Major Overseas Acquisitions by Indian Companies

Indian companies have certainly become more ambitious and certainly adventurous. Most companies are no more the ‘frogs in the well of the license-raj era’. In today’s world, Indian companies are not only setting up their own bases overseas, they have become quite ambitious to fly out of the Indian business boundaries to find new companies and potential markets for acquisition and company investment. Even though it might take some years for them to start showing the big time profit evaluations from the acquisitions made so far.

However, this shows that Indian companies have certainly become confident about expanding their operations overseas successfully.

In the last decade itself, many Indian companies have been on a big time acquisition spree, and that has definitely added a huge value to Brand India. Indian companies (listed and unlisted) announced 1995 overseas acquisitions from the last two which involves an investment of nearly $ 116 billion – as reported by The Economics Times.

India has also come out as the world’s 21st largest overseas and foreign investor, with more than 75 billion dollars in foreign investment, just in the past 10 years. And during the financial year 2009-2010, the investment by the native companies in foreign joint ventures and self-owned subsidiaries alone come up to around 10.3 billion dollars, as per The Reserve Bank of India’s report.

1. Corus Group (U.K.)

Acquired by – Tata Group

Tata Steel, one of the leading steel producers in India, acquired Corus Group for U.S. $12.11 billion (€ 8.5 billion) on January 31, 2007. But only after nine rounds of bidding, the acquisition process was completed. The only other competitive bidder was Companhia Siderurgica Nacional (CSN), Brazil.

This acquisition is considered to be one of the biggest foreign acquisitions by an Indian company, and after this only TATA Steel came out to be the fifth largest steel producer in the whole world.

2. Zain Africa

Acquired by – Bharti Airtel

India’s largest mobile services company, Bharti Airtel’s ambition to expand into the markets outside India was completed after this complete acquisition of the African operations of Mobile Telecommunications Company (known as Zain).

Bharti Airtel had acquired Zain Africa for a value of U.S. $10.7 billion. The acquisition gives Bharti Airtel a total customer base of 180 million, including 131 million subscribers it had in India at the end of April.

“By expanding its business outside the country, Bharti Airtel can in the long term benefit from economies of scale, including getting better deals from suppliers” says, Kamlesh Bhatia, Principal Research Analyst at Gartner.

3. Novelis (U.S.)

Acquired by – Hindalco Industries

Aditya Birla Group, one of India’s leading MNCs, acquired the entire stake in the Atlanta based aluminium company Novelis for U.S. $6 billion. This company had separated from Alcan, a global aluminium company. This deal was announced on Feb 11, 2007 by Kumar Mangalam Birla, Chairman of the AV Birla group.

The deal, in a way recapitulates India’s new appetite for international acquisitions, as it comes barely a fortnight after the Tata-Corus deal, which made Ratan Tata the toast of Indian industry.

4. Imperial Energy (U.K.) 

Acquired by – ONGC

Oil and Natural Gas Corp (ONGC) has acquired Imperial Energy. This deal was for 1.3 billion pounds (U.S. $1.9 billion). 96.8 percent of London-listed firm’s shareholders had top accept this takeover offer, for the acquisition deal to take effect.

“The company owed the acquisition to government support, which has seen OVL in the past seven years increase its number of projects to 39 in 17 countries, from just a single project in Vietnam,” says ONGC Chairman R S Sharma

5. Jaguar Cars and Land Rover (U.K.)

Acquired by – Tata Motors

Tata Motors, one of the leading automobile MNCs in India, has acquired both Jaguar and Land Rover, which are two iconic British brands with worldwide growth prospects. This deal was for a whooping U.S. $ 2.3 billion with Ford, the previous American owners.

The deal was effective from May 2008. The deal is seen as yet another endeavor of the fast growing Indian industries, also the latest in a string of foreign acquisitions by Tata.

