January 2010
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ABG Shipyard acquires 15% in Great Offshore

ABG Shipyard has acquired a 15.20% stake in Great Offshore through its open offer after having pulled out of the race for the latter at a crucial juncture in the takeover battle with Bharati Shipyard. Industry observers say that ABG Shipyard now has little interest in Great Offshore and it would sell its stake to Bharati or offload it in the open market at the right price. ABG Shipyard had made an open offer for 33% stake in Great Offshore at Rs 520 a share and has shelled out Rs 280 crore for the 15.20% stake. When contacted by TOI, ABG Shipyard's CFO Dhananjay Datar declined to comment on company's future course of action. ‘‘We haven't taken a call on our investment in Great Offshore,'' he said. Some analysts said ABG Shipyard may ask for a seat on the board of Great Offshore by virtue of its holding. Datar refused to comment on this too. […]

January 7th, 2010

Ruchi Soya buys 50 pc in Gemini for Rs 45 crore

Ruchi Soya Industries has acquired over 50% stake in Andhra Pradesh-based Gemini Edible and Fat for Rs 45 crore in order to consolidate its presence in the southern markets. The Ruchi Soya board has approved the acquisition on Tuesday. Post the acquisition, Ruchi Soya will scale up the annual crushing capacity at Gemini’s Krishnapatnam, Andhra Pradesh, unit by 10% to 24.4 lakh tonne. “The acquisition will help us consolidate presence in Andhra Pradesh, Karnataka and Tamil Nadu,” Ruchi Soya MD Dilip Sahara told ET. After the transaction Gemini, a refiner of edible oil, will become a subsidiary of Ruchi Soya. Ruchi Soya, the flagship of the Indore-based Ruchi group, has emerged as one of top five FMCG players following the merger of group firms such as Aneja Solvex, General Foods, Ruchi Credit Corporation, Ruchi Health Foods, Param Industries with itself. […]

January 7th, 2010

Yes Bank and GEF raise $200m PE fund for cleantech investments

Yes Bank and US private equity investor Global Environment Fund (GEF) are set to raise a $200m cleantech private equity fund, according to reports. The fund, which was initially mooted in June 2008 to raise up to $500m, will close this month. The Asian Development Bank and the International Monetary Fund both contributed to the downsized fund. The vehicle will invest in cleantech-focused small and medium enterprises in South East Asia, with more than half the money being invested in India. Some investments will be made by the end of the fiscal year. GEF has previously made investments into electric car project Reva and Greenko. […]

January 7th, 2010