The Hindu Business Line : The deals of 2008

In a period when there was no dearth of high profile acquisitions involving both domestic and overseas corporates, 2008 would surely go down as the year notable for the acquisition that did not happen.

The failed bid of Satyam Computers for the acquisition of the two Ramalinga Raju - its promotercontrolled companies namely Maytas Properties and Maytas Infrastructure announced towards the fag end of 2008 by any yardstick is the event of the year of acquisitions. The events that followed in its wake is of course history that is still in the making: A cataclysmic event that saw the world waking up to what is arguably the greatest scam in corporate India namely, the cooking up of Satyam Computers books by the top management.

Tatas lead the pack

However, significant acquisitions did happen in 2008 that deserve to be chronicled. Leading the pack is Tata Motors' successful acquisition of a company that owned a couple of marquee automobile brands in Jaguar and Land Rover in a deal that cost the company $2.3 billion. Another company from the Tata stable, this time, the Tata Chemicals announced a similar big-ticket acquisition when it took over 100 per cent stake in a USbased chemical company for a consideration of close to one billion dollars.

Not to be outdone, the overseas arm of the public sector oil major ONGC picked up nearly the entire stake outstanding in an UK-based oil exploration firm with oil assets in the Siberian region of Russia for a consideration of $1.9 billion.

On the information technology side HCL completed the acquisition of a UK based IT consulting company Axon worth $658 million, a record for the Indian IT industry.

It hasn't been a case of Indian promoters picking up overseas companies/assets all the way.

Foreigners too have been equally active in the Indian market as evidenced by the successful acquisition of a 51 per cent stake in Ranbaxy Laboratories, the largest Indian pharma company by the Japanese major Daiichi Sankyo in a deal that valued the Indian company at close to $8.5 billion.

Astonishing valuation

The telecom sector saw heightened acquisition activity with the Norway based telecom company, Telenor bought into a telecom licensee which is yet to launch itself mobile telephony service at an astonishing valuation of Rs 6,120 crore for a 60 per cent stake in the company. Idea Cellular, a cellular mobile telephone company picked up a 40.8 per cent in a local rival Spice Telecom for a total cost of roughly Rs 2,700 crore. A subsidiary of the former in turn ceded a 20 per cent stake to a US-based private equity investor in a deal worth over $640 million.

The year was not with out its share of drama with Emami a player in the fast moving consumer goods category launching a hostile takeover of Zandu Pharma that controls a clutch of highly visible Over the Counter pharma products targeted at common cold and pain relief categories.

The year also saw the merger of low-cost air carrier Deccan Aviation with Kingfisher Airlines with shareholders of the latter company getting three shares in Deccan for every seven shares held by them. Read on for details of more news on corporate acquisitions.

Paul Noronha

Ms Sulajja Firodia Motwani, Managing Director, Kinetic Motor, Mr Anand Mahindra, Vice-Chairman and Managing Director, Mahindra Group, and Mr Bharat Doshi , Executive Director & Group Chief Financial Officer, Mahindra & Mahindra Ltd, at a press conference in Mumbai to announce the merger. (File photo) _

Siemens unit buys Morgan Construction January

Siemens’ industrial solutions division acquires the US-based Morgan Construction Co, which produces rolling mill products and services for the metals industry globally.

Tata Projects buys Artson Engg

The Rs 1,000-crore unlisted Tata Projects Ltd formally takes an over 75 per cent stake in Artson Engineering Ltd, a listed engineering firm specialising in piping and large diameter tankage, for around Rs 33 crore.

Cranes Software buys US firm ETA

Cranes Software International Ltd has acquires US-based specialised auto consulting and product development firm, Engineering Technology Associates, through its subsidiary Cranes Software Inc.

M&M acquires Italian auto design co

Mahindra & Mahindra Ltd signs a binding agreement to acquire the business of G R Grafica Ricerca Design S.r.l, an Italian auto designing, body engineering and feasibility and styling company.

Sona Okegawa buysThyssenKrupp arm

Sona Okegawa, part of the Delhi-based Sona Group, acquires a German precision forging company, ThyssenKrupp Prazisionsschmiede GmBH, for an undisclosed sum. 22

NBC picks up 26% in NDTV Networks

The American media giant NBC Universal says it is investing $150 million to pick up 26 per cent stake in NDTV Networks.

