India's Hindalco to acquire Novelis for $6 Billion in cash

Following the transaction, Hindalco, with Novelis, will be the world's largest aluminum rolling company, one of the biggest producers of primary aluminum in Asia, and India's leading copper producer.

Hindalco Industries Limited, India's largest non-ferrous metals company, and Novelis Inc., the world's leading producer of aluminum rolled products, today announced that they have entered into a definitive agreement for Hindalco to acquire Novelis in an all-cash transaction which values Novelis at approximately $6.0 billion, including approximately $2.4 billion of debt. Under the terms of the agreement, Novelis shareholders will receive $44.93 in cash for each outstanding common share.

Based in Mumbai, India, Hindalco is a leader in Asia's aluminum and copper industries, and is the flagship company of the Aditya Birla Group, a $12 billion multinational conglomerate, with a market capitalization in excess of $20 billion. Following the transaction, Hindalco, with Novelis, will be the world's largest aluminum rolling company, one of the biggest producers of primary aluminum in Asia, and India's leading copper producer.

Mr. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said, "The acquisition of Novelis is a landmark transaction for Hindalco and our Group. It is in line with our long-term strategies of expanding our global presence across our various businesses and is consistent with our vision of taking India to the world. The combination of Hindalco and Novelis will establish a global integrated aluminum producer with low-cost alumina and aluminum production facilities combined with high-end aluminum rolled product capabilities. The complementary expertise of both these companies will create and provide a strong platform for sustainable growth and ongoing success."

Acting Chief Executive Officer of Novelis, Mr. Ed Blechschmidt, said, "After careful consideration, the Board has unanimously agreed that this transaction with Hindalco delivers outstanding value to Novelis shareholders. Hindalco is a strong, dynamic company. The combination of Novelis' world-class rolling assets with Hindalco's growing primary aluminum operations and its downstream fabricating assets in the rapidly growing Asian market is an exciting prospect. Hindalco's parent, the Aditya Birla Group, is one of the largest and most respected business groups in India, with growing global activities and a long-term business view."

Mr. Debu Bhattacharya, Managing Director of Hindalco and Director of Aditya Birla Management Corporation Ltd., said, "There are significant geographical market and product synergies. Novelis is the global leader in aluminum rolled products and aluminum can recycling, with a global market share of about 19%. Hindalco has a 60% share in the currently small but potentially high-growth Indian market for rolled products. Hindalco's position as one of the lowest cost producers of primary aluminum in the world is leverageable into becoming a globally strong player. The Novelis acquisition will give us immediate scale and a global footprint."

The transaction has been unanimously approved by the Boards of Directors of both companies. The closing of the transaction is not conditional on Hindalco obtaining financing.

The transaction will be completed by way of a plan of arrangement under applicable Canadian Law. It will require the approval of 66 2/3% of the votes cast by shareholders of Novelis Inc. at a special meeting to be called to consider the arrangement followed by Court approval. The transaction is also subject to certain other customary conditions, including the receipt of regulatory approvals. The transaction is expected to be completed in the second quarter of 2007.

The Indian Public School (TIPS) Acquires South Hill Academy of US

Tamil Nadu-based The Indian Public School (TIPS), which currently operates a chain of International Baccalaureate schools in India with over 5000 students, has acquired South Hill Academy, Los Angeles, USA for USD 10 million as a part of its strategy to create a truly global network of international schools.

Chennai, Tamil Nadu, August 1, 2012 /India PRwire/ -- TIPS has floated a 100% owned subsidiary in the US to own and operate TIPS South Hill Academy. Founded in 1957, South Hills Academy is one of the prestigious educational institutions in the US. It's pursuit of academic excellence and well-rounded character education has shaped lives of several thousand students who are leading illustrious lives in their chosen profession. South Hills Academy's alumni include global entrepreneurs, scientists, academicians, Hollywood producers, musicians, sports stars, media personalities, etc.

Commenting about its US acquisition Mr. Ashok Kumar, Chairman, TIPS said, "Our mission is to nurture inquiring, knowledgeable and caring young people who are engaged citizens of the World. We feel that it is not possible to provide a truly global exposure to the students unless you have a truly international presence. Partnering with foreign schools for student exchange programs or relying on virtual exchanges have its limitations and will not equal the real world interactions students can get through your own infrastructure. For instance, with our direct US presence, we can achieve seamless integration of delivery of courses. Students of our Indian campuses can opt for continuing their studies in the US for two or three months of an academic year to get US exposure, without losing continuity in education. We also run structured student and faculty exchange programs aimed at contextualizing the meaning and relevance of their knowledge accumulated on a global platform"

Mr. Kumar added that the core academic program that is followed in TIPS is a global program, what TIPS students learn in Coimbatore, Karur or Kochi is exactly the same as what students learn at TIPS South Hill Academy in US. Being a part of the international network, faculty members too get an opportunity to interact with their peers in other campuses, as they are involved in lesson planning, content creation and delivery of courses.

This ensures any child in any country in any city in our school network is globally competitive.

Mr. Gilbert James, Executive Director, said that the parents of the US school see the takeover of their school by an international network from an emerging economy like India as a good opportunity for their children to gain valuable international exposure and understand global realities. India is recognized as a knowledge leader and is respected for its values and skills.

Mr. James added that currently TIPS has 10 campuses and will create 20 more campuses in India and 10 campuses abroad in the next five years. Campuses in China, Malaysia, Qatar and select cities of India are in different stages of planning and execution. The capital outlay for a state-of-the-art TIPS campus averages around Rs.30 crore without including the cost of real estate. TIPS has projected an investment of Rs.300 crore for its expansion plans in the next 3 years to be funded through debt and equity.

Telit Announces Mini PCI Express Card Based On Intel Technology With Wireless Machine-To-Machine (M2M) Capabilities

Telit Wireless Solutions (AIM: TCM), a leading global provider of high-quality machine-to-machine (M2M) modules and value-added services, today introduced a Mini PCI Express card with an embedded M2M module designed for industrial applications. Telit's HE910-based Mini-PCIe adapter card enables secure 3G cellular data, voice, and video communication for embedded PCs in a variety of commercial and industrial applications, including ATMs, kiosks, digital signage, surveillance, fleet management, and other applications benefitting from always-on wireless data connection, monitoring, and control.

