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Journalism of Courage
Indian firms continued their mergers and acquisition deals even during the last days of the year.
GHCL to buy 90% in US co
Delhi-based GHCL said it will buy 90 per cent of the US textiles major Dan River’s through its international subsidiary for $ 17.50 million (Rs 79 crore). Dan River Inc, which already has its outsourcing arm in the major textile belts of Asia such as China and Pakistan, is the leading player in the US textile markets with an annual turnover of $250 million in home textiles.
Sundram Fasteners to acquire German firm
Chennai-based Sundram Fasteners announced it has signed an agreement with Textron Deutschland Beteiligungs GmbH, Bonn (Textron) to acquire 100 per cent share capital of its subsidiary Peiner Umformtechnik GmbH (Peiner). It did not give the size of the acquisition. Sundaram expects that access to customers of Peiner will also help in increasing the export of its products manufactured in India, including fasteners not currently in the manufacturing programme of Peiner.
Sun Pharma buys Able Lab
In Mumbai, Sun Pharmaceutical said its Michigan-based wholly owned subsidiary, Sun Pharmaceutical Industries Inc, has purchased all the assets of New Jersey-based Able Laboratories Inc. The company said it had purchased all the assets of the US-based company under an auction conducted by the court at New Jersey. Sun Pharma’s principal activities are to formulate, manufacture and distribute pharmaceuticals and this would be its second asset purchase in the US in the recent past.
Glenmark acquires South African firm
Drug maker Glenmark Pharmaceuticals Ltd said on Monday it has, through its overseas subsidiary, acquired Bouwer Bartlett Pvt Ltd, a South African drug sales and marketing firm. Financial details of the acquisition were not known. Bouwer Bartlett has a basket of 22 products and Glenmark expects the firm to have revenues of $3.1 million in the calendar year 2006, Glenmark said.
