Kurl-On lines up Rs 200cr expansion
Kurl-On plans to invest Rs 200 crore in innovation and new technology to double its product portfolio in the next two years. The mattress-maker is also looking at consolidating the brand's growth in home furniture and furnishing segment. The company, which announced the launch of STR8 Technology for its mattresses last month, has said that it will rapidly expand retail presence across the country to 2,000 stores by 2020. This will be done through both multi-brand and franchise outlets as well as its two exclusive brand outlets - Kurl-On Homes and Home Komfort by Kurl-On.
Aurobindo to buy Sandoz US' assets for Rs 6,500 cr
Aurobindo Pharma has signed a definitive agreement to acquire certain assets from Sandoz USA, a Novartis division, for $900 million (around Rs 6,500). The proposed acquisition comprises dermatology business and a portfolio of oral solid products, along with commercial and manufacturing infrastructure in the US. The acquisition will be on debt-free and cash-free basis and will be made through its wholly-owned subsidiary. Overall, the transaction will position Aurobindo as the second-largest dermatology player and the second-largest generics company in the US by prescriptions. The transaction is expected to close in the course of 2019 following the completion of customary closing conditions, including FTC clearance.
Uflex makes online foray with FLEX-BuzzR
FlexFilms, a global film manufacturing subsidiary of Uflex - India's largest, multinational, flexible packaging-solutions company - has launched a first-of-itskind, e-commerce website FLEX-BuzzR. The new website will make available a complete range of films from FlexFilms' Poland plant to its European Union customers at a click of a button. This uniquely-designed B2B platform lives up to its tagline - Shop At Ease, Shop When You Please. The website was unveiled by FlexFilms International ViceChairman and CEO Anantshree Chaturvedi at the renowned European trade exhibition, FachPack 2018, in Germany last month. FLEXBuzzR is intended to supplement FlexFilms' existing brick-and-mortar business model.
Angel files papers for Rs 600-cr IPO
Angel Broking has filed its draft papers with the SEBI to launch a Rs 600-crore public
issue. The initial public offer (IPO) comprises a fresh issue aggregating up to Rs 300 crore and an offer-for-sale worth Rs 120 crore by International Financial Corporation and another Rs 156.03 crore by individual shareholders. Besides, promoters Ashok D Thakkar and Sunita A Magnani will also sell shares worth
Rs 20.83 crore and Rs 3.12 crore respectively. The proceeds from the issue will be utilised to meet working capital requirements and general corporate purposes, the brokerage has revealed in its draft papers.
CLP picks 49% in Suzlon's 2 solar plants
CLP India, a wholly-owned subsidiary of Hong Kongbased CLP Holdings, has acquired 49 per cent stake each in two of Suzlon's solar projects - Gale Solarfarms and Tornado Solarfarms - in Dhule, Maharashtra. The
total capacity of the two commissioned projects is 70 mw. The power-purchase agreement for the solar plants has a fixed tariff for 25 years at Rs 4.11 per unit for the 20-mw project and Rs 3.66 per unit for the 50-mw plant with Solar Energy Corporation of India to offtake the power. CLP India has the option to acquire the balance stake of 51 per cent each in these projects.
Schwing Stetter to set up new plant in TN
Schwing Stetter's wholly-owned
Indian subsidiary plans to set up its second manufacturing facility in Sipcot industrial area, Cheyyar, in Tamil Nadu (TN) at an investment of Rs 350 crore. The new facility, spread over 53 acres, will be located 60 km away from the existing facility. The existing facility, with an installed capacity to produce 8,500 units of different products, is working full steam and producing around 9,000 units per year. Hence, the German concrete equipment manufacturer is creating a new facility. The company manufactures concrete batching plants and concrete mixers for transporting readymade concrete to construction sites.
India has 3rd highest number of family firms
India has the third-largest number of family-run businesses in the world after the US and China, according to a report by Credit Suisse. The country has 111 familyowned businesses with a combined market capitalisation of $839 billion. Indian companies, owned by families, generated average annual returns of 13.9 per cent since 2006, more than double the 6 per cent reported by companies that were not owned by families. A look at the best-performing, family-owned companies in Asia indicates that more than 15 of the top 30 are from India. This is nearly twice the share of Indian family-owned companies in the entire Non-Japan Asian universe.
Infosys to snap up Finland's Fluido
Infosys will be acquiring Fluido, a Finland-based company with presence in the Nordic region. India's second-largest software exporter has not disclosed the size of the deal. Infosys has said in a statement that the acquisition is expected to close during the third quarter of FY19. This is the second acquisition by Infosys since Salil Parekh took over in January. Earlier in April, it had acquired Wongdoody, an awardwinning creative agency in the US. This acquisition will align with Infosys' efforts to invest in local capabilities in