New Delhi, Delhi, August 1, 2012 /India PRwire/ -- Telit Wireless Solutions (AIM: TCM), a leading global provider of high-quality machine-to-machine (M2M) modules and value-added services, today introduced a Mini PCI Express card with an embedded M2M module designed for industrial applications.

Telit's HE910-based Mini-PCIe adapter card enables secure 3G cellular data, voice, and video communication for embedded PCs in a variety of commercial and industrial applications, including ATMs, kiosks, digital signage, surveillance, fleet management, and other applications benefitting from always-on wireless data connection, monitoring, and control.

The "plug-and-play" Mini PCI Express card slot and 52-pin card edge connector allows application developers to easily integrate M2M capabilities into their solutions.

"Cellular Mini PCI Express cards have previously been a niche market but we expect it to grow significantly with the increase of M2M applications and the need for both high-performance motherboards and cellular connectivity for remote, off-site solutions," said Dominikus Hierl, chief marketing officer at Telit Wireless Solutions.

Designed for M2M applications requiring high bandwidth and worldwide coverage, the HE910 with Mini PCIe Adapter combines premium radio access technology UMTS/HSPA+

with backward compatibility to GSM, GPRS and EDGE networks. It includes HSDPA 21.0 Mbps (Cat 14), HSUPA 5.7 Mbps (Cat 6), embedded TCP/IP protocol stack and custom Telit AT commands. Support for USB and RIL drivers for Windows and Linux environments is available. Customers can also choose to add integrated high sensitivity A-GPS functionality.

"Telit's high quality products and worldwide support competence in the fast growing M2M market, makes them an important member in the Intel Intelligent System Alliance, one of the world's most recognized and trusted technology ecosystems," said Helmut Vogler, vice president and general manager of Mobile and Wireless Sales for Intel Corporation.

Since 2012, Telit has been part of an elite group of associate members in the Intel Intelligent Systems Alliance, a worldwide technology program providing hardware, software, firmware, tools and systems integration for embedded systems based on Intel technology. The Intel Intelligent Systems Alliance also offers joint sales and marketing opportunities.

The Telit HE910 with Mini PCIe Adapter is available now. The product is scheduled to ship in large volumes by September 2012. The product is available through the global sales offices of Telit.

Notes to Editor

About Telit

Telit Wireless Solutions is a brand of Telit Communications PLC (AIM: TCM), an enabler of machine-to-machine (M2M) communications worldwide providing wireless module technology and value-added services, including connectivity. Exclusively dedicated to M2M with more than 12 years of experience in the market, the company constantly enhances its technology leadership with six R&D centers across the globe. Telit offers an extensive portfolio of the highest quality cellular, short-range RF, and GNSS modules, available in over 80 countries. By supplying scalable products that are interchangeable across families, technologies and generations, Telit is able to keep development costs low and protect customers' design investments. In addition, Telit is the only module provider in the market today to offer a value-added services bundle including connectivity dedicated to simplifying the deployment of M2M applications. Further information on these services can be found at www.m2mAIR.com.

Telit provides unmatched customer support and premier design-in expertise through its 27 sales and support offices, a global distributor network of wireless experts with more than 30 Telit-designated Competence Centers, and its online Telit Technical Support Forum.

Telit technology enables organizations to wirelessly collect, process and respond to real-time data from vending machines, utility meters, cars, remote health monitors and any other connected devices, creating new efficiencies and revenue opportunities as well as societal and personal benefits. Further information about Telit and its products can be found at www.telit.com. Join the conversation and learn more about Telit and its customers' innovative applications on Facebook and Twitter.

Copyright © 2012 Telit Communication PLC. All rights reserved. Telit, Telit Wireless Solutions, Telit Communication PLC, telit.com, telit2market, Telit Technical Forum, m2mAIR, m2mAIR.com and all associated logos are trademarks of Telit Communications

PLC in the United States and other countries. Other names used herein may be trademarks of their respective owners.

Philips to merge three companies in India

Our Bureau / Bangalore September 8, 2004

The boards of Philips India Limited, Philips Medical Systems (India) Private Limited and Philips Software Centre Private Limited have approved the merger of these three companies into a single legal entity, to be known as Philips Electronics India Limited.  The combined entity will have a turnover of Rs 2,000 crore with a total manpower of nearly 4,500. The new company will be headed by K Ramachandran who is currently the head of Philips India.  The merger and change of name will take effect after consents and approvals from the shareholders and the high courts concerned are received.  This is expected to conclude in March 2005 and will have an 'appointed date' of 1 April, 2004. The merger scheme envisages a share swap ratio of one share of Philips Software for every two shares of Philips India and 78 shares of Philips Medical Systems for each Philips India share.  According to Bob Hoekstra, CEO, Philips Software Centre, “This merger will allow us to present a unified face of the brand to our stakeholders, and simplify the legal structure and enable seamless treasury operations.”  Hoekstra clarified that business operations would not change as a consequence of the merger. “Internally it will simplify and rationalise Philips operations in India and the synergies of collaborative and collective leadership which has been in place for a number of years will only strengthen with the focus on One Philips,” said Hoekstra.  According to a statement from Philips, the merger reaffirms the growing importance Royal Philips Electronics attaches to India and its commitment to making things easier and simpler for all stakeholders.  Hoekstra said, “A few years back, we had eight Philips entities in India and in 2003, we became three. We now move towards the consolidation of these three remaining entities into one. This is a global initiative towards creating one Philips family, the world over. It is Philips' policy to simplify its legal structure in every country.”  He added, “The benefits are predominantly in the elimination of duplication that three legal entities require, and in seamless financial operations. It is not intended to achieve synergies in business operations.”  Philips India Limited currently has a turnover of Rs 1,600 crore and is into lighting, consumer electronics, semiconductors, domestic appliances and personal care, while Philips

Software last year exported software worth Rs 192 crore.  Nearly 20 per cent of Philips global software requirements are met by its Bangalore centre which employs 1,200 professionals.  Philips Medical Systems offers products for X-ray, ultrasound, magnetic resonance, computed tomography, nuclear medicine, PET, radiation oncology systems, patient monitoring, information management and resuscitation products, as well as a range of other services and reported a topline of Rs 130 crore.