6. Honiton Energy Holdings (China)

Acquired by – Tanti group

Tanti group of companies jointly with Bahrain-based Arcapita Bank, has acquired Honiton Energy Holdings, a Chinese wind energy firm. The joint venture partners invested around U.S. $2 billion which help to develop a 1,650-MW portfolio of wind farms in China.

Tulsi R. Tanti, Chairman Tanti Group felt that the acquisition would reinforce their commitment towards the renewable energy sector. And also would have a potential growth of wind energy in developing countries like India and China.

7. Abbot Point Coal Terminal (Australia)

Acquired by – Adani Enterprises

Adani Enterprises completed a $2-billion deal which acquired Abbot Point Coal Terminal in Australia on the month of May, 2011.This acquisition marked the third overseas acquisition in nine months by Adani Enterprises, the country’s biggest private port and is India’s largest coal importer.

This deal one of the largest port acquisitions in the world. There have also been many Indian companies which have acquired many mines in foreign countries to secure coal supplies for Indian projects.

8. Algoma Steel (Canada)

Acquired by – Essar Steel Global

Ruias owned Essar Steel Global acquires the Canadian steel company Algoma Steel at a valuation of Canadian $1.85 billion. The arrangement must be approved by Algoma’s shareholders by the affirmative vote of at least 66 per cent (2/3rd) of the votes cast. Algoma Steel is an integrated steel producer based in Sault Ste Marie, Ontario.

Essar Steel Holding, Essar Group’s overseas investment arm made the investment possible and easy. Algoma would definitely provide Essar an excellent platform for the Canadian and North American market.

9. Marcellus Shale (U.S.)

Acquired by – Reliance Industries

India’s Reliance Industries bought a $1.7 billion stake in natural-gas properties Marcellus Shale, from Atlas Energy Inc. This acquisition made Reliance in becoming the latest international energy company to bet on growing fuel output in U.S. shale formations.

Reliance, led by Indian billionaire Mukesh Ambani, got the right to buy 40 percent of all new Marcellus Shale leases that Atlas acquires, after this purchase acquisition and agreement was completed. And this was one of the most lucrative deals which have been seen in the Marcellus.

10. Minnesota Steel (U.S.)

Acquired by – Essar Steel Holdings

Ruias owned Essar Steel Holdings, part of Essar Global, has acquired Minnesota Steel, a U.S. based steel company with estimated reserves of over 1.4 billion tones. Essar Global invested a sum of $1.65 billion which was used to set up a steel plant in Minnesota Steel company’s facilities.

The Essar Global chairman felt that the investment in Minnesota Steel was very benefiting as they would get good exposure in the North American market. He added that Minnesota’s iron ore reserves will help the company to be one of the low cost producers of steel in the world.

Gaya Srardham Pindas Tharpana Sastrigal Details

Gaya Srardham Pindas Tharpana Sastrigal Details.

Tribute: Ricky Ponting’s illustrious career

A rundown of former Australia captain Ricky Ponting‘s international career after he said on Thursday he will retire from test cricket after this week’s third match against South Africa.

* Born: Dec 19, 1974 at Launceton, Tasmania In tests:

* Matches: 167 (won 48 out of 77 tests as captain)

* Debut: Against Sri Lanka at Perth on Dec. 8, 1995

* Total runs: 13366 – Second highest scorer in the world behind India‘s Sachin Tendulkar (15562)

* Centuries: 41- Third highest number of centuries behind Tendulkar (51) and South Africa’s Jacques Kallis (44).

* Double centuries: 6

* Batting average: 52.21

* Highest score: 257

* Wickets: 5

* Catches: 196

In ODIs:

* Matches: 375 (won 165 of 230 as captain)

* Debut: Against South Africa at Wellington on Feb. 15, 1995

* Total runs in ODIs: 13,704 * Second highest scorer behind India’s Tendulkar (18426)

* Centuries: 30 – Second highest number of centuries behind Tendulkar (49)

* Batting average: 42.03

* Highest score: 164

As Australian legend Ricky Ponting announced his retirement from international game, the cricketing world congratulated the former captain for his brilliant 17-year-old career.

