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Over 30 M&A deals struck in Jan-06
By agencies
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Friday, 10 February 2006, 20:30 IST
NEW DELHI: Mergers and acquisitions (M&A) are off to a flying start in 2006, with more than 30 M&A deals struck in January itself.
Jet Airways's $500 million takeover of Sahara Airlines, Malaysia's Maxis Communication picking up majority stake in Aircel for $800 million, and Swiss cement giant Holcim buying 14.8 percent equity in Gujarat Ambuja Cement for $476 million were among the most talked about M&A deals during the month, according to Assocham.
Commenting on this, Assochams President, Anil K Agarwal said, The way global developments are taking place and keeping in view the current trend, M&As in India will be a common phenomenon.
In terms of sheer numbers, however, automobile and software companies dominated M&As, with both categories witnessing seven deals each. In banking sector, it struck with four transactions, according to an Assocham Eco Pulse (AEP) analysis.
In auto sector, Mahindra & Mahindra took over the U.K.-based forging firm Strokes Group Ltd, while Taiwan-based Sanyang Industry company picked up 11 percent stake in Kinetic Motors, and Bajaj Auto acquired 27 percent stake in Maharashtra Scooters.
In the IT and ITeS sector, Tata Interactive Systems bought out Tertia Edusoft AG in Switzerland and Tertia Edusoft Gmbh in Germany. SiRF Technology Holding invested $15 million in Impulsesoft, while Integreon, a Mumbai-based BPO, clinched a $7-million dollar deal with New York-based BPO, Browne.