Scrip Code Name of the Company Reasons

504377 A.T.E. trading & Manufacturing Co. Ltd. Amalgamation with Motex Engineering Co. Pvt. Ltd.

516076 Ador Technopack Ltd Amalgamation with J.B. Advani & Company Pvt. Ltd.

531561 Akash Housing Ltd. Amalgamation with Vijay Shanthi Builders Ltd.

524596 Alcheme Organics Ltd. Amalgamation with Aarti Industries Ltd.

524538 Allied Resins & Chemicals Limited Amalgamation with ARCL Organics Limited (an unlisted Company)

500006 Alpha Drug India Ltd. Amalgamation with Punjab Chemicals & Crop Protection Ltd.

532201 Ambuja Cement Eastern Ltd. Amalgamation with Gujarat Ambuja Cement Ltd.

500122 Ambuja Cement Rajasthan Ltd. Amalgamation with Gujarat Ambuja Cement Ltd.

511587 Ambuja Shipyard & Software Ltd. Amalgamation with Galaxy Appliances Ltd.

531534 American Remedies Ltd. Amalgamation with Dr. Reddy's Laboratories Ltd.

521103 Amrapali Developers (India) Limited Amalgamation with Amrapali Industries Limited

500061 Andhra Valley Power Supply Co. Ltd. Amalgamation with Tata Power Co. Ltd.

519510 Anmol Dairy Ltd. Amalgamation with Dairy Den Ltd.

513188 Annapurna Foils Ltd. Amalgamation with Indian Aluminium Company Ltd.

503749 APR Ltd. Amalgamation with Ballarpur Industries Ltd.

523094 Aristocrat Luggage Limited Amalgamation with VIP Industries Limited

507270 Arlem Breweries Ltd. Amalgamation with Aurangabad Breweries Ltd.

514193 Arrow Webtex Ltd Amalgamation with Creole Holdings Company Private Ltd

500018 Arvind Polycot Limited Amalgamation with Arvind Products Ltd.

532489 Arvind Products Limited Amalgamation with Arvind Limited

532190 Aryan Pesticides Ltd. Amalgamation with Deepak Nitrite Ltd.

532753 Ashim Investment Co. Ltd. Amalgamation with Bengal & Assam Company Ltd.

500062 Ashok Leyland Finance Ltd. Amalgamation with IndusInd Bank Ltd.

500062 Ashok Leyland Finance Ltd. Amalgamation with IndusInd Bank Ltd.

500021 Asian Coffee Ltd. Amalgamation with Consolidated Coffee Ltd.

532385 Aztecsoft Limited Amalgamation with Mindtree Limited

507500 Bajaj Hindusthan Sugar & Industries Limited Amalgamation with Bajaj Hindusthan Limited

500035 Balaji Distilleries Limited (BDL) Merger of the Brewery Division into Chennai Breweries Pvt. Ltd. and merger of residual BDL (Distillery Division) with United Spirits Limited.

