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Sterlite Industries on Saturday agreed to buy the operating assets of bankrupt copper miner Asarco for $2.6 billion, the latest in the series of overseas acquisitions by Indian firms. Tuscon-based Asarco, the third largest copper maker in U.S. had total revenue of $1.9 billion in 2007, Sterlite, a unit of Vedanta Resources Plc said in a statement. “Asarco is a strategic fit with Sterlite's existing copper business,” the Indian firm said in the statement. On Friday a lawyer close to the deal had told Reuters in New York that Vedanta had signed a $2.6 billion deal to buy the assets of Asarco. Asarco, formerly known as American Smelting and Refining Co, produced 235,000 tonnes of refined copper in 2007 and its mines have an estimated reserve of 5 million tonnes of contained copper. It filed for bankruptcy protection in 2005 after it was sued for $1 billion over environmental and asbestos claim. Sterlite, is India's top non-ferrous metals and mining firm with interests in aluminium, copper, zinc and lead. […]
Sujana Metal Products Limited has announced the acquisition of 3 steel units namely Saritha Steels, Glade Steels and Sree Ganga Steels. Mr YS Chowdary chairman of Sujana Group of companies said that “These acquisitions will enable Sujana Metals to cater the fastest growing realty and infrastructure markets in southern part of India.” The latest acquisitions by Sujana Metals are in line with the company's strategy to enhance the capacity to 1 million tonnes per annum by 2010 through acquisitions and expansion plans. It had earlier acquired Kamini Steels and Handum Industries. […]
The Emami Group has acquired 27.51% stake in ayurvedic products major Zandu Pharmaceutical Works, taking its total stake in the company to over 31.41%. An open offer will follow the acquisition. The personal care products firm may not be done yet: it is looking at more buyouts both in the domestic as well as international markets. Harsh V Agarwal, director, Emami Group, told DNA Money that talks are on with at least 3-4 more companies. “We are interested in the personal care, household and healthcare sectors.” Emami already held a 3.9% stake in Zandu. On May 28, the company acquired another 14.81% stake and on Friday, topped this up by buying 12.7% from one of the promoter groups. That makes it mandatory for Emami to make an offer for 20% according to the Securities and Exchange Board of India regulations. […]
Carzonrent India, the top Indian franchisee of the world’s largest car rental company Hertz, is expected to close a $25-40 million private equity deal over the next three months to fund its expansion plans, its chief executive Rajiv Vij said on Friday. Carzonrent, which operates radio taxi service under the Easy Cabs brand, is planning to more than quadruple its fleet size to 30,000 by 2010. It has lined up investments of over Rs 100 crore for this year. In two earlier rounds of fundraising, the company raised $7.5 million in private equity from Citigroup and Sequoia Capital. It is the largest personal ground transportation company in India with a fleet of 7,000 vehicles. Carzonrent operates radio taxis, chauffeured and self-driven cars, and leased fleet for corporates. Easy Cabs began from Chandigarh two years ago with 50 cars. Today, it has expanded to Delhi, Bangalore and Hyderabad with a total of 1,400 cars. […]
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