Marico buys haircare company in South Africa

Marico buys haircare company in South Africa

New Delhi: Consumer goods maker, Marico Ltd, on Wednesday said it has acquired the consumer division of Enaleni Pharmaceuticals Ltd, marking its entry into the South African haircare and health-care market.

The company said it has bought 100% shares of Enaleni Pharmaceuticals Consumer Division Pty. Ltd (EPCD), an Enaleni subsidiary. The deal, according to the company, is valued at around Rs52 crore.

EPCD, based in Durban, is present across segments such as hair relaxers and hair conditioners. EPCD’s current annualised turnover is Rs53 crore.

“It provides us of an opportunity to participate in the rapidly growing ethnic consumer products market in South Africa," said Harsh Mariwala, chairman of Marico Group. “It (the acquisition) will help us extend the Marico footprint into a new geography with potential."

IFCI to launch euro100 mn fund with German firm

New Delhi: The asset management wing of IFCI Ltd, IFCI Venture Capital Funds Ltd (IVCF), on Wednesday announced a €100 million (Rs393 crore) private equity fund aimed at Indian automotive component manufacturing companies in partnership with German consultancy UBF·B GmbH.

IFCI has committed €30 million to the fund, with a further €30 million to be raised from IVCF stake holders. UBF will invest €40 million.

“The Indian auto component story is a no-brainer per se," said Andreas Waldroff, chief executive of UBF. “Although the industry is growing at an average of 17%, some companies are growing at 30%. We are very interested in taking minority stakes and providing support in approaching overseas markets."

- Rahul Chandran

Pyramid Saimira buys US theatre chain

New Delhi: A leading Indian theatre chain, Pyramid Saimira Theatre Ltd, has acquired Texas-based FunAsiA through its subsidiary, Pyramid Saimira Entertainment America Inc.

The company plans to set up 60 screens in the US and Canada by the end of this fiscal. Pyramid Saimira has also acquired a theatre in Chicago. This acquisition takes the total number of screens under the Pyramid Saimira banner to 703 globally.

“According to the US Census Bureau (based on 2000 findings), South Asian population exceeds 2.1 million, making them the sixth largest ethnic group in the country. Pyramid Saimira has an aggressive timeframe for bringing the entertainment concept to major US and Canadian cities," said P.S. Saminathan, managing director, Pyramid Saimira.

- Staff Writer

Maloo to pick up a majority stake in Tyche

Hyderabad:Vinay Maloo, a promoter director of telecom firm Himachal Futuristic Communications Ltd (HFCL), and his associates are set to acquire a majority stake in Tyche Peripheral Systems Ltd (TPSL), a company based in Hyderabad that makes counting machines and touch screens, and wants to enter the security business with products such as metal detectors and alarms.

Tyche will allot 28 million warrants of Rs10 each in favour of four companies belonging to Maloo and others through a preferential issue; this translates into a 68.93% stake. The four companies will invest Rs200 crore as co-promoters, said a Tyche official who did not wish to be identified.

- C.R. Sukumar

‘Development work at standstill in Nandigram’

Kolkata: Paralysed by political violence, which was triggered by farmers’ protest against forceful land acquisition proposed by the West Bengal government, all developmental activities in Nandigram, 170km from Kolkata, have come to a standstill. Funds running to about Rs8 crore meant for health programmes in the region have been lying unused for the past 10 months. About 25 of the 26 health centres in the rural block have not spent any of the money allocated to them, said Biman Bose, chairman of the ruling Left Front.

- Sanchita Das