531966 Bank of Madura Ltd. Amalgamation with ICICI Bank Ltd.

500070 Bank of Punjab Ltd. Amalgamation with Centurion Bank Ltd.

500019 Bank of Rajasthan Limited Amalgamation with ICICI Bank Limited

502722 Banswara Textiles Mills Ltd. Amalgamation with Banswara Syntex Ltd.

530415 Bayer Cropscience Ltd. Amalgamation with Bayer (India) Ltd.

515035 Bell Ceramics Limited Amalgamation with Orient Ceramics and Industries Limited (new name Orient Bell Limited)

524750 Bharat Starch Industries Ltd. Amalgamation with English Indian Clays Ltd.

511479 Birla Century Finance Ltd. Amalgamation with Kesoram Industries Ltd.

500064 Birla Global Finance Ltd Amalgamation with Aditya Birla Nuvo Ltd

505426 Birla Machining Toolings Ltd. Amalgmation with Birla Percision Technologies Ltd.

519226 Bishnauth Tea Ltd. Amalgamation with Eveready Industries India Ltd.

500066 Blow Plast Ltd Amalgamation with V.I.P Industries Ltd

524512 Bombay Drugs and Pharmas Ltd. Amalgamation with Strides Arcolab Ltd.

509475 Bombay Paints Limited Amalgamation with Grauer & Weil (India) Limited

500072 Bongaigaon Refinery & Petrochemicals Limited Amalgamation with Indian Oil Corporation Limited

500384 Brabourne Enterprises Limited Amalgamation with RPG Itochu Finance Limited

507782 Brite Automotive and Plastics Ltd. Amalgamation with Bright Brothers Ltd.

500076 Burroughs Wellcome (India) Ltd. Amalgamation with GlaxoSmithkline Pharmaceuticals Ltd.

523254 Casil Health Products Ltd. Amalgamation with Genvista Pharmaceuticals Pvt. Ltd.

507504 Cauvery Sugars and Chemicals Ltd. Amalgamation with EID Parry Ltd.

530209 Ceejay Finance Ltd. Amalgamation with Heritage Packaging Ltd.

500099 Central India Polyesters Ltd Amalgamation with Indian Petrochemicals Corporation Ltd

532273 Centurion Bank of Punjab Limited Amalgamation with HDFC Bank Limited

507494 Charminar Breweries Ltd. Amalgamation with Skol Breweries Ltd.

524140 Cheminor Drugs Ltd. Amalgamation with Dr. Reddy's Laboratories Ltd.

532969 CHI Investments Limited Amalgamation with RPG Itochu Finance Limited

505684 Chicago Pneumatic Ltd. Amalgamation with Atlas Copco India Ltd.

532184 Ciba India Limited Amalgamation with BASF India Limited

500373 Clariant (India) Ltd. Amalgamation with Colour - Chem Ltd.

531987 CLC Global Ltd. Amalgamation with Spentex Industries Ltd.

502369 Coastal Papers Ltd. Amalgamation with Andhra Pradesh Paper Mills Ltd.

524707 Cochin Refineries Balmer Lawrie Ltd. Amalgamation with Kochi Refineries Ltd.

532688 Compulink Systems Limited Amalgamation with Glodyne Technoserve Limited

511345 Consortium Finance Ltd. Amalgamation with Magma Leasing Ltd.

532207 Cynamid Agro Ltd. Amalgamation with BASF India Ltd.

524256 Daurala Organics Ltd. Amalgamation with DCM Shriram Industries Ltd.

502817 Dawn Mills Company Ltd Amalgamation with Peninsula Land Ltd.

512383 Delstar Commercial & Finance Ltd. Amalgamation with Vicky Investments Ltd.

524578 Dolphin Laboratories Limited Amalgamation with Intas Pharmaceuticals Ltd.

500130 Elgi Finance Limited Amalgamation with Elgi Equipments Limited

590023 Elgi Rubber Company Limited Amalgamation with Elgi Rubber International Limited

532615 ETC Networks Limited Amalgamation with Zee Interactive Learning Systems Limited

532958 ETC Networks Limited Amalgamation with Zee Entertainment Enterprises Limited

506156 ETC Networks Ltd. (old scrip code) Amalgamation with Econnect India Ltd. (Unlisted Company)

505705 FAL Industries Ltd Amalgamation with Forbes Gokak Ltd.

511744 FCGL Industries Ltd Amalgamation with Gujarat NRE Coke Ltd.

524600 FCL Technologies & Products Ltd Amalgamation with Flex Industries Ltd

524608 Fem Care Pharma Limited Amalgamation with Dabur India Limited

506443 Ficom Organics Ltd Amalgamation with Coromandel Fertilisers Ltd.

524782 Fine Drugs and Chemicals Ltd. Amalgamation with Matrix Laboratories Ltd.

522167 Flex Engineering Ltd Amalgamation with Flex Industries Ltd

500149 Floatglass India Ltd. Amalgamation with Asahi India Glass Ltd.

500156 German Remedies Ltd. Amalgamation with Cadila Healthcare Ltd.

509698 Gestetner (India) Ltd. Amalgamation with Ricoh India Ltd.

503488 GIS Ltd. Amalgamation with Gillanders Arbuthnot & Co. Ltd.

500161 Global trust Bank Ltd. Amalgamation with Oriental Bank of Commerce Ltd.

532472 Glofame Cotspin Industries Ltd. Amalgamation with Welspun India Ltd.

509590 Graphite India Ltd. Amalgamation with Carbon Everflow Ltd.

532909 Grabal Alok Impex Limited Amalgamation with Alok Industries Limited

519371 Growmore Solvent Ltd. Amalgamation with Kengold (India Ltd.)

531108 Gujarat Project & Profins Ltd. Amalgamation with Galaxy Appliances Ltd.

507790 Gujarat Propack Ltd. Amalgamation with Cosmo Films Ltd.

511026 Gulf Oil India Ltd. Amalgamation with IDL Industries Ltd.

524184 Gulshan Sugars & Chemicals Ltd. Amalgamation with Gulshan Polyols Ltd.

524082 Harleystreet Pharmaceuticals Limited Amalgamation with Makers Laboratories Limited

507138 Haryana Breweries Ltd. Amalgamation with Skol Breweries Ltd.

500397 Henkel SPIC India Ltd. Amalgamation with Henkel India Ltd.

500181 Herbertsons Ltd Amalgamation with McDowell & Company Ltd

506737 Hind Lever Chemicals Ltd. Amalgamation with Tata Chemicals Ltd.

502880 Hindoostan Spinning & Weaving Mills Limited Amalgamation with Sirdar Carbonic Gas Limited

500190 Hitech Drilling Services Ltd. Amalgamation with Aban Loyd Chiles Offshore Ltd.

522219 Hyderabad Flextech Limited Amalgamation with Keerthi Industries Limited

500015 I C I C I Ltd. Amalgamation with I C I C I Bank Ltd.

530115 IB Industries Ltd. Amalgamation with N.R. International Ltd.

500198 IBP Company Ltd Amalgamation with Indian Oil Corporation Ltd.

532235 IDBI Bank Ltd. Amalgamation with Industrial Development Bank of India Ltd.

