The acquisition will cost Videocon-BPCL $165 million. The deal was signed in September last year.
Videocon Industries' 50:50 JV with BPCL-- VB (Brasil) Petroleo Private Ltd, has completed the transaction to acquire 100% stake of EnCana Brasil Petroleo Limitada , for $165 million. The JV firm has also paid an amount of $ 118 million as reimbursement of all the expenses of the Brazilian firm since January 01, 2007.
The unit was the Brazilian arm of Canadian gas producer EnCana and the Indian firms had entered into an agreement to acquire the stake in September last year with the effective date of the transaction agreed to be January 01, 2007. It marked EnCana's exit from Brazil as part of its refocus on natural gas and oil assets in North America.
EnCana Brasil's assets include ten deep water offshore petroleum exploration blocks in four basins in Brazil. Petrobras, the national oil Company of Brazil, operates three of these four basins whereas US-based Anadarko Corp is the operator in fourth basin. Out of the total 10 blocks Petrobras are operators in seven.
Videocon has been partnering public sector oil and gas firms in both India and overseas to expand its energy business. Besides its venture with BPCL, it also has domestic JV with ONGC among others in the Ravva oil and gas fields.
Most recently, it had partnered with BPCL in picking 10% stake each in an offshore oil exploration block in Mozambique. The capital outlay for the transaction was estimated at $75 million for Videocon
Showing posts with label acquisition. Show all posts
Showing posts with label acquisition. Show all posts
Friday, September 19, 2008
Medical Equipment Firm Opto Circuits To Acquire European Co For $100M
Healthcare equipment maker Opto Circuits has acquired an unnamed European company for over $100 million. This would be Opto's biggest overseas acquisition. Informing the BSE about its acquisition Opto said that the privately held company is involved in manufacturing medical equipments. It also said that it has signed a non binding letter of Intent (LOI) for the proposed purchase with the target company. Opto is also plannning to raise up to Rs 1,000 crore ($250 million) to fund its acquisitions and retire its debt. The company will seek shareholders approval regarding this at the AGM on September 30.
For FY08, Opto reported net profits of Rs 132.39 crore, up by 80% over revenues of Rs 468 crore. The company has several overeas acquisitions under its belt. Earlier this year it acquired US-based Criticare Systems, a non-invasive medical devices manufacturer, for $70 million. It raised a debt of $52 million for this acquisition. Opto also acquired EuroCOR GmbH of Germany, a company that designs and manufactures various kinds of stents, for around $15 million in 2005. It had also acquired patient monitoring division of Palco Labs, USA in 2003 and renamed the same as MediAid Inc.
Opto has a manufacturing & R&D facility at Electronics City, Bangalore. Opto's shares are currently trading at Rs 295, nearly half of its 52-week low of Rs 580, and has a market capitalisation of Rs 290 crore.
For FY08, Opto reported net profits of Rs 132.39 crore, up by 80% over revenues of Rs 468 crore. The company has several overeas acquisitions under its belt. Earlier this year it acquired US-based Criticare Systems, a non-invasive medical devices manufacturer, for $70 million. It raised a debt of $52 million for this acquisition. Opto also acquired EuroCOR GmbH of Germany, a company that designs and manufactures various kinds of stents, for around $15 million in 2005. It had also acquired patient monitoring division of Palco Labs, USA in 2003 and renamed the same as MediAid Inc.
Opto has a manufacturing & R&D facility at Electronics City, Bangalore. Opto's shares are currently trading at Rs 295, nearly half of its 52-week low of Rs 580, and has a market capitalisation of Rs 290 crore.
Thursday, September 18, 2008
NMDC to buy SIIL for Rs 800 cr
National Minerals Development Corporation (NMDC), India's largest iron ore producer and exporter, will acquire the Hyderabad-based Sponge Iron India (SIIL) for a maximum of Rs 800 crore. The acquisition proposal is yet to be approved by SIIL.
NMDC has formed a draft proposal to merge with SIIL by acquiring the Hyderabad company's shares. It will also have to pay Rs 80 crore to the Government of India as purchase consideration and buy Andhra Pradesh Government's 1.23% stake in SIIL.
