Description: Hinduja TMT Limited (HTMT), India’s leading IT, telecom and media solutions and services provider and part of the diversified business conglomerate Hinduja Group, with its two wholly owned subsidiaries namely InNetwork Entertainment Limited (INEL) & Pacific Horizon Limited (PH) and Hinduja Group’s Mauritius based company Kumbat have entered into a definitive agreement for selling their 5.11% beneficial stake of Hutchison Essar Limited (HEL), to Hutchison Telecommunications India Ltd (HT India) for an aggregate all cash consideration of $450 million. HTMT along with its associates was holding the 5.11% beneficial stake in HEL through an SPV (Special Purpose Vehicle) called IndusInd Telecom Network Limited, in which HTMT and its associates sold their entire 100% stake to HT India. HTIL is an indirect wholly owned subsidiary of the Hutchison Telecommunications International Limited. The deal puts the valuation of Hutchison Essar Ltd at about $9 billion. Now, after securing this deal, HT India holds 54% stake in Hutchison Essar Ltd, while the other partner Essar owns 33% stake in the joint venture.

  Description:  Aban Loyd Chiles Offshore, a Chennai-based Indo-U.S joint venture that provides drilling and other oil field services for offshore exploration and production of hydrocarbons, has announced signing a definitive share purchase agreement with Skeie Group AS, a privately owned company, primarily involved in investments relating to the offshore industry to acquire 33.76% stake in Norway-based Sinvest ASA, Kristiansand, Norway based financial and strategic investor in oil-and offshore companies which is listed on the Oslo Stock Exchange. Aban Loyd has made this transaction through its wholly owned subsidiary Aban Singapore Pte Ltd. With this $445 million (Rs. 2050 crore) deal, Aban Loyd will be the largest shareholder of Sinvest, which has 10 drilling assets. Aban Loyd had recently acquired controlling stake in an Indonesian company PT Apexindo Pratama Duta Tbk, provider of onshore and offshore oil & gas drilling services. These acquisitions have made Aban Loyd the ninth largest drilling company of the world and the biggest in Asia.

  Description:  Ballarpur Industries Ltd., the largest paper manufacture of India, and JP Morgan Securities (Asia Pacific) Ltd., India’s leading private banking and wealth management company have announced acquiring 98% stake in Malaysia's Sabah Forest Industries for $261 million. Ballarpur Industries will keep 78% stake in the Malaysian integrated paper and pulp mills owner, while JP Morgan Securities (Asia Pacific) Ltd. will take 20% shares. Sabah Forest Industries (SFI), located in Sipitang in the eastern Malaysian state of Sabah, was a fully owned subsidiary of Lion Forest Industries Bhd.

  Description:  Tata Coffee Ltd, India’s largest coffee growing company, has signed a definitive agreement to acquire U.S.-based Eight 0’ clock Coffee Company (EOC) from Gryphon Investors, a U.S.-based private equity firm for a total acquisition price of $220 million. EOC, the third largest brand by volume behind Folgers and Maxwell House, has over 100 years of brand history and retail coffee experience in the U.S. In calendar year 2005, EOC had net sales of $109 million and EBITDA of $27 million. Tata Coffee will finance the acquisition through a combination of equity and non-recourse debt.

  Description:  Indiabulls Financial Services Limited, a diversified financial services company, has completed a share subscription agreement with Oberon Limited, a special purpose vehicle wholly owned by funds managed and controlled by Farallon Capital Management L.L.C. Under the terms of the agreement, Oberon will be allotted convertible preference and non-convertible preference shares for a total consideration of $140 million (Rs. 644 crore). The convertible preference shares are convertible at a price of $6.52 (Rs. 300) into 11.5 million shares of Indiabulls Financial Services and bear a dividend of 5%, for a total consideration of $75 million (Rs. 345 crore). The non-convertible preference shares will be allotted for a total consideration of $65 million (Rs 299 crore) and carry a dividend of 5% per year for the first 18 months and then 10% per year for the next 18 months. Indiabulls Financial Services and its subsidiaries offer consumer loans, home loans, personal loans, securities brokerage, and other financial products and services to retail customers.

  Description:  TransWorks Information Services Ltd., an Indian BPO company and a wholly owned subsidiary of the Aditya Birla Group, has signed a definitive agreement with Canada's largest BPO company Minacs Worldwide Inc. to purchase its all outstanding common shares on a fully-diluted basis at the rate of CDN$5.50 (approximately US$5.00) per share in cash, aggregating to US$125 million. The Aditya Birla Group is one of the oldest and largest business houses of India with diversified interests in cement, textiles, commodities and telecom. The Toronto-based private investment firm ReichmannHauer Capital Partners signed an agreement with the Aditya Birla Group to invest in the combined entity emerging after the acquisition.

  Description:  Tata sons, the holding company of India’s largest industrial conglomerate Tata Group, is picking up 26% stake in Nagarjuna Oil Corporation, which is setting up a $300 million (Rs. 1,370 crore) refinery project with six million tonnes a year capacity at Cuddalore in Tamil Nadu. The deal size has been estimated at $76 million (Rs. 350 crore). The main promoter Nagarjuna Group will now hold 51% stake in the company.

  Description:  Vascon Engineers Private Limited, India’s leading Pune-based real estate developer has signed definite agreements with HDFC India Real Estate Fund (HI-REF), a real estate private equity fund sponsored by India’s largest housing finance company Housing Development Finance Corporation (HDFC), for an investment of $31 million (Rs. 138.5 crore) by HI-REF for an undisclosed stake. Vascon has 11 million sq.ft. of development under progress in prime locations in and around Pune. Vascon Engineers also has operations in Mumbai, Goa, Himachal Pradesh and other States with group turnover of $100 million (Rs. 450 crore).

  Description:  Manipal Health Systems has announced raising $20 million (Rs. 90 crore) of equity from IDFC Private Equity Fund II, a fund managed by India’s largest infrastructure-focussed private equity investor IDFC Private Equity. Manipal Health Systems, which runs 3 tertiary care hospitals, 8 secondary care hospitals and 9 primary care centres in south India, is now looking at setting up facilities in big centres like Delhi and Mumbai.

  Description:  Malaysia-based private equity fund Navis Capital Partners and Samir Kuckreja have announced the completion of a 100% acquisition of the Nirula’s group of companies with effect from 30 June, 2006. 72 years old Nirula’s, which withstood enhanced competition from international fast food chains in the recent years, is considered to be the first fast food chain of Delhi. Established in 1934, Nirula's grew from a single retail outlet to a diversified group having a chain of Business Hotels, Casual Dining Restaurants, Family Style Restaurants, Ice Cream Parlours, Pastry Shops and Food Processing Plants. Samir Kuckreja, a relative of the earlier owners—Deepak and Lalit Nirula, has been appointed as the Managing Director.  He has completed his Hotel Management degree from Cornell University in U.S. and has more than 17 years experience in the hotel and restaurant industry. Market sources peg the deal size at $20 million (Rs. 90 crore), although the amount hasn't been disclosed by the either side.