Invest in India News

  • Banco Bilbao Vizcaya Argentaria to acquire 51% stake in India’s Bank of Baroda’s (BoB) credit card arm

    Banco Bilbao Vizcaya Argentaria (BBVA) and Bank of Baroda (BoB) have today signed a Memorandum of Understanding (MOU) to form a joint venture in credit card business. Upon regulatory approval, BBVA will acquire a 51% stake in the existing credit card unit of Bank of Baroda, BOBCARDS, by investing a total amount of 34 million Euros, announced the firm Thursday.

  • British Telecom sells 5.5% stake in Joint Venture Tech Mahindra to partner Mahindra & Mahindra

    British Telecom Wednesday reported it had offloaded its 5.5% stake in its Indian joint venture (JV) Tech Mahindra to partner Mahindra & Mahindra (M&M) for Rs 451 Cr, around $100.2 million. Under the terms of the agreement, British Telecom sold 6.9 million Tech Mahindra shares to Mahindra & Mahindra at Rs 653.6 per share through bulk deal on NSE on Tuesday, reducing its stake from 30% in the JV to 24.4%.

  • Reckitt Benckiser Group Plc to purchase India’s Paras Pharmaceuticals Ltd

    Reckitt Benckiser Group Plc Tuesday announced the intended purchase of India’s Paras Pharmaceuticals Ltd.  Reckitt Benckiser Group Plc is the maker of Lysol cleaners and Nurofen painkillers. The firm said it had agreed to the purchase of Paras Pharmaceuticals Ltd for about 32.6 billion rupees ($724 million), extending its push into consumer healthcare.

  • Aventis Pharma Ltd exits joint venture vaccine manufacturer Chiron Behring Vaccines Pvt Ltd

    Drug manufacturer, Aventis Pharma Ltd’s subsidiary Sanofi-Aventis is exiting its joint venture vaccine making firm Chiron Behring Vaccines Pvt Ltd (CVBPL), by selling its 49% stake to its nominee partner Novartis Pharma AG for $22.399 million, around Rs.101.1 Cr.

    Aventis Pharma will sell its stake to Novartis Pharma AG, a nominee of joint venture partner Novartis Vaccines & Diagnostics Inc, a unit of Swiss drug maker Novartis AG. The deal is expected to conclude before 31 December 2010.

  • India’s fastest growing hospital network Fortis Healthcare Ltd acquires the 150 bed Vivekanand Hospital and Research Centre

    Fortis Healthcare Ltd, India’s fastest growing hospital network, announced the take over of Operations and Management of the 150 bed Vivekanand Hospital and Research Centre in Moradabad, Uttar Pradesh (UP). The move is in line with its strategy to strengthen its presence in India’s tier II cities. The addition of Vivekanand Hospital takes the Fortis network to a total of 51 hospitals, spread over 13 States in the Country.

  • Strides Arcolab Limited enters agreement to acquire 70 per cent of the Bangalore based biotechnology firm Inbiopro Solutions

    Strides Arcolab Limited Thursday announced it had entered into an agreement to acquire 70% stake in Bangalore-based biotechnology firm, Inbiopro Solutions. The acquisition marks Strides Arcolab’s foray into biologics. The move is aimed at strengthening the Company’s offering in the Specialty segment. The investment also gives Strides immediate access to a pipeline of 8 products estimated to have global sales of over US$ 28 billion.

  • Karuturi Global Ltd to buy 54 per cent in Florista India Pvt Ltd

    In a bid to expand its business and offering in India, Karuturi Global Limited is to buy a 54 per cent stake in Florista India Private Limited. Florista India Private Limited is a chain of floral designing boutique stores across India. However, the deal was undertaken for an undisclosed amount. Karuturi reiterated that it plans to merge the Florista with its own flower retailing business ‘Flower Xpress’.

  • Numeric Power Systems Limited signs agreement to acquire 92 per cent stake in Amex Alloys Pvt Ltd

    Numeric Power Systems Limited reported it had signed an agreement for the acquisition of a 92 per cent stake in Amex Alloys Private Limited. The investment sum was however not revealed. Amex Alloys is involved in the manufacture of machined and un-machined carbon steel, alloy steel, stainless steel, nickel alloy and duplex stainless steel castings for industrial valves.

  • Volvo Bus Corporation buys out partner Azad Group's 30% stake in Volvo Buses India Private Limited

    Volvo Bus Corporation reported it had bought out its partner’s stake in a joint venture the two firms had gone into. Volvo Bus Corporation bought out Azad Group's 30 per cent stake in Volvo Buses India Private Limited. The investment will see Volvo Bus India Pvt Ltd. operate as a wholly owned subsidiary of Volvo Bus Corporation.

    The Indian arm is a JV between Volvo and Azad Group's Jaico Automobile Engineering Company Private Limited. The company invested Rs 100 Cr in 2008 in the JV to set up the manufacturing facility as Hoskote near Bangalore.

  • SMIT Salvage acquires two ship salvage contracts in India

    SMIT Salvage, a wholly owned subsidiary of Royal Boskalis Westminster N.V., announced Monday it had acquired two ship salvage contracts in India. The combined value of the contracts is approximately € 50 million. The first assignment involves the refloating of a container vessel off the western coast of India.


  • Religare Enterprises Ltd 55% stake in Simsbury through Religare Global Asset Management Inc

    Religare Enterprises Ltd has bought 55% stake in Simsbury, Connecticut-based private equity and real estate investment company Landmark Partners for $171.5 million through its US-based wholly owned subsidiary Religare Global Asset Management Inc.

    As part of its expansion plan in US, Religare will get access to several institutional investors in the US and Europe that invest in Landmark's funds through this deal.

  • Swiss firm Baumer group buys majority stake in an Indian company Waaree Instruments Ltd (WIL)

    Swiss firm, Baumer Group, one of the leading global manufacturers of sensors and sensor systems, today announced that it has acquired the majority of Waaree Instruments Ltd., one of India’s leading suppliers of process control instruments. The company is part of the Indian Waaree Group, a family enterprise based in Mumbai.

  • Mahindra & Mahindra to acquire 5.5% stake in Tech Mahindra from British telecom giant BT Group Plc

    Mahindra & Mahindra reported that it is to acquire an additional 5.5 per cent stake in its group firm Tech Mahindra from British telecom giant BT Group Plc. Mahindra & Mahindra (M&M) is an India based diversified group.

    Currently, the British Telecoms firm BT Group holds 30 per cent stake in Tech Mahindra while M&M has 43 per cent holding in the company. As per the current market price, 5.5 per cent stake of Tech Mahindra translates to Rs 433 crore.

  • GMR Infrastructure sells its 50% stake in InterGen NV to Chinese electricity company China Huaneng Group

    GMR Infrastructure has sold its 50% stake in InterGen NV to Chinese electricity company China Huaneng Group for $1.232 billion. The GMR Group said it had entered into an agreement to divest its 50% shareholding interest in InterGen N.V. to China Huaneng Group. China Huaneng Group is the largest power generation company in China and will buy the shareholding for an equity value of US$ 1,232 million.

  • Dewan Housing Finance Corporation likely to acquire Deutsche Postbank Home Finance

    Dewan Housing Finance Corporation (DHFL) may be in line to acquire Deutsche Postbank Home Finance (DPHF). The firm is a favorite for the acquisition of Deutsche Postbank Home Finance, previously known as Birla Home Finance Ltd. Dewan Housing Finance Corporation is controlled by the Wadhawan family and will undertake the acquisition for around $240 million, about Rs 1,100 Crore.