Rolta to buy Broech of US

Rolta India agrees to acquire the US-based IT consulting firm Broech Corp for $45 million (Rs 180 crore). 25

BlackRock buys 40% in DSP Merrill

DSP Merrill Lynch Fund Managers has announced that BlackRock Inc, will acquire 40 per cent stake in the company.

Tatas acquire General Chemical of US for $1 b

Tata Chemicals says it has signed an agreement to acquire 100 per cent stake in US-based General Chemical Industrial Products Inc for $ 1.005 billion (Rs 4,000 crore).

Deccan Aviation, Kingfisher Air merger ratio fixed at 3:7

The board of directors of Kingfisher Airlines Ltd and Deccan Aviation Ltd have decided to allot shareholders of Kingfisher Airlines three shares in Deccan Aviation for every seven shares held in Kingfisher. The share exchange ratio recommended by KPMG and Dalal & Shah was approved at a board meeting of both the airlines. The board also formally approved the demerger of scheduled airline business of Kingfisher Airlines Ltd into Deccan Aviation Ltd.

February

Biocon buys 70% stake in German pharma co

Biocon Ltd announces its first footprint in Europe by acquiring 70 per cent stake in German pharma distribution company AxiCorp GmbH for €30 million (around Rs 174 crore). 12

Vivimed buys UK co for $21.15 m

Specialty chemicals manufacturer and cosmetics industry player Vivimed Labs Ltd has acquired the entire issued share capital of James Robinson Ltd from Yule Catto & Co Plc, a UK-based specialty chemicals producer for $21.15 million.

RCom buys Ugandan co, to invest $500 m

Reliance Communications acquires Uganda based Anupam Global Soft (U) Ltd, marking its foray into the international mobile market.

HDFC Bank, Centurion boards okay merger plan

The boards of HDFC Bank and Centurion Bank of Punjab approve in principle a merger between the two banks.

March

Mitsui picks up 30% stake in Yamaha India

Yamaha Motor India Pvt Ltd on Wednesday forms a new joint venture company, India Yamaha Motor Pvt Ltd, with Mitsui Corporation to revive the company’s sagging sales in the country.

Victory Group buys British switchgear firm

Victory Group, a Hyderabad-based company, announces the acquisition of the British Midlands located electrical switchgear manufacturer — Craig and Darricott, a 64-year-old closely held company for an undisclosed sum.

Thomas Cook buying 74.9% stake in Indian arm

Thomas Cook UK says it is acquiring 74.9 per cent stake in Thomas Cook India Ltd at an investment of up to €249 million (about Rs 1,543 crore). The deal includes buying back of 54.9 per cent stake in the Indian company from Dubai Financial Group at a price of Rs 107 per share and an open offer to the Indian shareholders for another 20 per cent of the shares.

Irish co CRH picks 50% in AP cement firm

The Dublin-based $20-billion CRH Group enters India by picking up a 50 per cent stake in the Hyderabad-based privately held My Home Industries Ltd for a consideration of $456 million. According to an agreement reached between the two companies, CRH, the Irish building materials major will take 42 per cent of the promoter’s stake for about Rs 1,337 crore, while investing Rs 500 crore into MHIL for the remaining 8 per cent.

Tatas bag Ford marques

Tata Motors says it will pay $2.3 billion to Ford Motor Company for its UK assets Jaguar Land Rover in an all-cash deal that is expected to close by the end of the next quarter.

April

Sanmar buys US foundry co

The Chennai-based Sanmar group announces that it has acquired Matrix Metals LLC, a US-based speciality steel castings company that has two foundries in the US and one in Mexico. Sanmar has acquired it for an undisclosed sum from Jefferies Capital Partners.

Dr Reddy’s acquires Dow’s molecule biz

Dr Reddy’s Laboratories Ltd announces it has entered into a definitive agreement with The Dow Chemical Company to acquire a portion of Dowpharma Small Molecules business associated with its UK sites in Mirfield and Cambridge.

Jubilant acquires Draxis Health

Jubilant Organosys announces it will buy out Canada-based Draxis Health Inc by acquiring 100 per cent stake in the company by paying a 22.4 per cent premium over the last traded price of Draxis shares which is listed on the NASDAQ.

JK Tyre acquires Mexican firm Tornel

JK Tyre & Industries Ltd announces the acquisition of a $200 million Mexican tyre-producing company Tornel for Rs 270 crore.