A company official said, "We want to diversify our portfolio and add value to our products and in the process we realised that we have no assets in Andhra Pradesh. So, we decided to buy SIIL."
The acquisition of SIIL is of strategic importance to NMDC, as it expands its iron ore production. The official said that NMDC plans to leverage SIIL's production capabilities. SIIL produces 60,000 tonnes sponge iron, 1,40,000 tonnes iron ore and 70,000 tonnes coal annually.
With an investment of Rs 23,000 crore, NMDC hopes to increase its turnover six-fold to Rs 35,000 crore by 2014. By FY15, the company plans to take its overall production capacity to 50 million tonne per year.
The company is setting up a Rs 14,000-crore integrated steel plant in Chhattisgarh and a Rs 1,400-crore pig iron plant. It is also expanding capacity at three of its mines at a cost of Rs 4,500 crore.
Source: Sify
NMDC has formed a draft proposal to merge with SIIL by acquiring the Hyderabad company's shares. It will also have to pay Rs 80 crore to the Government of India as purchase consideration and buy Andhra Pradesh Government's 1.23% stake in SIIL.
A company official said, "We want to diversify our portfolio and add value to our products and in the process we realised that we have no assets in Andhra Pradesh. So, we decided to buy SIIL."
The acquisition of SIIL is of strategic importance to NMDC, as it expands its iron ore production. The official said that NMDC plans to leverage SIIL's production capabilities. SIIL produces 60,000 tonnes sponge iron, 1,40,000 tonnes iron ore and 70,000 tonnes coal annually.
With an investment of Rs 23,000 crore, NMDC hopes to increase its turnover six-fold to Rs 35,000 crore by 2014. By FY15, the company plans to take its overall production capacity to 50 million tonne per year.
The company is setting up a Rs 14,000-crore integrated steel plant in Chhattisgarh and a Rs 1,400-crore pig iron plant. It is also expanding capacity at three of its mines at a cost of Rs 4,500 crore.
Source: Sify
Saturday, May 3, 2008
Tricom Board approves acquisition of Godrej Global Solns
Tricom India Ltd. (BSE Code: 531675 NSE: TRICOM,) a non-voice ITES service provider for global businesses has announced that its Board of Directors has approved acquisition of Godrej Global Solutions Ltd.(GGSL), a subsidiary of Godrej Industries Ltd. The acquisition will be completed in due course subject to approval from the shareholders.
Tricom will be acquiring 100% equity of GGSL valued at Rs 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering unique and customized business process outsourcing solutions and services for enhancing the effectiveness of business operations and thereby providing valuable leverage to business. Their work specializes in three main domains: Healthcare, Data Capture and Data Conversion. The company showed a top line of Rs 16.50 crores in FY 07-08 and has shown immense potential for growth which, the management feels, will get stronger in the coming years.
“Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically.” says Chetan Kothari, Managing Director of Tricom India Limited. He further stated, “Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.”
Commenting on the deal, Mr. Sanjay Tipnis, Managing Director of GGSL said, “We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently.”
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
Stock Split:
To facilitate the liquidity in the market the Board also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e.: One share of Rs 10 each will become 5 shares of Rs 2 each). This subdivision is also subject to necessary approvals.
Tricom will be acquiring 100% equity of GGSL valued at Rs 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering unique and customized business process outsourcing solutions and services for enhancing the effectiveness of business operations and thereby providing valuable leverage to business. Their work specializes in three main domains: Healthcare, Data Capture and Data Conversion. The company showed a top line of Rs 16.50 crores in FY 07-08 and has shown immense potential for growth which, the management feels, will get stronger in the coming years.
“Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically.” says Chetan Kothari, Managing Director of Tricom India Limited. He further stated, “Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.”
Commenting on the deal, Mr. Sanjay Tipnis, Managing Director of GGSL said, “We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently.”
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
Stock Split:
To facilitate the liquidity in the market the Board also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e.: One share of Rs 10 each will become 5 shares of Rs 2 each). This subdivision is also subject to necessary approvals.
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