E-commerce giant Amazon has put its plan to buy stake in Kishore Biyani’s Future Group on hold. Meanwhile, Dhoot Transmission, Aurobindo Pharma, Grover Zampa, and Reliance Industries have struck acquisition deals.
Amazon-Future Group deal in limbo
E-commerce giant Amazon has put its plan to buy stake in Kishore Biyani’s Future Group on hold, Business Standard reported. In November, Amazon, through its investment arm, had reportedly signed a term sheet to buy a 9.5 per cent stake in Future Retail for about Rs 2,500 crore. The report also said, Amazon was reassessing the More retail chain stake buy given India’s uncertain retail climate. In September, it announced acquiring a stake in More supermarkets from Aditya Birla Retail through Witzig Advisory Services along with co-investor Samara Capital.
Dhoot Transmission buys San Electromec
Wiring harness maker for two-wheelers Dhoot Transmission has acquired San Electromec for an undisclosed sum, The Economic Times reported. Bangalore-based San Electromec makes wiring harnesses for the automotive industry, railways, defence, construction and specialty vehicle segment. It has three manufacturing plants located in the state. Dhoot Transmission’s past acquisitions include UK’s Parkinson Harness Technology, Scotland-based TFC Cable Assemblies and a JV into automotive switches & controllers with US-based Carling Technologies.
Aurobindo picks Synergy Remedies’ stake
Aurobindo Pharma Ltd has signed an agreement to invest Rs 15 crore for a 19.9 per cent stake in Tirupathi-based pharma company Synergy Remedies Pvt. Ltd, it said in a regulatory filing. Incorporated in 2011, Synergy Remedies owns a manufacturing plant at Tirupati in Andhra Pradesh, and has licences for 10 API products. Its turnover for 2017-18 and 2016-17 was Rs.15.5 crore and Rs 66.35 lakh, respectively.
Grover Zampa, Quintela buy Charosa Wineries
Grover Zampa Vineyards Ltd and Dubai-based Quintela Assets Ltd have acquired 100 per cent stake in Charosa Wineries Ltd from Hindustan Construction Co Ltd. (HCC) for Rs 1.76 crore, according to a BSE filing. HCC, which held stake in Charosa Wineries through its wholly owned subsidiary HCC Real Estate Ltd, said the sale is in line with its strategy to shed non-core business assets.
Reliance ups stake in Future101, Genesis Colors
Reliance Brands Ltd (RBL), a subsidiary Reliance Industries Ltd, has acquired a further 2.5 per cent stake in Future101 Design Pvt Ltd (Future101) for a consideration of Rs. 1.99 crore, said RIL in a BSE filing. The company now holds a 15 per cent stake in Future101. RIL’s another subsidiary Reliance Retail Ventures Ltd (RRVL) has acquired additional 9.44 per cent stake in Genesis Colors Ltd (GCL) for a consideration of Rs 45 crore taking its total stake in GCL to 29.07 per cent.