Corporate News | McNally looks towards Western Europe

Corporate News | McNally looks towards Western Europe
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First Published: Sat, Aug 14 2010. 12 41 AM IST
Updated: Sat, Aug 14 2010. 12 41 AM IST
Kolkata: McNally Bharat Engineering Co. Ltd is looking to acquire firms in Western Europe that provide technology for removal of salinity, minerals and other impurities from water.
“We are planning to buy technology companies operating in sectors such as cement, oil and gas and water in Western Europe,” McNally Bharat’s chairman Deepak Khaitan said.
The firm, which has already initiated talks with two-three takeover targets, could spend $40-50 million on these acquisitions, according to him.
“India will face a huge shortage of water, both for industrial and household use, in the near future,” headed.
Alongside, McNally Bharat is in “final stages of negotiation” for buying a 26% stake in MB Minerals SA Pty Ltd, its subsidiary in South Africa. The minority stake, held by local trusts, could cost $250,000, McNally Bharat’s president and chief financial officer Prabir Ghosh said.
Staff Writer
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Subhkam Ventures acquires minority stake in Nicheken Technologies
Mumbai: Subhkam Ventures, a Mumbai-based private equity fund, on Friday said it has acquired a minority stake in Chennai-based Nicheken Technologies Pvt. It did not disclose either the size of the stake or the amount of investment.
Nicheken is a technology company that specialises in telecommunications and power electronics. The company focuses on creating cost effective and innovative add-ons to existing equipment to reduce overall costs, either by decreasing incremental capex requirement or by improving the efficiency.
“The resources from this round of funding will help us exploit opportunities in markets across the world, even as we build on our product strength,” said Dr. T. Chandrasekaran, managing director, Nicheken Technologies, in a media statement.
Tanmaya Nanda
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First Published: Sat, Aug 14 2010. 12 41 AM IST