Page 21 - Acquisition

Adani group-company Ambuja Cement to buy Sanghi Cement for Rs 6,000 cr

The Adani group will invest Rs 4,500 cr in acquiring the promoters' stake and take over the company's debt of around 1,500 cr

Ambuja Cements to acquire majority stake in Sanghi Industries: Reports

Adani Group is India's second largest cement producer, behind UltraTech Cement. It owns Ambuja and its subsidiary ACC Ltd, which have a capacity to produce more than 65 million tonnes

ChrysCap joins Nirma, Sekhmet in race to snap up Glenmark Life Sciences

Nirma, Sekhmet Pharma also make binding bids

Coal India embarks on overseas acquisition of critical mineral assets

In a bold move to diversify its operations and integrate further into the value chain, Coal India Limited (CIL) is targeting the acquisition of lithium, cobalt, and nickel assets abroad. The company has recently amended its Memorandum of Association (MoA) to include non-ferrous and critical minerals, indicating its commitment to expand its presence in new sectors. In the past, the miner's attempt to acquire coal assets aboard did not fructify. In its pursuit of overseas assets, CIL is currently identifying suitable opportunities for mergers and acquisitions, the management informed its shareholders in its latest annual report. The strategic move reflects the company's vision to secure a steady supply of these critical minerals toward the Atmanirbhar mission of India. In 2022, the Ministry of Mines also created a joint venture company, Khanij Bidesh India Ltd (KABIL), with participating interest from NALCO, Hindustan Copper Ltd and Mineral Exploration Corporation Ltd (MECL). KABIL

BPEA to acquire 60% stake in India's largest fertility clinic Indira IVF

The deal values Indira IVF at $1.1 billion, cementing its position as a global leader in fertility services, with BPEA EQT set to become the new majority investor

Marico signs agreement to acquire majority stake in Satiya Nutraceuticals

In an all cash deal, the maker of Parachute Coconut oil will buy the stake in the company for an aggregate consideration of upto Rs 369 crore

Samil to acquire Germany-based Dr Schneider Group for over Rs 1,000 crore

Apart from the aforementioned three major global acquisitions, Samil has done seven other smaller acquisitions in India and other parts of the world in 2023

Diversified Dharampal Satyapal Group acquires Viceroy Bangalore Hotels

Diversified Dharampal Satyapal Group on Friday said it has acquired Viceroy Bangalore Hotels Pvt Ltd for an undisclosed sum following a bidding process. The acquisition expands the group's hospitality footprint into Southern India, Dharampal Satyapal Group (DS Group) said in a statement. Viceroy Hotels-owned and the Marriott-managed Renaissance Bengaluru is situated on 1.8 acres of prime land and has 275 rooms. This hotel's strategic location in the Central Business District (CBD) made it an enticing addition to DS Group's hospitality portfolio, it added. The group said it is now actively strategising approaches to further elevate the hotel's appeal. "With this acquisition, the DS Group expands its hospitality footprint and reinforces its continued commitment to the hospitality business," DS Group Vice Chairman Rajiv Kumar said. DS Group's hospitality portfolio comprises brands such as The Manu Maharani in Nainital and Namah in Jim Corbett National Park.

Microsoft, Activision Blizzard extend deadline to close $69 bn deal

The deadline for Microsoft's USD 69 billion acquisition of video game company Activision Blizzard has been extended to as the companies seek to close a deal that has been challenged by regulators in the US, as well as by UK's Competition and Markets Authority. Microsoft believes that pushing back the deadline to Oct. 18 will provide enough time to work through the remaining regulatory issues, said Brad Smith, the company's president. We are confident about our prospects for getting this deal across the finish line, Smith said. The extension comes with a bigger termination fee, should the deal be called off, and a number of other new agreements. Tuesday marked an important deadline for the deal announced 18 months earlier. Both Microsoft and Activision had agreed that either party could walk away from the planned merger if it hadn't closed by then, triggering Microsoft to potentially have to pay a USD 3 billion breakup fee unless both sides decided to renegotiate. That termination

Bikaji Foods International acquires 49% equity stake in Bhujialalji

Bhujialalji Pvt Ltd (BPL) is a new entrant to this industry with its product portfolio comprising popular bhujia and namkeen variants

Sheela Foam to acquire 94.66% stake in Kurlon Enterprises for Rs 2,150 cr

Sheela Foam Ltd, the maker of popular mattress brand Sleepwell, on Monday said it will acquire a 94.66 per cent stake in Kurlon Enterprises Ltd for Rs 2,150 crore. The company also said it will acquire a 35 per cent stake in online furniture firm House of Kieraya Pvt Ltd for Rs 300 crore. The company's board at its meeting held on July 17, 2023, has approved the acquisition of Kurlon Enterprise Ltd and House of Kieraya Pvt Ltd, Sheela Foam said in a regulatory filing. "The company is acquiring 94.66 per cent of KEL's (Kurlon Enterprises Ltd ) share capital at an equity valuation of Rs 2,150 crore, subject to customary adjustments for net working capital, debt and surplus cash, if any," it said. KEL deals mainly in the manufacture and marketing of foam and coir-based home comfort products across the 'sit and sleep' categories like mattresses, furniture cushions, pillows and coverings. It was established in 1962 as Karnataka Coir Products, part of South India-based Pai family busine