Ponting, who turns 38 on December 19, scored 13,366 runs at an average of 52.21 in 167 Tests. His highest score was 257. He also scored 41 centuries and 62 half-centuries. He played 375 One-Day Internationals, scoring 13,704 runs at an average of 42.03, including 30 centuries and a highest score of 164.

Glenn McGrath
Well done Punter on an incredible career. It would be great to see you finish with a ton. It was an honour to play alongside of you. legend

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Matthew Hayden
Punter, congratulations on a fantastic career. Your departure will be a massive hole in the Australian Cricket team.

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Shane Warne
Congrats to Ricky Ponting on an amazing career, well done Punter… Enjoy your last match in Perth buddy, was a pleasure playing with you!!!

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Kevin Pietersen
Ricky Ponting RETIRES…. ONE OF THE GREATS! I always got excited playing AUS, so I could watch him bat up close. Well done Punter!

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Courtney Walsh
Well played Ricky Ponting on a great career. Hope you end it on a very high mate. Good luck, as there is plenty life after cricket

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Herschelle Gibbs
What a player, entertainer of note and an all-time great Ricky Ponting! Always loved his approach to batting.

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Michael Vaughan
The best batsman I had the privilege to play against … Australia cricket will not be the same without him. Ricky was a very underestimated bowler as well… Quicker than he looks!

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Virat Kohli
Ricky ponting what an absolute legend. I am glad I had the honour of playing against him. Take a bow…

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Ajinkya Rahane
A legend announced retirement. The cricket world will miss Ricky Ponting on the field.

Sanjay Manjrekar
A a great driver and a great puller! That’s one thing that really stood out for me. Enriched the game by his feats. From this moment on, there will be only nice things said about Ponting :) Ponting came out of that very typical Australian mould of batsmen. He was the quintessential Aussie batsman in style and approach

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Murali Kartik
A very sad day for world cricket, Ricky-1 of the Greatest modern day bats, a former teammate and the consummate professional. Go well mate. Cherish the greats till they are playing, watching international cricket will never be the same without these champions.


England bowler Stuart Broad via twitter: “Huge respect for how Ponting played the game. Tough competitor Aussies will miss him. 100 at Perth to finish?”


West Indies batting great Brian Lara via twitter: “Ricky u will go down as one of the greats! “I batted with Ricky once at the MCG, what a great experience that was, 4 such a great cause Tsunami victims.

South Africa captain Graeme Smith: “I’ve played a lot against Ricky and he’s certainly the most competitive man I’ve played against. “I think the way he played the game and intensity with which he played the game is a credit to him. I think he’s always represented Australia with a lot of dignity and a lot of skill.”

700 year old Iranian Home

Allegedly, these homes in Iran, carved out of solid rock, were built on the order of 700 years ago and are still inhabited by people who have given them modern touches (you know, the little things like windows, doors, and electricity).  Pretty impressive when you consider that houses in America barely survive a century without extensive maintenance.


You can travel to Mars for $500,000 a trip

The billionaire founder and CEO of private spaceflight company SpaceX, Elon Musk is planning to help establish a Mars colony of up to 80,000 people by ferrying explorers to the Red Planet for about 500,000 dollars a trip.

Musk’s ambitious ‘Mars settlement’ program would start with a pioneering group of less than 10 people, who would travel to the Red Planet aboard a huge reusable rocket powered by liquid oxygen and methane.

“At Mars, you can start a self-sustaining civilization and grow it into something really big,” Musk told an audience at the Royal Aeronautical Society in London on Friday (Nov. 16).

According to the Discovery News, Musk was there to talk about his business plans, and to receive the Society’s gold medal for his contribution to the commercialization of space.

