Teen Traders' Blog

Essar Group, the Ruia owned multinational conglomerate will buyout the entire 59.1 per cent stake of Avaya in AGC Network.

The deal is valued at $44.5 million USD equivalent of Rs 206.19 crore, or Rs 245 a share, subject to customary Indian regulatory requirements and completion of the open offer.

The acquisition would be done through Essar Services Holdings Limited (ESHL). AGC Networks, earlier known as Avaya GlobalConnect Ltd., is a converged communication solution provider focused on the India and Australia market. The company employs approx 500 people. The current management is expected to continue and spearhead the business post-closing.

On the occasion Aparup Sengupta, Managing Director, and Global CEO, Aegis Ltd., said, “Essar in a short span has become a key player in the SI space and would benefit immensely from the depth and width of expertise AGC Networks has. We have a definitive plan to grow this business as we aim for bigger chunks of customer spends.”

Kerala is all set Launch its dream project i.e. the Technocity township that is expected attract investments of Rs 3000 crores to Rs 5000 crores and create 100,000 jobs directly and atleast 400,000 jobs indirectly.

Technopark CEO Mr Mervin Alexander and Infopark CEO Mr Siddhartha Bhattacharya and Cyberpark CEO Mr Biu Pazhoor told a joint press conference that the project is concieved under PPP model.

Technocity is said to be the Dream IT project of the Southern state and is planned as a self-dependent satellite city. The project will be developed through multiple Special Purpose vehicles in association with leading developers. It has applied to Japan International Cooperation Agency for funding of Rs 170 crores as Japan had shown interest in developing the country’s infrastructure.

In addition to IT Infrastructures, Technocity shall also have residential apartments, shopping malls, hospitals, hotels, educational institutions and other support facilities and will also have more focus on biotechnology, nanotechnology and high-end manufacturing units.

Mahindra and Mahindra is on a buying spree. First it bought the remaining stake of Renault in JV that makes Logan car, the 55% in Reva Electric joining Sequoia and GM   and now it has said that it has submitted a letter of intent for troubled Korean SUV maker Ssangyong Motor but declined to comment on the amount.

Pawan Goenka, president of Mahindra’s automotive sector told reporters, We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence .” Not telling the amount he said “We have to look at the economic viability of the company and how it fits into our strategy before we make a bid,” Goenka said.

The South Korean media values the company at $300 million to $500 dollars but Mahindra And Mahindra is expected to bid in the range of $100 million to$300 million

Mahindra has reported a 36.4% rise in net profit . The computer has planned to launch an SUV in US later this year after it gets the necessary approvals.