Reliance to acquire Alia Bhatt-promoted kidswear brand Ed-a-Mamma

Reliance Brands, part of Reliance Retail Ventures Ltd (RRVL), is planning to buy Ed-a-Mamma, a kidswear brand promoted by Bollywood actress Alia Bhatt, according to an industry source. The leading retailer would ultimately acquire the company, which specialises in providing sustainable clothing options for kids at affordable rates. Talks between Reliance Brands and the kidswear retailer, which mainly sells online are in the final stages, the industry source said. According to a media report, the deal is estimated to be around Rs 300 crore. The deal would help strengthen Reliance Brands' play into the branded kidswear segment, which is rapidly growing in the country. Ed-a-Mamma brand is owned by Eternalia Creative and Merchandising, in which Alia Bhatt is a director. The company was incorporated in 2019. An e-mail sent to Reliance Brands remained unanswered by the time of filing of the story. Established in 2007, Reliance Brands has collaborated with of over 50 international bran

Pfizer's proposed $43 bn takeover of Seagen faces EU investigation

If the takeover goes through, Seagen's portfolio would double Pfizer's pipeline of early-stage experimental cancer therapies, Pfizer has said

Nirma, Sekhmet Pharmaventures vie for $731 mn Glenmark Life stake: Reports

Suitors have entered final round of bidding for stake of about 83% in Mumbai-listed company held by Glenmark Pharmaceuticals Ltd., said people, who asked not to be identified as information is private

Exxon Mobil Corp to buy Denbury in $4.9 bn all-stock transaction deal

Under the terms of the deal, Denbury shareholders will get 0.84 Exxon shares for each Denbury share they hold

ZappFresh acquires Dr Meat for $3 mn to expand into Bengaluru market

Startup ZappFresh, which sells meat in Delhi-NCR through its online platform, has acquired Dr. Meat in a deal value of USD 3 million as part of its strategy to enter the Bengaluru market. The company has fully acquired Bengaluru-based Dr. Meat, a brand operated by Sukos Foods, ZappFresh said in a statement. The company did not disclose the deal value. However, the market sources said that the deal was valued at around USD 3 million. The acquisition of Dr. Meat aligns perfectly with ZappFresh's growth strategy and vision for the future, it added. ZappFresh aims to enter new markets with Bengaluru being the first target. Deepanshu Manchanda, founder of ZappFresh, said, "Dr. Meat's demonstrated ability to achieve substantial scale without compromising its bottom line resonates strongly with ZappFresh's vision. We have been profitable for the last 4 years and anticipate reaching revenue of Rs 70 crore within 12 months in Bengaluru alone, while targeting a top line of Rs 300 crore by

Swiggy to acquire retail distribution firm LYNK for undisclosed amount

Food and grocery delivery platform Swiggy on Thursday said it has entered into a definitive agreement to acquire LYNK Logistics Limited for an undisclosed amount. The deal paves the way for Swiggy's entry into India's massive retail market with a technology-led distribution platform. LYNK will continue to operate as an independent business post the acquisition led by its co-founder and CEO Shekhar Bhende, Swiggy stated. It enables leading FMCG brands to grow their retail presence through its network of over 1,00,000 retail stores across the top eight cities. "With this acquisition, Swiggy enters India's food and grocery retail market, which is amongst the world's largest and fastest-growing, estimated to be more than USD 570 billion in size and expected to grow at 8 per cent year-on-year," Swiggy noted. Post-acquisition, LYNK will leverage Swiggy's strength in technology and logistics to rapidly scale the existing platform.

Top headlines: India's outward FDI shrinks, HCL Tech to acquire ASAP group

Business Standard brings you the top headlines at this hour

HCLTech to acquire German engineering firm ASAP Group for $279 million

ASAP Group has over 1,600 employees across nine locations in Germany

Online platform CarTrade Tech to acquire Sobek Auto for Rs 537 crore

Online auto classified platform CarTrade Tech on Monday said it has inked a pact to acquire Sobek Auto India for a consideration of Rs 537 crore. Sobek is engaged in the business of running an automotive digital platform and a classifieds internet business. The company has entered into a share purchase agreement to acquire 100 per cent stake of Sobek from OLX India BV subject to completion of certain conditions, CarTrade Tech said in a regulatory filing. The acquisition of Sobek will be for a consideration of Rs 537.43 crore to be paid on the completion date of the acquisition, it added. The acquisition is in furtherance of the strategic objectives of the company to undertake investments which provide synergistic benefits to the existing businesses of the CarTrade Tech, it said. On June 30, 2023, Sobek had acquired the classifieds internet business from OLX India on the terms and conditions agreed under a business transfer agreement.