Large amounts of equipment, including machines to produce fertilizer, methane and oxygen from Mars’ atmospheric nitrogen and carbon dioxide and the planet”s subsurface water ice would accompany the founders of the new Mars colony.

The Red Planet pioneers would also take construction materials to build transparent domes, which when pressurized with Mars’ atmospheric CO2 could grow Earth crops in Martian soil, the report said.

As the Mars colony became more self sufficient, the big rocket would start to transport more people and fewer supplies and equipment.

Musk said that 500,000 dollars ticket price for a Mars trip was affordable.

“The ticket price needs to be low enough that most people in advanced countries, in their mid-forties or something like that, could put together enough money to make the trip,” he said, comparing the purchase to buying a house in California.


Aprilia’s FV2 concept bike

Aprilia’s FV2 concept bike incorporates a fly-by-wire injection system, traction control, ABS, electronically adjustable suspension and carbon fiber construction with a 1200cc, 90-degree v-twin engine that we are likely to see in the RSV and Tuono in the next couple of years.The dash integrates a nav system that also supports downloading of performance telemetry data or upload of new engine mappings from the Web.The 1200cc, 90-degree v-twin claims 134.5 metric horses and over 10.5 kgm of torque, which is in the ballpark for sporty streetbikes and nakeds these days.

US ‘planned to blow up the Moon’

The US planned to blow up the moon with a nuclear bomb during the Cold War as a show of strength, according to reports.

The US planned to blow up the moon with a nuclear bomb during the Cold War as a show of strength, according to reports.

Photo: Nasa

American military chiefs allegedly devised the secret project, named ‘A Study of Lunar Research Flights’ – or ‘Project A119‘ – in the hope that the Soviet Union would be intimidated by viewing the nuclear flash from Earth.

It would give the US a much needed morale boost after the Russians successfully launched Sputnik in 1957, according to physicist Leonard Reiffel, who was involved in the project.

According to the report in The Sun, the US would have used an atom bomb, because a hydrogen bomb would have been too heavy. The planning reportedly included calculations by astronomer Carl Sagan, who was then a young graduate.

Military officials however reportedly abandoned the idea, which would have taken place in 1959, because of fears that it would have an adverse effect on Earth should the explosion fail.

The project documents were kept secret for nearly 45 years, and the US government has never formally confirmed its involvement in the study.

nstead of blowing up the moon, the US intensified and eventually won the Space Race against the Soviet Union, with Neil Armstrong becoming the first man to walk on the moon in July 1969.

The Telegraph

1.3 million Russians on minimum wage, far below poverty line

(RIA Novosti / Aleksandr Kondratuk)

(RIA Novosti / Aleksandr Kondratuk)

Over a million Russians get a monthly wage of $148, most of them from the public sector, well below the $220 poverty line.

­650,000 Russians out of 1.3 million living on the minimum wage work in the public sector, according to the country’s Public Health and Social Development Ministry. The minimum wage is the lowest monthly wage employers may legally pay workers. It will be increased next year by 13% to 170 dollars a month, less than the minimum cost of living. According to the Russian statistics agency Rosstat 12.5% of Russians live below the poverty line.

The minimum wage in Russia is much lower than in developed countries, the auditor FBK reports. According to its rating, Luxembourg, Netherlands and Belgium top the list with a minimum wage of over $1500 a month. Last in line is Kyrgyzstan where minimum wage is the equivalent of $24 a month.

In Russia, the minimum wage does not guarantee a decent standard of living for low-paid workers,” Anna Bolsheva from the Global Labour University told Expert magazine.

According to the Center for Labor Studies there are almost no private companies that pay salaries at the level of the minimum wage.

“95% of cases are municipal enterprises related to education, science, health, etc.,” Anna Lukyanova from the Center for Labor Studies says. 

The European standard for the minimum wage equates to earnings which are at least 60% of the average salary in the country, experts say. On the basis of these calculations, the minimum wage in the Russian Federation should be $515 a month.