Siro Clinpharm buys German research firm

Clinical research organisation Siro Clinpharm Pvt Ltd acquires 100 per cent equity in Germany-based Omega Mediation Group in an all-cash deal, but for an undisclosed sum. The acquisition marks Siro Clinpharm’s entry into Europe.

RCom buys UK-based WiMax operator

The Anil Ambani-controlled Reliance Communications has acquired 90 per cent stake in a UK-based WiMax operator, ‘eWave World’. RCom intends to invest $500 million in eWave to build and acquire WiMax networks in the emerging markets of Asia, Europe, Latin America and Africa.

Trent buys out Landmark promoter

Ms Hemu Ramaiah, the original promoter of books and gifts retailer Landmark, is selling her 24 per cent stake in Landmark to the Tatas for an undisclosed sum and intends to launch her own retail and design consultancy.

Dr Reddy’s buys BASF’s biz

Dr Reddy’s Laboratories Ltd signs a definitive agreement to acquire US-based chemical company BASF’s pharmaceutical contract manufacturing business and related facility in Shreveport, Louisiana. The acquisition of $43 million revenue generating business of BASF and the US Food and Drug Administration approved facility to manufacture solid, semi-solid and liquid dosage forms is in line with Dr Reddy’s strategy.

May

MindTree buying 32.57% stake in Aztecsoft

MindTree Ltd, an IT and R&D services company, agrees to buy a majority stake of 32.57 per cent in Aztecsoft Ltd from its largest shareholder e4e Holdings Ltd for Rs 80 per share, which values Aztecsoft at $90 million.

Freescale buys SigmaTel

Freescale Semiconductor, a privately held company that designs and manufactures embedded semiconductors, says it has bought SigmaTel Inc for $3 per share amounting to $110 million in an all cash deal

Haldia Petro buys out L&T stake in HPL Cogen

Haldia Petrochemicals acquires management control in HPL Cogeneration Ltd, formerly a 49:51 power generation joint venture between HPL and L&T in a cash deal of Rs 180 crore.

McNally Bharat buys 68.28% stake in Sayaji Iron

McNally Bharat Engineering Company Ltd has acquired 68.28 per cent stake in Sayaji Iron and Engineering Company Ltd for Rs 59.01 crore at Rs 221.60 a share.

HSBC buys IL&FS Investsmart

The HSBC group has acquired 73.21 per cent stake in the listed retail broking firm IL&FS Investsmart Ltd (IIL) in an all cash deal for Rs 1,084.5. crore ($261 million).

Educomp buys 51% stake in Learning.com

Educomp Solutions Ltd announces the acquisition of 51 per cent stake in US-based e-learning company, Learning.com, for $24.5 million. The acquisition cost includes the purchase of existing shares as well as an infusion of new capital into the company.

Volvo buys 8.1% in Eicher Motors

Swedish multinational AB Volvo and Eicher Motors Ltd seal their joint venture deal to make trucks in India. The deal doubles the current stock market valuation of EML, with the promoters selling a part of their stake at Rs 691.68 per share.

Volvo will hold 45.6 per cent of the joint venture directly and 4.4 per cent through the indirect route. It is picking up 8.1 per cent stake in EML which will hold 54.4 per cent stake in the joint venture. The stake is being bought from the promoters at Rs 691.68 a share for a total cost of Rs 157 crore.

RCom arm buys UK’s Vanco Group for $77 m

Reliance Globalcom, a subsidiary of Reliance Communications, has acquired London-based managed network services provider, Vanco Group, for about $77 million (Rs 324 crore).

Emami buys out Vaidyas in Zandu Pharma

Emami Ltd buys out the entire stake of the Vaidya family, one of the two promoter groups, in Zandu Pharmaceutical Works Ltd.

June

Punj Lloyd acquires 74% stake in UK firm

Punj Lloyd acquires a 74 per cent stake in UK firm Technodyne International Ltd for an undisclosed amount. Technodyne is a specialist engineering, design and consultancy company specialising in large scale cryogenic and high pressure tanks.

Suzlon buys 30% Areva stake in REpower

Suzlon Energy Ltd says it has acquired 30 per cent stake in REpower Systems from French nuclear major Areva, taking its stake to about 66 per cent in the German wind turbine firm. Suzlon did not disclose the amount spent for the acquisition of shares.

