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Auto component maker Minda Industries (MIL) is bidding for Vimercati, an Italian full-service switch products supplier, which supplies automotive switches to car majors like BMW, General Motors and Fiat in the European market. The transaction is being valued at around $50-55 million, sources said. When contacted, MIL chief financial officer Sudhir Jain said: “We have identified acquisition as one of the strategies to expand our operations in the international market. We are in talks with various firms in the Europe. At this stage, we cannot, divulge any specific names.” Earlier, US-based Stoneridge, had entered into an agreement to acquire Vimercati. However, the deal did not take off. MIL is believed to have also identified a couple of more target companies in the European market. The Delhi-based NK Minda group has set aside Rs 500 crore for expansion and merger/acquisitions, company officials said. […]
Goa-based Dempo Group is planning to divest 40 per cent in a company that will house its 100-million-tonne iron ore reserve. The group’s iron ore reserves are currently with the flagship V S Dempo & Co Pvt Ltd, and its two subsidiaries Dempo Mining Corporation and Sindhudurg Mining Corporation. The group is planning a restructuring under which all the three mining companies will transfer its resources to a new company in which the stake will be sold. The restructuring is expected to help the group convert V S Dempo & Co, a pure play holding company for all group companies after its assets are hived off. “We are already in talks with three to four private equity players,” said Shrinivas V Dempo, chairman, V S Dempo & Co. “We expect to finalise the deal by the end of December,” he added. […]
Mahindra & Mahindra Ltd, top utility vehicle maker, is likely to acquire 51 percent in Chinese tractor firm Kianbsu Yueda Yancheng, CNBC-TV18 news channel reported on Monday, citing unnamed sources. A spokesman for Mahindra, which is holding a news conference later on Monday, was not immediately available. Mahindra, also the country's top tractor maker, now has a joint venture with Chinese tractor maker Jiangling Motors Co. The venture, Mahindra China Tractors, began operations in July 2005. Mahindra last month bought the assets of motorbike and scooter maker Kinetic Motor. Sources have also said General Motors Corp is in talks with the Indian firm about selling its Hummer brand. (Reuters) […]
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Bangalore-based Puravankara Developers is looking for private equity investors for its affordable-housing subsidiary, Provident Housing and Infrastructure. However, it is avoiding the same for the parent company due to the high demands of private equity players. Ravi Ramu, director, Puravankara Developers said, “Today, private equity investors ask for an assured internal rate of return (IRR) of more than 20%, which is very high. Thus, we are very cautious before we bring in any private equity player into our parent company. However, we are in talks with international and national players to raise Rs 750 crore for mid-segment housing projects, which is favourable in this market situation.” […]
Global investors, including private equity majors and dedicated carbon funds, are throwing their weight behind compact fluorescent lamp (CFL) manufacturers in their bids for “green” projects on the anvil, especially Clean Development Mechanism-based CFL supply schemes. Climate Change Capital (CCC), which manages the world’s largest private sector carbon fund, has indicated its keenness to fund the CDM-based energy efficiency lighting projects being planned by the Centre as well as those coming up across States, such as Andhra Pradesh and Haryana. Among PE funds, Baring Private Equity Partners plans to channel a significant amount of its $1-billion fund in India into the energy business, especially the clean energy segment, according to industry sources. […]
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