of India's Essar Group, according to informed sources. Aegis was one of several companies that bid to acquire the 1,000-staff call center in Bangalore. A formal announcement is expected next week. An AOL spokesman did not confirm the proposed sale of the call center. Essar dismissed the report as speculative. The Times of India reported Thursday that an announcement of the deal was likely Friday. By an agreement between AOL and Aegis, AOL will continue to give its call center business to Aegis for the next couple of years, the newspaper said. […]
Infrastructure Leasing and Financial Services (IL&FS) subsidiary, IL&FS Transportation Networks (ITNL), acquired Elsamex SA of Spain for Euro 50 million, reports Economic Times. The Spanish firm is engaged in road maintenance, operation and management. ITNL is engaged in developing and managing a national and state highway network in excess of 3,200 kms spread across nine states in India. The acquisition would strengthen ITNL`s position as a leader in the Indian transportation infrastructure industry. ( My Iris) […]
Infrastructure Development Finance Company (IDFC), the country’s largest infrastructure financial intermediary, has increased its stake in institutional brokerage house SSKI Securities by another 14 per cent to about 80 per cent, and plans to list it at a later stage. A senior company official confirmed the development and said, “IDFC recently made an offer to the employees of the brokerage firm to buy their shares and the move is aimed at consolidating their holdings in the company. IDFC will look at unlocking the value of the company in the future by floating an initial public offering.” The rest 20 per cent stake is held by senior employees of SSKI. […]
India's leading winemaker Champagne Indage is set to buy Australian Vintage's Loxton winery for 60 million Australian dollars ($54.6 million). Australian Vintage Ltd. (AVL) has signed a deal to sell its second-largest winery to Indage within six months, subject to Indage satisfying due diligence requirements. The 90,000-litre facility in the state of south Australia's Riverland is the country's fifth-largest winery. “We're pleased we're able to find a buyer and sell at a price we're comfortable with,” AVL's chief executive Dane Hudson told the Sydney Morning Herald. For Indage, which is easily the biggest wine grower in India with about 75 percent market share, the purchase of Loxton is part of a larger strategy of “going global”. Last July the company, aiming to get four percent of the global wine market by 2010, bought a listed Australian winery, Tandou Wines (renamed Thachi Wines), in the Riverland district of south Australia. Indage's Managing Director R.S. Chougule said in the company's annual report that the Thachi purchase was the “first small step towards a giant stride ahead” in a five-year plan to have production facilities in 10 countries including Australia, Argentina, France, Italy and South Africa. […]
Industry experts say unlike in the past when term sheets were signed in six-seven days, the duration has now increased to a month. Fund managers are taking a longer time to make up their minds on investments. They are also agonizing over what valuations ought to be. Some are even backing out of deals. For instance, Indivision, a part of the Future Group backed out of an impending deal with DishTV after signing the term sheet. Sources said, this was because valuations were driven down. Then, sources added, there is the case of General Atlantic Partners backing out of Essar Power, once again, after signing the term sheet. Also, some firms are moving away from plain equity deals to structured ones to protect itself from the market downside. Not just that, they have started to ask for collateral on their investments. Also, the return expectations from high yield structured deals have gone up from 15-18% to 20-25%, a banker explained. […]
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