Zydus Cadila buys 70% in Simayla Pharma

Cadila Healthcare Ltd (Zydus Cadila) announces acquiring a 70 per cent stake in Simayla Pharmaceuticals of South Africa, through its wholly owned subsidiary Zydus Healthcare SA Pty Ltd, for an undisclosed amount. As per the agreement reached between the two companies, the remaining stake will be held by the promoter of the company.

Cognizant buys US co Strategic Vision

Cognizant Techology Solutions says it has acquired Strategic Vision Consulting, Inc, a management and technology consulting firm with over 60 employees serving the media and entertainment industry.

Daiichi Sankyo to buy 51% in Ranbaxy

In one of the biggest deals in the pharmaceutical sector, Japan’s second-largest pharmaceutical company Daiichi Sankyo will buy up to 51 per cent stake in Ranbaxy Laboratories at Rs 737 a share. The value of the transaction is expected to be between $3.4 billion and $4.6 billion taking Ranbaxy’s enterprise value to $8.5 billion compared with $5 billion based on the company’s current share price.

Advanta buys sunflower seed biz of Limagrain

Advanta India Ltd acquires the sunflower seed business of Limagrain in the US. The acquisition, done through its US subsidiary, involves mainly the sunflower breeding programme of Limagrain located in Fargo, North Dakota, according to the Hyderabad-based Advanta.

Singapore Govt firm picks stake in Reid & Taylor

S Kumars Nationwide announces that an affiliate of GIC Special Investments will invest Rs 900 crore in its subsidiary, Reid $& Taylor, through a fresh issue of shares and warrants. GIC SI, the private equity investment arm of Government of Singapore Investment Corporation, will make the investment through its affiliate, Indivest Pte Ltd.

Quatrro buys 60% in Babel Media

Raman Roy-led Quatrro, an outsourcing company with over 2,000 employees globally, acquires over 60 per cent stake in Babel Media, for an undisclosed sum. Quatrro has invested in the company along with DE Shaw group. With this transaction, Babel becomes a part of the Quatrro group of companies.

July

Tanti group venture buys Chinese firm

Tanti group of companies, the promoters of Suzlon Energy Ltd, jointly with Bahrain-based Arcapita Bank, acquires Honiton Energy Holdings, a Chinese wind energy firm. The company has not disclosed the value of the deal. The joint venture partners will invest $2 billion by 2012 to develop a 1,650-MW portfolio of wind farms in the Inner Mongolia region of China.

Allied Digital buys US co

Allied Digital Services Ltd has acquired 80.5 per cent stake in the US-based EnPointe Global Services for an equity valuation of $30 million. 11

WNS buys Aviva’s BPO biz

WNS (Holdings) Ltd said it has acquired UK insurance major Aviva’s BPO business Aviva Global Services (AGS) for around $ 228 million (Rs 980 crore).

Bilcare, MeadWestvaco acquire US firm

Bilcare Ltd and US-based MeadWestvaco Corp (MWV) jointly acquired pharmaceutical packaging company International Labs of St. Petersburg, Florida. The acquisition will leverage capabilities for adherence-promoting pharmaceutical packaging and streamline the supply chain, a statement said.

Idea Cellular snaps up Spice

Mumbai, June 25 In a major consolidation in the telecom sector, Idea Cellular, part of the Aditya Birla group, will be acquiring 40.8 per cent stake in a smaller rival telecom company, Spice Communications, for about Rs 2,176 crore at a price of Rs 77.30 per share. In addition to this, Idea will also pay Rs 544 crore to the Spice group as non-compete fee, taking the total deal size to about Rs 2,700 crore.

M&M to drive Kinetic 2-wheeler

Ending months of speculations about its entry into the two-wheeler sector, utility vehicles and tractor major Mahindra & Mahindra has announced the acquisition of scooter maker Kinetic Motor Company. M&M will pay Rs 110 crore cash and a 20 per cent stake in a new company – Mahindra Kinetic Scooters and Motorcycles Ltd – to be formed to acquire the business assets of Kinetic. M&M will hold 80 per cent stake in the new company.

Lupin acquires Hormosan of Germany

Lupin Ltd acquires Germany’s Hormosan Pharma GmbH, a sales and marketing generics company that specialises in supplying Central Nervous System (CNS) medicines, at an undisclosed sum.

Capgemini in pact to buy Dutch firm

Capgemini reaches an in principle agreement with Getronics Pink Roccade for the acquisition of Getronics Pink Roccade Business Application Services BV.