505260 Indabrator Ltd. Amalgamation with Nesco Ltd.

509684 India Foils Limited Amalgamation with Ess Dee Aluminium Limited

500203 India Polyfibres Ltd Amalgamation with Indian Petrochemicals Corporation Ltd

520079 India Steamship Company Ltd. Amalgamation with Chambal Fertilisers and Chemicals Ltd.

513235 Indian Charge Chrome Ltd Amalgamation with Indian Metals & Ferro Alloys Ltd

500105 Indian Petrochemicals Corporation Ltd. Amalgamation with Reliance Industries Ltd.

509706 Indian Resort Hotels Ltd Amalgamation with Indian Hotels Company Ltd

513385 Indian Seamless & Steels Ltd. Amalgamation with Jejuri Steels and Alloys Ltd.

523167 Indian Seamless Financial Services Ltd Amalgamation with Indian Seamless Securities Ltd.

504754 Indian Seamless Metal Tubes Ltd. Amalgamation with Kalyani Seamless Tubes Ltd.

531362 Indian Seamless Metal Tubes Ltd. Amalgamation with Indian Seamless Steels & Alloys Ltd.

517318 Indo Asian Fusegear Ltd. Amalgamation with Indo Kopp Ltd. (unlisted company)

526648 Indo Flogates Ltd. Amalgamation with IFGL Refractories Ltd.

500723 Indo Gulf Corporation Ltd. Amalgamation with Hindalco Industries Ltd

532492 Indo Gulf Fertilisers Ltd. Amalgamation with Aditya Birla Nuvo Ltd.

532501 Indo Rama Textiles Ltd Amalgamation with Spentex Industries Ltd

531941 Indus-e-Solutions Ltd. Amalgamaiton with Megasoft Ltd.

507539 International Best Foods Ltd. Amalgamation with Hindustan Lever Ltd.

517277 Intron Ltd. Amalgamation with Electrolux Kelvinator Ltd.

500340 ITC Bhadrachalam Paperboards Ltd. Amalgamation with ITC Ltd.

500216 ITC Hotels Ltd. Amalgamation with ITC Ltd.

531839 J.J. Spectrum Silk Ltd. Amalgamation with J.J. Exporters Ltd.

512111 Jahanri trades and Finance Ltd. Amalgamation with Amrit Petroleums Pvt. Ltd.

520071 Jai Parabolic Springs Limited Amalgamation with Jamna Auto Industries Limited

500888 Jai Prakash Industries Ltd. Amalgamation with Jaiprakash Associates Ltd. (unlisted company)

503861 Jaipur Polyspin Ltd. Amalgamation with Rajasthan Spinning & Weaving Mills Ltd.

500107 Jindal Iron & Steel Company Ltd. Amalgamation with Jindal Vijaynagar Steel Ltd.

524099 Jupiter Biotech Ltd. Amalgamation with Gujarat Ambuja Exports Ltd.

513244 Kanthal India Ltd. Amalgamation with Sandvik Asia Ltd.

512305 Kaslow trades and Finance Ltd. Amalgamation with Sagar Silk Industries Ltd.

511748 Kasturi Finlease & Investment Ltd. Amalgamation with Ajanta Soya Ltd.

523075 KHSL Industries Ltd. Amalgamation with Khaitan Overseas and Finance Ltd.

511467 Kinetic Capital Finance Ltd. Amalgamation with Kinetic Fincap Ltd.

500242 Kirloskar Pneumatic Co. Ltd. Amalgamation with K.G. Khosla Compressors Ltd.

500873 Kochi Refineries Ltd Amalgamation with Bharat Petroleum Corporation Ltd

532536 Kojam Fininvest Ltd. Amalgamation with Gujarat Glass Ltd.

520061 Lakshmi Auto Components Ltd. Amalgamation with TVS Motor Company Ltd.

500258 Lupin Laboratories Ltd. Amalgamation with Lupin Chemicals Ltd.

507751 M. J. Pharmaceuticals Ltd. Amalgamation with Sun Pharmaceuticals Industries Ltd.

507448 Mac Agro Industries Ltd. Amalgamation with South India Corp. Ltd.

504824 Maharashtra Elektrosmelt Limited Amalgamation with Steel Authority of India Limited

507874 Malabar Building Products Ltd. Amalgamation with Hyderabad Industries Ltd.

509749 Mandovi Pellets Ltd. Amalgamation with Chowgule and Company Ltd. (Unlisted Company)

532512 Mawana Sugars Ltd. Amalgamation with Siel Ltd.

511746 Mayar Finance Ltd. Amalgamation with Mayar India Ltd.

500273 McDowell and Co. Ltd. Amalgamation with McDowell Spirits Ltd.

532108 Medicorp Technologies India Ltd. Amalgamation with Matrix Laboratories Ltd.

524683 Metrochem Industries Limited Amalgamation with Global Boards Limited (new name Metroglobal Limited)

530257 Midas Pharmasec Limited Amalgamation with Fervent Pharma Synergies Limited (an unlisted Company)

524368 Milestone Organic Limited Amalgamation with Bodal Chemicals Limited

521147 Millennium Beer Industries Limited Amalgamation with United Breweries Limited.

532724 Mounteverest trading & Investment Limited Amalgamation with Monnet Ispat Limited

504888 Nahar International Ltd. Amalgamation with Nahar Industrial Enterprises Ltd.

507492 Nahar Sugar & Allied Ltd. Amalgamation with Nahar Industrial Enterprises Ltd.

524650 Narmada Chematur Petrochemicals Ltd. Amalgamation with Gujarat Narmada Valley Fertilizers Ltd.

532196 NCL Seccolar Ltd. Amalgamation with Alltek Coating Products Ltd.

511264 Nedungadi Bank Ltd. Amalgamation with Punjab National Bank Ltd.

532860 Netflier Finco Ltd. Amalgamation with Bengal & Assam Company Ltd.

533010 Octav Investments Limited Amalgamation with RPG Itochu Finance Limited

526895 Odissi Securities Ltd. Amalgamation with Textilespace Technologies Ltd.

517210 Onida Savak Ltd. Amalgamation with MIRC Electronics Ltd.

531167 Orient Information Technology Limited Amalgamation with IT People (India) Limited

523497 Pampasar Distillery Ltd. Amalgamation with Maharashtra Distilleries Ltd.

512087 Parijat trading Limited Amalgamation with Multilayer Films Pvt. Limited

500677 Parke Davis India Ltd. Amalgamation with Pfizer Ltd.

526602 Patel On-Board Couriers Ltd Amalgamation with Patel Roadways Ltd

506758 Paushak Ltd. Amalgamation with Darshak Ltd.

531492 Pentasoft Technologies Limited Amalgamation with Pentamedia Graphics Limited

506817 Pharmacia Healthcare Ltd. Amalgamation with Pfizer Ltd.

515139 Philips Glass India Ltd. Amalgamation with Philips India Ltd.

520143 Pix Autos Ltd. Amalgamation with Pix transmission Ltd.

524798 Plama Laboratories Ltd. Amalgamation with Strides Arcolab Ltd.

517053 Polar Fan Industries Ltd. Amalgamation with Polar Industries Ltd.