Neighbors Connection :Sri Lanka launches its first ever Satellite on Chinese Rocket

Sri Lanka launched its first communications satellite on Tuesday in partnership with a Chinese state-owned space technology firm, the Sri Lanka partner said, adding to unease in neighboring India about Beijing’s growing ties with the island nation.

The Sri Lankan government has emphasized the launch was a private effort, carried out by SupremeSAT (Pvt) Ltd and the China Great Wall Industry Corp. But Sri Lanka President Mahinda Rajapaksa‘s youngest son, Rohitha, has been credited in domestic media as the creator of the satellite.

Vijith Peiris, chief executive of SupremeSAT, told Reuters in Colombo that the launch from the Xichang Satellite Launch Centre in western China was successful.

The joint launch marked the latest in a series of economic and military ties between the two countries, a relationship that is being closely watched by India.

“It reinforces the impression that Sri Lanka is getting slowly but surely closer to China,” said Brahma Chellaney, an analyst at the Centre for Policy Research in New Delhi.

“From a larger geopolitical perspective, it sends a message to India that a country in its own backyard is cozying up with China.”

Economic and strategic rivals China and India fought a brief, high-altitude border war in 1962 and still have contested regions, though the defense relationship has improved.

Rhetoric flared anew recently after China issued a new passport with a map that shows two disputed border areas as Chinese territory. India responded by stamping its own map on visas it issues to holders of the Chinese passports.

China has been the largest lender to Sri Lanka, a $59 billion economy, since the end of a three-decade civil war ended in May 2009. China had provided military equipment to the Sri Lankan government to defeat ethnic Tamil rebels.

Since then, Sri Lanka has sought stronger defense ties with China, a fact that has irked India and the United States.


Chinese Defense Minister Liang Guanglie visited Sri Lanka in September, offering grants to modernize Sri Lanka’s military training. Liang said the ties were aimed at maintaining regional stability and were not targeted at any third party.

During a visit to China early this month, Sri Lanka Defense Secretary Gotabaya Rajapaksa, younger brother of the president, met Liang and agreed to consolidate bilateral cooperation.

China has also become involved in construction of a strategic sea and air port in Sri Lanka’s southern district of Hambantota, also Rajapaksa’s constituency.

It is also involved in a coal-fired power plant, expressways, railways and irrigation works.

India has not officially protested the increasing Chinese influence in Sri Lanka and has even said the latest corporation on space technology was not a concern.

“It’s a commercial communication satellite. It’s going to be in a Chinese (orbit) slot and not in a Sri Lankan slot. At that far, you can’t do anything and it’s not a concern for us,” said an Indian diplomat based in Sri Lanka, speaking on condition of anonymity.

China, like other nations with the technical capability, has launched numerous satellites on a commercial basis for other countries.

(Reporting by Ranga Sirilal and Shihar Aneez in COLOMBO, Arup Roychoudhury in NEW DELHI, and Michael Martina in BEIJING; Editing by Ken Wills)

Man who spoke against honour killing on “Satyamev Jayate” killed by ‘in-laws’

The wife of the 29-year-old youth, who was allegedly shot dead in Adoli village in Bulandshehr on Thursday last, on Monday alleged that her family members were behind the death of her husband.

According to the Abdul Hakim’s wife Mahvish, the victim was shot dead by her family members on November 22 after he had just entered the village along with her and their two-year-old daughter.

However, the police claimed that it was not a case of honour killing as none of the accused named in the FIR by the deceased’s brother was from Mahvish side.

Mahvish had eloped with Hakim in October 2010 after which the couple got married and were staying in Delhi following opposition from the former’s family, police said.

The couple was here in the village to visit Mahvish’s ailing relatives.

Hakim has also participated in one of the episode of Satyamev Jayate, hosted by actor Aamir Khan, to speak against the the menace of honour killing.


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