Sintex acquires 90% stake in German co

Sintex Industries Ltd announces that through its wholly-owned subsidiary Sintex Holdings B.V., The Netherlands, it has acquired 90 per cent stake in Geiger Technik GmbH (Garmisch-Partenkirchen, Germany) for an approximate €35.6 million.

The Geiger family will continue to hold the remaining 10 per cent.

August

Essar’s Aegis BPO buys PeopleSupport of US

The Essar group says its outsourcing outfit Aegis BPO has agreed to buy the Nasdaq listed off-shoring firm PeopleSupport Inc for $250 million (Rs 1,057 crore). This would be the eleventh acquisition by Aegis in the last four years.

Mahindra buys 51% in Chinese tractor co

Tractor and utility vehicle maker Mahindra & Mahindra agrees to pick up majority equity in a joint venture it will form with China’s third largest tractor company, Yancheng Tractor. The new venture will hold the divested tractor business of the state-owned Chinese company.

Kirloskar Electric acquires German co

Kirloskar Electric Company Ltd, the flagship company of the Bangalore-based Mr Vijay R. Kirloskar, announces the acquisition of Lloyd Dynamowerke GmbH & Co KG (LDW), Bremen.

Aditya Birla co to buy 56% in Apollo Sindhoori

The Aditya Birla Group announces its re-entry into the stock broking business by picking up a 56-per cent stake in the Chennai-based Apollo Sindhoori Capital Investments Ltd (ASCIL). Aditya Birla Nuvo has bought 3.10 crore shares of the retail broking firm for Rs 198.8 crore, a press release from the Group said.

September

Great Offshore buys 2 maritime services cos

Great Offshore Ltd announces its foray into port management and single point mooring operations through acquisition of two maritime services companies in Andhra Pradesh for an aggregate consideration of about Rs 160 crore.

Shriram EPC buys 55% stake in BG Tech

Shriram EPC acquires a 55-per cent stake in Blackstone Group Technologies Pvt Ltd, an engineering consulting firm based in Chennai.

Gammon buys 50% stake in Italian co Sofinter

Gammon announces the acquisition of a 50 per cent stake in Sofinter S.p.a. of Italy, which is Ansaldo’s holding company.

TPG picks up 49% stake in Shriram Retail

TPG Capital, a global private equity investment firm, picks up 49 per cent stake in Shriram Retail Holdings, the holding company of Shriram City Union Finance Ltd for a consideration of Rs 530 crore.

Videocon, BPCL buy Brazilian firm

Videocon Industries and Bharat PetroResources Ltd, a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd, completes the acquisition of Brazilian company, EnCana Brasil Petroleo for $165 million. The joint venture will also be paying $118 million as reimbursement of all the expenses of EnCana since January 1, 2007, talking the final deal amount to $283 million.

October

Tata Steel Global buys 20% in New Millennium

Tata Steel Global Minerals Holdings Pte Ltd, Singapore, a wholly owned indirect subsidiary of Tata Steel Ltd, acquiring 19.9 per cent in New Millennium Capital Corporation, Canada (NML), for $22 million (Rs 106 crore). NML is a publicly owned Canadian mining company engaged in exploration and development of iron ore properties.

Dynamatic buys UK aerospace co

Dynamatic Technologies Ltd informs stock exchanges that it has acquired a UK-based company making aeronautic components for around $16 million (around Rs 76 crore).

GMR acquires 50% in InterGen

GMR, the infrastructure company with business presence in energy, airports, highways and urban infrastructure, announces it has completed the acquisition of a 50 per cent stake in InterGen N.V. at a cost of $954 million.

Tatas buy majority stake in Norwegian firm

Tata Motors picks up a majority stake in Norway-based Miljo Grenland/Innovasjon, which specialises in developing solutions for electric vehicles. Tata Motors’ UK subsidiary, Tata Motors European Technical Centre, acquires a 50.3 per cent in Miljo for Rs 9.4 crore.

Emami acquires controlling stake in Zandu

The Parikh family, the existing promoters of The Zandu Pharmaceuticals Works Ltd, agrees to sell 18.18 per cent strategic stake to Emami Ltd at a total price of Rs 242 crore, including a non-compete fee of Rs 22 crore.

Shree Renuka Sugars buys 87% stake in Gokak Sugars

Shree Renuka Sugars Ltd acquires a majority stake in Gokak Sugars Ltd in Karnataka that augments its crushing capacity by 2,500 tonnes crushed per day. SRSL has acquired 87 per cent stake for Rs 69.3 crore that includes a cash outflow of Rs 4.3 crore and an assumption of long-term debt of Rs 65 crore, the company said in a press release.