524246 Pradeep Drug Company Ltd. Amalgamation with Sun Pharmaceutical Industries Ltd.

504278 Punjab Anand Lamp Industries Ltd. Amalgamation with Philips India

500345 Punjab Power Generation Machine Ltd. Amalgamation with Crompton Greeves Ltd.

500344 Punjab tractors Limited Amalgamation with Mahindra & Mahindra Limited

512263 Purva Engineers Ltd. Amalgamation with Mughal Investment & trading Co. Pvt. Ltd.

532237 Radico Khaitan Ltd. Amalgamation with Abhishek Cements Ltd.

532153 Rain Clacining Ltd. Amalgamation with Rain Commodities Ltd.

500352 Rajasthan Tools Ltd. Amalgamation with Stono Machines & Castings Ltd.

526815 Rajdoot Paints Ltd. Amalgamation with Berger Paints Ltd.

526395 Rajshri Forex Ltd. Amalgamation with Rajshri Production Pvt. Ltd.

532328 Rane Brake Linings Limited Amalgamation with Rane Holdings Limited

532490 Rane Engine Valves Limited Amalgamation with Rane Holdings Limited

500362 Recron Synthetics Ltd Amalgamation with Indian Petrochemicals Corporation Ltd

532703 Reliance Capital Ventures Ltd Amalgamation with Reliance Capital Ltd.

532704 Reliance Energy Ventures Ltd Amalgamation with Reliance Energy Ltd.

532743 Reliance Petroleum Limited Amalgamation with Reliance Industries Limited

500364 Reliance Petroleum Ltd. Amalgamation with Reliance Industries Ltd.

530619 Religare Technova Global Solutions Limited Amalgamation with Religare Technova Limited

506747 Rhone-Poulence (India) Ltd. Amalgamation with Nicholas Piramal India Ltd.

519196 Rico Agroils Ltd. Amalgamation with Rico Auto India Ltd.

517056 RPG Cables Limited Amalgamation with KEC International Limited

532279 RSL Industries Ltd. Amalgamation with Ramco Super Leathers Ltd.

532118 Sai Info Services Ltd. Amalgamation with triton Corp Ltd.

517314 Salzer Controls Ltd. Amalgamation with Salzer Electronics Ltd.

521111 Salzer Textiles Ltd. Amalgamation with Pioneer Embrodiaries Ltd.

533209 Samruddhi Cement Limited Amalgamation with Ultratech Cement Limited

532361 Shapre Global Info Services Ltd. Amalgamation with Net Axis Software Services Ltd.

501379 Shaw Wallace & Co. Limited Amalgamation with United Spirits Limited

511591 Shrachi Securities Ltd Amalgamation with Magma Leasing Ltd

531351 Shree Rajasthan Texchem Ltd Amalgamation with Shree Rajasthan Syntex Ltd

507468 Shree Vaani Sugars & Industries Limited Amalgamation with Karnataka Breweries & Distilleries Pvt. Limited

532655 Shri Ramrupai Balaji Steels Ltd Amalgamation with Jai Balaji Industries Ltd.

511164 Shriram Investments Ltd. Amalgamation with Shriram transport Finance Company Ltd.

530515 Shriram Overseas Finance Ltd Amalgamation with Shriram transport Finance Company Ltd

507348 Sica Breweries Ltd. Amalgamation with Skol Breweries Ltd.

506559 Siemens Healthcare Diagnostics Limited Amalgamation with Siemens Limited

509711 Siemens VDO Automotive Ltd. Amalgamation with Siemens Ltd.ÂÂ

507777 Siltap Chemicals Ltd. Amalgamation with Supreme Industries Ltd.

507352 Skol Breweries Ltd. Amalgamation with Morkutir Investment and trading Company Ltd.

500647 Smithkline Beecham Pharmaceuticals India Ltd. Amalgamation with Glaxo India Ltd.

532956 Solectron EMS India Limited Amalgamation with Centum Electronics Limited

532447 Solvay Pharma India Limited Amalgamation with Abbott India Limited

532452 South Asian Petrochem Limited Amalgamation with Dhunseri Tea & Industries Limited

530491 Southern Iron and Steel Company Ltd. Amalgamation with JSW Steel Ltd.

531702 SPBL Ltd Amalgamation with Sangam (India) Ltd

524142 SPIC Organics Ltd. Amalgamation with Manali Petrochemicals Ltd.

532863 Spice Communications Limited Amalgamation with Idea Cellular Limited

524364 SPL Polymers Limited Amalgamation with Supreme Petrochem Limited

507452 Sree Kailash Sugars and Chemicals Ltd. Amalgamation with Kakatiya Cement Sugar and Industries Ltd.

514217 Sree Meenakshi Mills Ltd. Amalgamation with Gujarat Heavy Chemicals Ltd.

524163 Sree Rayalseema Petrochemicals Ltd. Amalgamation with Sree Rayalseema Hi-Strength Hypo Ltd.

532142 Sree Rayalseema Power Corporation Ltd. Amalgamation with Sree Rayalseema Hi-Strength Hypo Ltd.

507484 Sri Chakra Remedies Ltd. Amalgamation with Aurobindo Pharma Ltd.

514350 Sstella Silks Ltd. Amalgamation with Eastern Silk Industries Ltd.

504807 Summit Securities Limited Amalgamation with RPG Itochu Finance Limited

523273 Supreme Oriented Films Ltd. Amalgamation with Supreme Industries Ltd.

518111 Swastik Roofing Ltd. Amalgamation with Sahyadri Industries Ltd.

511231 Tata Finance Ltd. Amalgamation with Tata Motors Ltd.

500409 Tata Hydro Electric Power Supply Co. Ltd. Amalgamation with Tata Power Co. Ltd.

504290 Tata Infotech Ltd. Amalgamation with Tata Consultancy Services Ltd.

505397 Techno Electric & Engg. Co. Limited Amalgamation with Super Wind Project Limited

532299 Television Eighteen India Limited (TV18) Demerger of News Business Undertaking of TV18 into ibn18 Broadcast Ltd. and Amalgamation of Residual TV18 into Network18 Media and Investments Ltd.

522116 Textool Company Ltd. Amalgamation with Lakshmi Machine Works Ltd.

526580 The Champdany Industries Ltd Amalgamation with AI Champdany Industries Ltd

524125 Thirani Chemicals Ltd. Amalgamation with Lime Chemicals Ltd.

532252 Times Bank Ltd Amalgamation with HDFC Bank Ltd.

500416 Titagarh Steels Limited Amalgamation with Titagarh Wagons Limited

530155 Tonira Pharma Limited Amalgamation with IPCA Laboratories Limited

504096 Torrent Cables Limited Amalgamation with Torrent Gujarat Biotech Limited

500004 Torrent Power AEC Ltd Amalgamation with Torrent Power Ltd

501736 Torrent Power SEC Ltd Amalgamation with Torrent Power Ltd

530531 tristar Enterprises Ltd. Amalgamation with Galaxy Appliances Ltd.

