The U.K.-based world's largest mobile operator by revenue Vodafone Group Plc has announced an agreement to acquire controlling interest in India's second largest GSM mobile operator Hutchison Essar Limited (Hutch Essar), via its subsidiary Vodafone International Holdings B.V.

Vodafone has agreed to acquire companies that control a 67% interest in Hutchison Essar from Hutchison Telecom International Limited ("HTIL") for a cash consideration of $11.1 billion (£5.7billion). The transaction implies an enterprise value of $18.8 billion (£9.6 billion) for Hutchison Essar, as Vodafone will assume net debt of approximately $2.0 billion (£1.0 billion).

India's diversified Essar Group ("Essar") currently holds a 33% interest in Hutch Essar and Vodafone will make an offer to buy this stake at the equivalent price per share it has agreed with HTIL. Essar, however, has indicated that it might chose to remain invested in the company. Such a decision will be comfortable to Vodafone also, as Indian regulations require a foreign telecom company to have a strategic Indian Partner with at least 26% stake.

Tata Steel Ltd, the largest private sector steel manufacturer of India, has acquired the Anglo Dutch Steel maker Corus Group Plc, the second largest in Europe and the ninth largest in the world, for a total consideration of $12.1 billion including $11.3 billion cash at 608 pence per share.

Tata Steel had first proposed to takeover Corus by paying 455 pence per share in cash on October 17, 2006 and the proposal was approved by the Corus board on October 20.

The deal took a dramatic turn in mid-November, when Brazilian steel company Companhia Siderurgica Nacional (CSN) jumped in the fray with an offer of 475 pence per share. The U.K. Takeover Panel intervened in December as the competitive situation continued to prevail. Finally, the Takeover Panel declared Tata Steel as the winner after a nine round auction. The combined entity will be the 5th largest steel manufacturer in the world with consolidated revenue of $24 billion.

India's largest non-ferrous metals company Hindalco Industries Limited, part of country’s $12 billion diversified Aditya Birla Group, has signed a definitive agreement with U.S.-based producer of aluminum rolled products Novelis Inc. (NYSE: NVL) to acquire 100% stake in Novelis in an all-cash transaction.

The deal values Novelis at approximately $6 billion, including approximately $2.40 billion of debt. Under the terms of the agreement, Novelis shareholders will receive

$44.93 in cash for each outstanding common share.

Following the transaction Hindalco, with Novelis, will be the world's largest aluminum rolling company, one of the biggest producers of primary aluminum in Asia, and India's leading copper producer. The transaction will require the approval of 66.66% of the votes cast by shareholders of Novelis Inc. at a special meeting to be called to consider the arrangement followed by court approval.

Suzlon Energy Limited, India’s largest wind turbine manufacturer by annual installations, supported by the Portuguese company Martifer, is to make a friendly tender offer for the German wind turbine manufacturer REpower Systems AG based in Hamburg. Suzlon’s offer is 20% higher compared with the offer of Areva Group, the largest supplier of nuclear power equipment in the world. Both Martifer and Areva are prominent shareholders of REpower. Martifer currently holds a 25.4% stake, while Areva owns 29.9%. The offer will be made through a so-called BidCo, in which Suzlon holds 75% and Martifer 25% of the capita.

The global private equity investor BlackStone Group has bought approximately 26% of stake in Ushodaya Enterprises, the publisher of India’s largest circulated Telegu language daily newspaper Eenadu and television channel network ETV offering a bouquet of 12 channels. The 26% stake being acquired by BlackStone is the maximum permissible limit for foreign investment. The deal pegs the enterprise value of Ushodaya Enterprises at $1 billion (about Rs.4,650 crore). This is the single largest foreign investment in the Indian print media.