Unitech offloads 60% stake in telecom biz to Telenor

Telenor of Norway signs an agreement to acquire 60 per cent stake in Unitech Ltd’s telecom venture, Unitech Wireless, for Rs 6,120 crore.

November

Satyam buys Motorola’s Malaysian centre

Nov 10: Satyam Computer Services has acquired Motorola’s captive software development centre (SDC) in Malaysia for an undisclosed consideration.

Cadila Healthcare acquires Italian research company Etna Biotech

Cadila Healthcare Ltd (Zydus Cadila) announces the acquisition of Etna Biotech, a wholly-owned Italian subsidiary of the Dutch bio-pharma company, Crucell N.V., for an undisclosed consideration. The deal, which marks Zydus Cadila’s first acquisition in the research space, offers the group a research platform for developing new vaccines and technology.

Japan’s DoCoMo acquires 26% stake in Tata Tele

Japan’s NTT DoCoMo picks up a 26 per cent stake in the city-based Tata Teleservices for a consideration of $2.7 billion (Rs 13,070 crore).

Ess Dee picks up majority stake in India Foils

Ess Dee Aluminium Ltd, a manufacturer and supplier of aluminium foils and PVC-based primary packaging products, announces the acquisition of about 85 per cent stake in the ailing India Foils Ltd, a Vedanta Group company.

As part of the deal, Ess Dee and Vedanta-owned Malco, which owns IFL, will revive the ailing firm according to the rehabilitation scheme approved by the BIFR.

Philips acquires Meditronics

Royal Philips Electronics acquires Mumbai-based Meditronics, a manufacturer of general X-ray systems for an undisclosed amount.

Dabur acquires 72.1% stake in Fem

Dabur India Ltd acquires a 72.15 per cent stake in Fem Care Pharma Ltd, a women’s skin care products company, for Rs 203.7 crore, in an all-cash deal.

Sun Pharma buys US co Chattem Chemicals

Sun Pharmaceutical Industries Ltd acquires Chattem Chemicals Inc, a US-based narcotic substances producer and importer, for an undisclosed amount. For the year ending June 2008, Chattem is estimated to have clocked sales of $26 million.

December

United Spirits acquires Balaji Distilleries

United Spirits Ltd consolidates its presence in Tamil Nadu with the acquisition of its contract manufacturing unit, Balaji Distilleries in an all stock deal.

MAN to raise stake in joint venture with Force Motors

MAN of Germany will buy a 14.2 per cent stake from its joint venture partner, Force Motors Ltd of Pune, for about Rs 300 crore (€49 million), taking its stake in the joint venture to 50 per cent. MAN will acquire additional equity in the joint venture – MAN Force Trucks Pvt Ltd – to reach the 50 per cent level.

Satyam to buy Maytas Infra, Maytas Properties

Satyam Computer Services proposes to acquire Maytas Properties and 51 per cent stake in Maytas Infra for a consideration of $1.6 billion (about Rs 8,000 crore). The move by Satyam, which is sitting on a cash pile of Rs 8,235 crore, has taken the market by surprise as the IT major preferred to acquire infrastructure companies and not an IT company.

Satyam backtracks, says it misread the possible impact

Satyam Computer Services has called off the $1.6-billion twin deals to acquire Maytas Properties and Maytas Infra, controlled by the sons of the company’s Chairman, Mr B. Ramalinga Raju.

Piramal Healthcare to buy Minrad for Rs 196 cr

Piramal Healthcare Ltd acquires Minrad International Inc for $40 million or about Rs 196 crore. Minrad is a generic inhalation anaesthetics company and as per the agreement, it will merge with a newly incorporated wholly owned subsidiary of Piramal Healthcare.

ONGC snaps up Imperial Energy for $ 1.9 b

Oil and Natural Gas Corporation takes control of Imperial Energy Plc for £1.3 billion ($1.9 billion) after 96.8 per cent of the London-listed firm’s shareholders accept the takeover offer made by the state-owned explorer’s overseas arm, ONGC Videsh Ltd.

TCS pays $512 m for Citigroup’s BPO arm

Tata Consultancy Services completes the acquisition of Citigroup Global Services Ltd, in an all-cash deal worth $512 million.