520101 TVS Autolec Ltd. Amalgamation with Sundaram Fastners Ltd.

500423 TVS Electronics Ltd. Amalgamation with TVS eTechnology Ltd.

500424 TVS-Suzuki Limited. Amalgamation with Sundaram Auto Eng. (I) Ltd.

506840 Udaipur Phosphates & Fertilizers Ltd. Amalgamation with Dharmasi Morarji Chemicals Ltd.

500430 United Western Bank Ltd Amalgamation with Industrial Development Bank of India Ltd

501371 Urvi Chemicals & Allied Industries Ltd. Amalgamation with Newone trading Co. Pvt. Ltd.

517387 Usha Udyog Ltd. Amalgamation with Usha Ispat Ltd.

506860 Vanavil Dyes And Chemicals Ltd. Amalgamation with Colour - Chem Ltd.

506899 Varinder Agro Chemicals Ltd. Amalgamation with Abhishek Industries Ltd.

523634 Vashisti Detergents Ltd. Amalgamation with Hindustan Lever Ltd.

523640 Venky's (India) Ltd. (old scrip code) Amalgamation with Western Hatcheries Ltd.

502520 Vidarbha Paper Mills Ltd. Amalgamation with Sundaram Multi Pap Ltd.

500947 Videocon International Ltd. Amalgamation with Videocon Industries Ltd.

509301 Vikrant Tyres Ltd. Amalgamation with J.K.Industries Ltd.

532088 Viraj Forgings Ltd. Amalgamation with Viraj Alloys Ltd. (an unlisted Company)

532214 VisualSoft Technologies Ltd Amalgamation with Megasoft Ltd.

524508 Vorin Laboratories Ltd. Amalgamation with Matrix Laboratories Ltd.

508238 Williamson Tea Assam Ltd Amalgamation with McLeod Russel India Ltd

524286 Wockhardt Health Care Ltd. Amalgamation with Wockhardt Life Science Ltd.

524166 Wyeth Laboratories Limited. Amalgamation with Caynamid India Ltd.

524438 Zora Pharma Limited Amalgamation with Intas Pharmaceuticals Limited (an unlisted Company)

530283 Zuari Forex Limited Amalgamation with Phoenix Township Limited.

The Reliance – BP deal

The much talked about Reliance – BP deal finally came through in July 2011 after a 5 month wait. Reliance Industries signed a 7.2 billion dollar deal with UK energy giant BP, with 30 percent stake in 21 oil and gas blocks operated in India. Although the Indian government’s approval on two oil blocks still remains pending, this still makes it one of the biggest FDI deals to come through in India Inc in 2011-12-31.

Essar exits Vodafone

In March 2011, the Vodafone Group announced that it would buy 33 percent stake in its Indian joint venture for about 5 billion dollars after the Essar Group sold its holding and exited Vodafone. Healthcare giant Piramal Group too, bought about 5.5 percent in the Indian arm of Vodafone for about 640 million dollars. This brings Vodafone’s current stake to about 75 percent.

The Fortis Healthcare merger

In September 2011, India’s second largest hospital chain, Fortis Healthcare (India) Ltd, announced that it will merge with Fortis Healthcare International Pte Ltd., the promoters’ privately held company. This will make Fortis Asia’s top healthcare provider with the approximate total revenue pegged at Rs. 4,800 crore. Fortis India will buy the entire stake of the Singapore based Fortis International. This company is currently held by the Delhi-based Singh brothers (Malvinder Singh and Shivinder Singh).

iGate acquires majority stake in Patni Computers

In May 2011, IT firm iGate completed its acquisition of its midsized rival Patni Computers for an estimated 1.2 billion dollars. For iGate, the main aim of this acquisition was to increase its revenue, vertical capability and customer base. iGate now holds an approximate stake of 82.5 percent in Patni computers, now called iGate Patni.

GVK Power acquires Hancock Coal

In one of the biggest overseas acquisitions initiated by India in September 2011, Hyderabad-based GVK Power bought out Australia’s Hancock Coal for about 1.26 billion dollars. The acquisition includes a majority of the coal resources, railway line and port infrastructure of Hancock Coal, along with the option for long term coal supply contracts.

Essar Energy’s Stanlow Refinery Deal with Royal Dutch Shell

The Ruias’ flagship company for its oil business, Essar Energy completed its 350 million dollar acquisition of the UK based Stanlow Refinery of Shell in August 2011. In addition to a direct access to the UK market, Essar is planning to make optimum utilization of this deal with its ’100 day plan’ to improve operations at the UK unit.

Aditya Birla Group to acquire Columbian Chemicals

In June 2011, the Aditya Birla Group announced its completion of acquiring US based Columbian Chemicals, a 100 year old carbon black maker company for an estimated 875 million dollars. This will make the Aditya Birla Group one of the largest carbon black maker companies in the world, doubling its production capacity instantly.

Mahindra & Mahindra acquires Ssangyong

In March 2011, Mahindra acquired a 70 percent stake in ailing South Korean auto maker Ssangyong Motor Company Limited (SYMC) at a total of 463 million dollars. This acquisition will see the Korean company’s flagship SUV models, the Rexton II and the Korando C foray into the Indian market.

The Vedanta – Cairn acquisition

December 2011 finally saw the completion of the much talked about Vedanta – Cairn deal that was in the pipeline for more than 16 months. Touted to be the biggest deal for Indian energy sector, Vedanta acquired Cairn India for a neat 8.6 billion dollars. Although the Home Ministry cleared the deal, it has highlighted areas of concern with 64 legal proceedings against Vedanta.

Adani Enterprises takes over Abbot Point Coal

In June 2011, Adani acquired the Australian Abbot Point Port for 1.9 billion dollars. With this deal, the revenues from port operations are expected to almost triple from 110 million Australian dollars to 305 million Australian dollars in 2011. According to Adani, this was amongst the largest port deals ever made.

GVK Power acquires Hancock CoalOn August 26, ET had reported that GVK Power was close to acquiring two coal mines from Hancock Coal for about $1.3 billion.

"While this builds a strong resource business for GVK, it will also significantly enhance the value to GVKPIL shareholders as we will now be able to increase the capacity of our coal power business with an assured in house supply of raw material," GVK Chairman GVK Reddy said in a statement.

GVK will pay the consideration in a phased manner to the Hancock Group, with $500 million upfront. About $200 million will be paid in one year from closing the deal and another $560 million on financial closure of the project, which is expected next year.

The Hancock coal project consists of 7.9 billion tonnes reserves.

The deal comes a year after Adani Enterprises bought Australia-based Linc Energy's coal assets for about Rs 12,600 crore in the largest such transaction. In march this year, Lanco, another Hyderabad-based infrastructure major, bought Australia's Griffin Coal for A$750 million.

