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L&T Finance (LTF), a subsidiary of L&T Finance Holdings Ltd (LTFH), has executed definitive agreements to acquire FIL Fund Management Pvt Ltd (Fidelity AMC) & FIL Trustee Company Pvt Ltd, the companies carrying on the mutual fund business of Fidelity in India, subject to regulatory approvals. Fidelity AMC, incorporated in 2004, manages the 15th largest mutual fund in India with a market share of 1.3% and an average AUM for the quarter ended December 2011 of Rs8,881 crore (about 68% […] Essel Group said it has acquired a 10.19% stake in infrastructure and construction company IVRCL Ltd. and is in the process of increasing its holding further. The diversified group — which is the parent of media companies such as Zee Entertainment Enterprises Ltd. and Zee News Ltd. — said that none of its media arms were related to this investment. It didn’t give any financial details of the deal in a statement late Tuesday. Source: WSJ Dr Reddy’s Laboratories is set to sign a definitive agreement with Fujifilm of Japan in the first quarter of the next fiscal to set up a drugs joint venture for the Japanese market. Dr Reddy’s would hold 49% stake and Fujifilm the balance in the venture, which would pursue opportunities in generic drugs. The agreement with Fujifilm is being seen as a stepping stone for Dr Reddy’s into the Japanese market, which is estimated to be having significant potential for […] Kolkata-based Linc Pen & Plastics has signed a ‘Business and capital alliance agreement’ with Mitsubishi Pencil Co. of Japan to issue two million equity shares of Rs.10 each at Rs.100 per share, amounting to a 35 per cent stake on the expanded capital of Rs.14.8 crore. The Rs.250-crore Linc Pen has a distribution arrangement with Mitsubishi Pencil for its Uni / Uni-ball brand since 1992. The main objective of the ‘capital alliance’ is to improve Mitsubishi Pencil’s market share and […] Nirvana Venture Advisors has acquired a 10 per cent stake in online games company, Games2win by providing partial exits to early shareholders. Early investors include Nexus India Pvt Ltd, ICICI Ventures and from a few senior employees of the company. Nexus and ICICI continue to hold shares in the company. Lead investor Clearstone Venture Partners and SVB Holdings have not divested their shares in this transaction. As part of the transaction, Amit Patni, co-founder of Nirvana Venture Advisors, will join […] Actor Salman Khan, who will be the brand ambassador of yatra.com, has also picked up a minority stake in travel agent Yatra Online Pvt. Ltd. “Since we are targeting customers in smaller towns, Salman Khan is a great fit considering his mass appeal across the country,” said Sharat Dhall, president, yatra.com. Dhall did not specify how his company would be using Khan’s investment or the remuneration being given to the actor for his multiple-year contract. He, however, said yatra.com would […] Warburg Pincus LLC exited a more than seven-year-old investment in Kotak Mahindra Bank Ltd. (KMB) The U.S. private equity firm, which first invested in Kotak in November 2004, sold 26.5 million shares in a block trade today, said Malini Roy, an external spokeswoman for Warburg. Roy declined to provide details of the sale. The shares represent about 3.6 percent of the bank, data compiled by Bloomberg show. The holding is valued at $272 million, based on Kotak’s March 23 closing […] Dhanlakshmi Bank Friday said it may sell its 15% holding in New Silk Route controlled Destimony Securities, the company said in a news release. The Kerala-based bank decided to sell its stake after the Reserve Bank of India raised objections to the old-generation private sector bank being categorised as the dominant promoter group. The central bank wants to ringfence the banking entity from any possible capital shock if the broking company faces any hardships in the future. Meanwhile, in October […] US-based conglomerate GE will acquire controlling stake in Advanced Systek Limited that is engaged in offering terminal automation systems and flow metering solutions. GE is aiming to get new platform for GE Energy’s growth in South Asia and the Middle East. It is probably the first independent acquisition by GE India. Earlier in 2008, GE and Mexican industrial group Xignux together acquired majority stake in Chennai-based Indo Tech Transformers. GE is learnt to have acquired 60-70% stake from Advanced Systek […] The Reserve Bank of India’s new norms for gold loan companies are a heavy blow to private equity players in India. The move to restrict loans by gold finance firms to 60 per cent of the value of jewellery pledged as collateral may have a huge impact on the revenue of gold loan-lending firms such as Manappuram Finance and Muthoot Finance. Both firms have a major exposure to private PE and venture capital firms.On Wednesday, shares of both went down […] |