Its raining deals for India Inc

Chennai, Nov 13 | Updated: Nov 14 2005, 05:30am hrs
The fireworks of the festive season are not yet over for corporate India with the deal street buzzing with mergers and acquisitions (M&A) activities. An unprecedented dozen-odd acquisitions ranging from as low as a tad lower than Rs 3 crore to as high $62.6 million (Rs 285 crore approximately) were struck just in a short span of five days during the week ended November 12. Market men and merchant bankers say this is perhaps the highest-ever number of deals struck by corporates in domestic and overseas markets in recent times. And they promise more action in the deal street in the days to come. The company which made the most out of the deals is Satyam Computer which sold its entire 31.61% of investment in the Internet company, Sify Ltd, for a handsome consideration of $62.6 million (Rs 285 crore approximately).

Another clincher among the last weeks deal was Dr Reddys acquisition of Roches API (Active Pharmaceutical Ingredients) business for a consideration of $59 million (Rs 256 crore approximately). Sugar major Bhalarpur Chini has sweetened a deal with Dhampur Sugars to buy latters sugar unit in Uttar Pradesh for a consideration of Rs 182 crore.

The other major deals announced during the week include Wanbury buying 51% stake in Doctors Organic for a sum of Rs 37 crore, Sundram Fasteners buying German fastener company Peiner for an undisclosed amount, IBM snapping up Bangalore-based Network Solutions, TCS buying Chilean BPO firm Comicrom for $23 million and Everest Industries lapping up Danish company Danish Eternit.