Domestic
Ashok Leyland to acquire 26% in UK's Optare
Ashok Leyland Ltd., the flagship company of the London-based Hinduja Group announced today that it had reached agreement with Optare plc, a leading bus manufacturer in the UK, to subscribe for a 26% stake as a part of long-term strategic cooperation. The investment is estimated at about US$7.5mn.
The deal is expected to further benefit Ashok Leyland in its endeavour to accelerate technology, new product development and to address new markets.
Optare, founded in 1985, has a turnover of about US$125mn. Optare has been recognised for its innovative, weight optimised 'Low Carbon' range of low-floor, mid-size buses as well as a modern range of city buses- Optare has been a pioneer of the low floor double-decker in the UK. Their new electric bus product has already secured several orders as more countries in Europe promote cleaner, greener mobility. Read More…
Oil India sets aside US$2bn for overseas acquisitions: N.M. Borah
N.M. Borah, Oil India Ltd. was quoted as saying that Oil India has set aside US$2bn for overseas acquisitions. He further added that currently we are doing due diligence for 2-3 assets.
Earlier reports suggested that the company in May was looking at acquiring stakes in fields in Myanmarand Bangladesh.And has acquired stakes in exploration blocks in Libya, Gabon, Iran, Nigeriaand Yemen.
Marksans Pharma to sell API biz to Korea India
Marksans Pharma Ltd. said today that it has entered into a Business Transfer Agreement on July 28, with Kores India Ltd. for sale and transfer of its Active Pharmaceutical Ingredient (API) business
The API business will be sold to Korea India together with the manufacturing facilities located at Kurkumbh near Pune, as per the terms and conditions as set out in the said Business Transfer Agreement.
After hiving off the API business, the company intends to focus more on the international formulation business which has tremendous growth potentials, Marksans Pharma said.
The sale of the API business is pursuant to the resolution passed by the shareholders.
Unitech plans to acquire Unitech Corporate Parks: report
Real estate firm Unitech is planning to buy its London’s AIM-listed group firm Unitech Corporate Parks (UCP), over Rs7.50bn, according to a report.
The report stated that company is in discussions with the independent directors of UCP about a possible offer from the Unitech Group.
The deal is proposed to be at 31 pence per share and Unitech already owns 4.52% in UCP while its promoters hold another 0.22% in it, says report.
Global news
Panasonic to buy Sanyo Electric, other unit for US$9.4 bn
Panasonic Corp plans to buy out subsidiaries Sanyo Electric and Panasonic Electric Works for up to US$9.4bn. Today, Panasonic Corporation, Panasonic Electric Works Co., Ltd. (TSE: 6991, “PEW”) and SANYO Electric Co., Ltd.announced that they resolved, at their respective Board of Directors meetings held today, to pursue a plan of Panasonic’s acquisition of all shares of PEW and SANYO (the “Subsidiaries”) in order to make them wholly-owned subsidiaries of Panasonic (the “Acquisitions”) by around April 2011 by way of tender offers and, thereafter, share exchanges. Read More…