GVK Power, a flagship of the GVK group, and its subsidiary GVK Energy, have been aggressively trying to secure fuel supply agreements in an energy deficient market for their proposed power plants India. The acquisition enables GVK Power to secure adequate fuel supplies for its power ventures.

Hancock Group chairman Georgina Hope Rinehart, one of Australia's richest women, will join the board of GVK Power as a non-executive director.

The Hyderabad-based infrastructure group said it has tied-up the funding for the acquisition with banks and the financing documents for funding the acquisition are being executed with the banks and the transaction is expected to close and assets transferred in about two weeks.

Ernst & Young acted as the financial advisor to GVK for the acquisition. Amarchand & Mangaldas & Suresh A. Shroff & Co were the legal advisors, while Minter Ellison Lawyers were Australian legal advisors to GVK.

GVK estimates a total investment of $10 billion in the first phase of developing the mines, rail line and port. However, it did not disclose details on funding arrangements for this investment.

The transaction was done by GVK Coal Developers (Singapore) Pte Limited (GVKCDPL), a step down subsidiary of GVK Natural Resources. Initially, GVK Natural Resources will hold 90% and GVK Power will hold the remaining 10%. GVK Power has the option to increase its stake up to 49%, subject to necessary approvals from the Foreign Investment Review Board (Australia).

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GVK entities have agreed to acquire a shareholding up to 79% in Alpha Corner and Alpha West Coal Projects, located in the Galilee Basin in Queensland, wherein the Hancock Group will retain the remainder of the shareholding.

GVK firms would acquire a 100% shareholding in the Kevin's Corner Coal Project, located immediately adjacent to Alpha. Further, the entities of GVK group will also acquire a 100% shareholding in the rail and port project connecting the above coal projects to the port of Abbot Point and Abbot Point T3 expansion project, whilst retaining some tonnage capacity for the Hancock Group.

The infrastructure project involves the development, ownership and operation of an integrated infrastructure development consisting of a 495 km rail line and a 60 million tonnes per annum port at Abbot Point. At full production, the three coal projects are together expected to supply about 84 million tonnes per annum to the global sea-borne coal market.

GVK said the first phase of production, expected to start in 2014, envisages a total production of over 30 million tonnes per annum of high quality thermal coal. The coal mines will deliver a very high quality thermal coal with a gross calorific value (as received) of about 5800-6000 kcal/kg and low ash and low sulphur content.

Most of the coal from the project is intended for delivery into the Asian region as letters of intent for approximately 45 million tonnes per annum have already been signed or are in the process of finalisation with major utility companies in China, Japan, Korea, Taiwan and Vietnam.

Aditya Birla Group unifies global carbon black business under one umbrella

The Aditya Birla Group was among the earliest Indian groups to invest in a variety of industries all across the world. Aditya Birla, the father of the current chairman Kumar Mangalam, started a carbon black plant in Thailand in the early 1980s. Since then, the group has expanded its presence with plants in other places such as India, Egypt, China and now South America. Atlanta-based Columbian Chemicals was acquired by the group last year for Rs 3,923 crore, helping it leapfrog Cabot Corporation of US and become the world's biggest carbon black producer. These entities will continue to operate as separate legal entities, but will report to the top management team in India and other places.

Kevin Boyle, the existing CEO of Columbian Chemicals, will be the new chief operating officer responsible for managing the day-to-day operations. Each region will be headed by a president who will report to Boyle. Boyle will report to the CEO. Several home-grown executives were elevated to key roles in the current re-organisation. Surendra Goyal, part of the carbon black business, will be the CFO of the combined business, while Madhurima Gupta will be the new chief sourcing officer for the combined entity.

The new arrangement signals the group's efforts to bring together a cohesive structure for its traditional businesses that are becoming bigger in terms of size and truly global in nature.

The move to create a common structure arose after the acquisition of Columbian Chemicals. "There are anxieties in a large acquisition," said Misra. A task force was formed to identify synergies and put together an effective management structure.

The carbon black businesses largely remained unorganised till the early 90s. Kumar Mangalam Birla brought the business under the direct control of group's director Mahesh Bagrodia in 1992. Though the business acquired new global dimension with the takeover of Chinese firm Lioaning Carbon in 1992, it had remained unorganised till Misra took over as the global head in 2009. "There is lot be derived from the coming together of Aditya Birla Group and Columbian Chemicals," Kumar Mangalam Birla had said. The new changes are part of efforts to provide single unified interface to global clients.

"Any global corporation to be successful has to be able to operate effectively in geographies where they exist, leveraging on global culture and capability and also harness their might and assets to grow the business. For example, if you have introduced good practice in a particular geography, it can be replicated in other geographies as well.

Even activities like sourcing can be looked at in a collective manner," said Sunil Chandiramani, head, advisory business, Ernst & Young.

iGate acquires majority stake in Patni ComputersIT services firm iGATE Corp on Monday announced it would acquire mid-sized rival Patni Computer Services  in an estimated $1.22 billion (Rs 5,500 crore) reverse merger that would put the combined entity within kissing distance of the big league of Indian software. Teaming up with private equity firm Apax Partners, $700 million in debt and management strength symbolished by CEO Phaneesh Murthy – the former global sales head of Infosys – the US-Indian iGATE stitched a deal expected to give it big contracts based on trust built by its size.

iGATE is acquiring a majority stake in a company twice its size on major parameters.

Patni has 16,556 employees, 282 customers, 22 global delivery centres, and offices in 30 locations worldwide, and reported 12-month revenues of $689 million (Rs 3,100 crore).

iGATE has 8,278 employees, 82 customers, seven global delivery centres, and offices in 16 countries, with 12-month revenues of $252 million (Rs 1,100 crore) as on September 30, 2010.

“It has been our stated intent to scale revenues, customers, and expand our vertical capability,” said Murthy, who will now run the company that Infosys chairman NR Narayana Murthy left to form Infosys nearly three decades ago. The two are not related.

Gaurav Dua, head of research at Sharekhan said “iGATE and Patni stands good chance of getting bigger in near future in terms of business than Mahindra Satyam, as the latter is still struggling.” 

Patni brothers — Narendra, Gajendra and Ashok — will sell their combined stakes of 45.6% at Rs. 503.5 per share to the iGATE-Apax consortium, which would also buy another 17 % held by equity firm General Atlantic Partners at the same price.