CG Acquires PTS
Indian companies drive outwards is unstoppable. Crompton Greaves Limited (CG), part of the US$ 4 bn Avantha Group, today announced acquisition of UK-based Power Technology Solutions Limited (PTS). The approximate Enterprise Value of this acquisition is £ 30 MN. Avantha Chairman & CEO Mr Gautam Thapar said, “CG is one of the country’s most globalised company, with half its assets and more than 50 per cent of its sale coming from abroad. This strategic investment will contribute as much to CG’s product portfolio as it will to our overall growth plans.” Mr SM Trehan, Managing Director, Crompton Greaves Ltd. said, “At CG, we are always exploring opportunities of growth and expansion that offer a strategic fit and right value. With the acquisition of Power Technology Solutions, CG will gain significant consolidation in the engineering, procurement & maintenance (EPM) segment in UK and get access to newer markets.
Corporate Quantum Of Solace
Corporate India is a nervous lot these days. It surely knows that the government would begin sometime soon the stimulus roll, at least partial roll back, as announced by the finance minister in his budget speech. Hectic lobbying is on within the corridors of power to ensure that one or the other sector continues to enjoy the stimulus for some more time. Wish lists are being carried here and there to curry support for sectors that the industry wants the government to continue the stimulus package. While there are a few genuine industry verticals that need the solace for some more time, a host of industry captains are pushing also for sector that have shown genuine growth. The mandarins of power have not shared their mind yet!
Big Deal Sealed
It is order season! L&T Buildings & Factories Operating Company – part of its Construction Division has bagged two new orders including add on orders aggregating Rs 1,017 crore for the construction of IT campus, residential towers and factory buildings. L&T has secured a major Design & Build order worth Rs 566 Crore from Cognizant Technology Solutions India Pvt Ltd for construction of their IT campus development at Siruseri, Chennai. Another major order worth Rs 280 Crore has been secured from IREO Private Limited for the construction of “The Grand Arch” multi-storied residential apartments at Gurgaon, Haryana.
DBS Eyes Indian Market
As economy shows signs of recovery, DBS Bank has said that in line with its recently unveiled strategy to pursue growth in India by focusing on corporates, high networth individuals (HNIs) and emerging affluent customers, it has reached an agreement with the Murugappa Group for the latter to buy over its 37.5 per cent stake in Cholamandalam DBS Finance. DBS, says it remains committed to India, a high-growth market, where it has enjoyed stellar performance over the past five years. The transaction is expected to be completed on or before April 12, 2010 and is not expected to have any material impact on the financial performance of DBS.