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Auto ancillary maker Amtek Auto is reported to be making a bid to acquire German castings company KSM Castingsfor around 250 million euros (around Rs1,700 crore). Apart from Amtek Auto two global private equity players are also reported to be in the race to acquire the firm for which the bidding has entered the second round. The Frankfurt-based KSM Castings supplies light metal casting products for the automotive industry. The proposed acquisition is part of Amtek's strategy to boost its revenues from overseas operations. If the deal is successful, it will be one of the largest acquisitions by an Indian company in the automotive forging category. KSM Castings' clientele includes Volkswagen Group, Daimler, BMW, Ford, Porsche, Bosch, and Mann & Hummel. The German company reported sales of e355 million last year. […]
TVS Shriram Growth Fund, a private equity fund floated by the TVS Group family and the Shriram Transport Finance group, has successfully raised Rs 500 crore. The Fund plans to invest the raised amount in the range of Rs 10 crore to Rs 50 crore in mid-cap companies with revenues of Rs 30 crore to Rs 250 crore. The fund intends to target investments in sectors such as food and agro, media and entertainment and privatized education. The fund would be looking at return of 20 per cent to 25 per cent after four years. The company has appointed Gopal Srinivasan, as Chairman of TVS Capital Funds. […]
After acquiring a stake in Air Deccan last year, UB Group chairman Vijay Mallya is all set to expand his wings further in the domestic aviation space. According to sources, now Mallya is eyeing a stake in low-cost carrier (LCC) SpiceJet. Last year when Kingfisher Airlines took a 26% stake in Air Deccan, Mallya had evinced interest in picking up a stake in SpiceJet but things did not move forward. “I am interested in SpiceJet but I am not a predator,” he had said then. Kingfisher is now learnt to be eyeing a part of either the 12.9% stake held by SpiceJet's promoter, UK-based NRI Bhupendra Kansagra or the 13.4% stake held by Dubai-based investment firm Istithmar PJSC. Kansagra was under a lock-in period, which barred him from selling any part of his stake in SpiceJet. The lock-in period ended a few months ago. Kingfisher's executive vice president Hitesh Patel said he would not comment on the issue, but added: “I can see additional consolidation in the industry in next 12 to 18 months. All these airlines won't be hanging around that long. If as predicted, crude hits $178 to a barrel in September, it will kill some players…. The access to funds of Kingfisher is strong and the backing of UB Group is a strong plus.” […]
Anil Ambani’s Reliance Communications (RCOM) may be examining alternative structures to bring about its proposed mega-combination with MTN. RCOM, possibly in partnership with a sovereign wealth fund based in the Middle East, may directly buy a large equity stake in MTN, emerging as the single largest shareholder. This is to avoid legal disputes that may arise from Reliance Industries’ (RIL) claims of right of first refusal (RoFR) if RCOM were to enter into a reverse merger with MTN. Under the reverse merger route, MTN would have made an open offer for RCOM followed by a share swap between Reliance ADAG, promoters of RCOM, and MTN. ADAG would then have emerged as the single largest shareholder of MTN while RCOM will become subsidiary of MTN. That plan has not been junked, but sources close to the development said RCOM is also examining the option of directly acquiring a 40% stake in MTN. A Middle East-based sovereign wealth fund could join hands with RCOM for the acquisition of the controlling stake in MTN. The name of the fund could not be ascertained. […]
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