Morgan Stanley Real Estate, the realty arm of the world’s second largest securities firm Morgan Stanley has bought 10.75% stake in Oberoi Constructions, a leading real estate company that has projects located in Mumbai, India’s financial capital and suburbs of New Delhi, the national capital. The deal is the single largest foreign investment in the country’s real estate industry after relaxation of the restrictions on foreign funds. Oberoi Constructions is involved in constructions of high end residential and commercial projects. It has executed over 30 projects primarily in Mumbai.

Swiss bank UBS AG, the world's largest asset manager, has announced buying Standard Chartered Plc’s mutual funds business in India acquiring its entire stake in Standard Chartered Asset Management Company, and Standard Chartered Trustee Company. This is an all cash deal in which the entire stake will be transferred to Swiss Finance Corporation (Mauritius) Limited, a subsidiary of UBS AG.  Standard Chartered AMC is the ninth largest mutual fund manager in India and manages 16 mutual funds. The Indian mutual fund market is currently worth about $100 billion, but has the potential to grow manifolds in the next 5-10 years according to the industry experts.

Bharti Airtel Ltd, the largest mobile operator of India that also provides long distance telephony services, has signed an agreement to acquired 49.99% stake in Network i2i from its joint venture partner Singapore Telecommunications Ltd (SingTel), the largest telecom company of Singapore. As per the agreement, Bharti will buy SingTel’s 49.99% stake in Network i2i for $55 million, making it a wholly owned subsidiary as Bharti already holds 50% stake in the company. The transaction might alternately be structured as a sale of assets of Network i2i to Bharti Airtel for $110 million, according to SingTel. Network i2i connects Chennai to Singapore through 3,100 km optic fibre under sea cable.

UAE based Abraaj Capital and Sabre Capital Worldwide through their recently formed joint venture Sabre Abraaj Private Equity Fund-I have invested $17 million (Rs. 75 crore) in Ramky Infrastructure Limited (RIL), a growing infrastructure construction and development company based in Hyderabad, the capital city of the south Indian state of Andhra Pradesh. IL&FS Investment Managers (IIML), the Private Equity investment arm of Infrastructure Leasing and Financial Services Limited has also invested $11.3 million (Rs. 50 crore) in Ramky. Sabre Abraaj and IIML together have picked up 13.5% stake in the company, while 84.5% stake remains with the promoters. Ramky is a construction contract company working in the areas of roads, highways, industrial buildings, housing, irrigation canals, water supply and drainage systems.

Tata Steel Ltd has acquired equity shares in NatSteel Trade International Pte. Ltd., NatSteel Xiamen Ltd. and NatSteel Vina Co. Ltd. from Malaysia-based Southern Steel Berhad through its Singapore-based wholly owned subsidiary NatSteel Asia Pte. Ltd.

NatSteel Asia has picked up 40% stake in NatSteel Trade for Singapore $6,538,000 making it a wholly owned subsidiary, as it already owns 60% in the company.

Similarly, it has bought 50% equity in NatSteel Xiamen (formerly Southern NatSteel Xiamen Ltd.) for Singapore $19,357,000. NatSteel Xiamen has also become its wholly owned subsidiary as it was already holding a 50% stake in the company. It has also picked up 22.6% stake in NatSteel Vina for Singapore $3,105,000, taking its total stake in the company at 56.5%.

The total deal was worth Singapore $29 million ($18.9 million or Rs. 83.5 crore). While NatSteel Trade handles procurement and export sales, NatSteel Xiamen Ltd steel produces full range of deformed/round bars and wire rods. NatSteel Vina specializes in reinforcement bars and wire rods..

Mahindra & Mahindra Ltd, India’s leading automobile manufacturer through its Mauritius-based subsidiary Mahindra Forging Global Ltd has acquired 90.47% stake in German auto parts maker Schoneweiss & Co. GmBH. The family-owned German company with more than 140 years experience in forging sector is one of the top five makers of axle beams in the world. It also specialises in suspension, power train and engine parts. Its customers include world’s leading automobile manufacturers DaimlerChrysler Group, MAN, Scania and Volkswagen.