India Inc on shopping spree, announces deals worth Rs 2,850 cr
Tata Power bought 26 per ent stake in Indonesia's PT Baramulti Suksessarana mine for an undisclosed sum.
New Delhi: In major deals worth Rs 2,850 crore, homegrown companies today announced acquisitions of assets from global firms with Sun Pharma buying DUSA Pharmaceuticals of the US and Magma FinCorp purchasing GE Capital's India mortgage business.
Besides, Tata Power bought 26 percent stake in Indonesia's PT Baramulti Suksessarana mine for an undisclosed sum.
The three deal announcements come a day after Gulf Oil Corporation announced it will buy 100 percent stake in US-based speciality chemicals maker Houghton International Inc for USD 1.05 billion (about Rs 5,670 crore).
"We have acquired entire portfolio of GE Capital's mortgage business in India having a combined portfolio of Rs 1,600 crore," Magma Fincorp Vice-Chairman and Managing Director Sanjay Chamria told reporters at Mumbai.
The deal consists of acquisition of 100 percent equity share capital of GE Money Housing Finance and entire home equity loans portfolio of GE Money Financial Services Pvt Ltd.
"The deal size of Rs 1,600 crore was completed at one- time book value and will be funded through debt and equity" he said.
Sun Pharmaceutical Industries, the country's largest drug maker by market value, inked a pact to acquire US-based DUSA Pharmaceuticals for around USD 230 million (Rs 1,250 crore).
Sun Pharma will acquire DUSA which is a dermatology company focused on developing and marketing its Levulan photodynamic therapy platform.
"DUSA has proven technical capabilities in photodynamic skin treatments, with USFDA approved manufacturing. DUSA's business brings us an entry into dermatological treatment devices, where we see good growth opportunities," Sun Pharma Managing Director Dilip Shanghvi said.
Meanwhile, Tata Power said it has bought 26 percent stake in PT Baramulti Suksessarana mine in Indonesia.
"The company has acquired these mines through its 100 percent subsidiary Khopoli Investments Limited," Tata Power said in a statement.
It is now a 26 percent shareholder in PT Baramulti Suksessarana (BSSR) PT Antang Gunung Meratus, a 100 per cent subsidiary of BSSR and BSSR together own approximately 1 billion tonnes of coal resources in Indonesia.
Commenting the deal, Tata Power Managing Director Anil Sardana said we recognise fuel security is key to support Tata Power's growth agenda. "Thus, besides entering into coal off-take agreement, we have acquired 26 per cent stake in this coal mine too as its reserves and outlook is very promising," he added.