Reliance ADAG is acquiring 51 per cent stake in UK-based currency exchange and money transfer firm No 1 Currency to foray into the international forex business and to tap into the 1.6 million non-resident Indians (NRI) population.
ENTERS JV WITH
HBL Power Systems Ltd is in the process of setting up a joint venture company in the Kingdom of Saudi Arabia (SA) with Advance Electronics Company Ltd (a government partner) and Abdullah H. Al Shuwayer & Sons T&C Company Ltd as local partners. The joint venture, named Gulf Batteries Company Ltd, will set up a unit to manufacture industrial batteries in the eastern province of KSA at an estimated cost of $28 million. HBL Power Company will have 40 per cent of joint venture equity.
BUYS INTO
Tata Communications has bought the 30 per cent stake in Neotel that was previously held by Eskom and Transnet. "This reaffirms Tata Communications commitment to its expansion and investment plans in the emerging regions of Asia, Africa and the Middle East, said N Srinath, managing director and CEO, Tata Communications.
ACQUIRED BY
Oil and Natural Gas Corporation (ONGC) has taken control of Imperial Energy Plc for £1.3 billion ($1.9 billion) after 96.8 per cent of the London-listed firm's shareholders accepted the takeover offer made by the state-owned explorer's overseas arm, ONGC Videsh Ltd (OVL).
ACQUIRED BY
Godrej Consumer Products (GCPL) expanded its presence in the South African market this year by acquiring Kinky hair brand. This is the second company acquired by GCPL in South Africa after Rapidol—a marketer of permanent hair colorant—in 2006.
ACQUIRED BY
Ranbaxy Fine Chemicals (RFCL) has bought the US-based speciality chemicals major Mallinckrodt Baker, which is a part of the US$ 10 billion healthcare giant Covidien, in a deal estimated at US$ 340 million.
