24 acquisitions between May-June

By agencies   |   Wednesday, 26 July 2006, 07:00 Hrs
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NEW DELHI: Indian companies acquired about 24 foreign companies in the two months of May-June, industry chamber Assocham said.

Assocham said the mergers and acquisitions were in engineering, IT-ITeS, pharmaceuticals and energy industries. Each of these sectors witnessed three deals in the two-month period.

The study also said companies like Wipro, Tata Motors, Nicholas Piramal, Larsen & Toubro, Raymond's and Lupin Laboratories led the acquisition race overseas.

Detailing out the recent acquisitions, it said, NIIT bought over U.K. based insurance solutions provider ROOM Solutions Ltd for $25 million in an all-cash deal while Godrej Beverages and Foods acquired Nutrine Confectionery from Sara Lee, and Lupin Ltd purchased 51 percent stake in Belgium's Artifex Finance CVA.

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