London-listed Vedanta Resources Plc’s, a global diversified and integrated metals and mining group, group company Sesa Goa has acquired mining and maritime businesses of Dempo Group based in Goa, India's smallest state located on the west coast. Sesa Goa will acquire all the outstanding common shares of V.S. Dempo & Company Private Limited (VSD), which holds the mining assets of the group in Goa, for a purchase consideration of Rs.1,750 crore ($366 million) on a debt free and cash free basis.

VSD also holds 100% equity shares of group company Dempo Mining Corporation Private Limited and 50% equity shares of Goa Maritime Private Limited.

After the deal, Sesa Goa will have the right on Dempo's mining assets, processing plants, jetties, barges, transhippers and all the loading capacities at Mormugoa port near Goa. The acquisition of Dempo's mining assets will be strategically beneficial for Sesa Goa, as the acquisition would avail access to its 70 million tonne of iron ore resources.

Suzlon Energy Ltd, the world’s fifth largest and India’s largest wind turbine manufacturer has completed the acquisition of Martifer Group's stake in REpower Systems AG, with a final payment of €87.6 million ($122.5 million) on 6th June 2009. With the completion of this transaction, Suzlon has acquired the final tranche of 14.4% stake in REpower held by Martifer, taking its total stake in the target company at 90.72%. As per the third and final payment of €175 million ($245 million or Rs.1,174 crore), an amount of €87.6 million ($122.5 million) was paid on 28th May 2009 and the balance €87.6 million was paid on 5th June 2009.

Suzlon had acquired the German wind turbine manufacturer REpower after a prolonged bidding war with French firm Areva Group, the largest supplier of nuclear power equipment in the world, in April 2007 for an enterprise value of $1.8 billion. Martifer, a unit of Portugal's top builder Mota Engil, which was the third largest shareholder of REpower with 23% shares, had joined hands with Suzlon in this bid. The Purchase of Martifer's stake in REpower by Suzlon was agreed at the time of the joint bid itself.

Larsen & Toubro (L&T) Limited, India’s largest engineering and construction firm, has sold its entire 11.49% stake in cement maker UltraTech Cement Ltd based in Mumbai, the financial capital of India through open market transactions. The sale was done at a price of about $15.4 (Rs.725) per share, taking the total deal value at about $220 million (Rs.1,037 crore). These shares have been sold to 25 financial institutions, which include 13 overseas and 12 doemstic institutions. Citigroup Global Markets India was the banker of this deal.

L&T had exited from its cement business in 2004 selling it to Grasim Industries Ltd, part of one of India’s largest diversified groups Aditya Birla Group, which later renamed it as Ultratech Cement. In 2004, L&T had retained this small stake with the commitment of selling this entire stake on or before 31st December 2009. The deal is a logical step in line with company’s strategy to focus on its core business.

Essar Teleholdings, the telecom subsidiary of Mumbai-based diversified industrial conglomerate Essar Global, has entered in to a 90:10 joint venture with Kenyan Telecom Uganda Limited, a local telecom firm of Uganda. The Joint Venture has got the licence to start telecom services in the African country. Essar will invest $200 million in the JV. The joint venture is expected to start its operations by August 2009.

Essar owns 33% stake in India’s second largest GSM (Global System for Mobile communications) mobile operator Vodafone Essar Ltd. It also holds 9.9% stake in Loop Telecom (previously known as BPL Mobile) and is involved in retailing of mobile handsets through its retail chain The Mobile Store.

Tamil Nadu state government has granted its nod to Toshiba-JSW joint venture, which is planning to set up a supercritical power equipment manufacturing plant near Chennai, the capital city of Tamil Nadu. It is a joint venture of Japan’s largest chipmaker Toshiba Corporation and JSW Energy, a part of Jindal South West (JSW) Group that has diversified interests across steel, energy, infrastructure, etc.. Toshiba will hold 75% stake in the JV, while JSW Group will have the remaining 25% stake.

Out of this 25% stake, JSW Energy Limited, a group company will keep 20% stake, while another group company JSW Steel Limited will hold 5% stake. The Joint Venture will invest about $168 million (Rs.800 crore) to set up the facility in Ennore district of the south Indian state of Tamil Nadu. The plant will start the production of equipment by 2011 and its second phase is expected to commence by 2015.

Indian Hotels Company Ltd (IHCL), a part of India’s largest industrial conglomerate Tata Group, has purchased 85% stake in Elel Hotels and Investments Ltd. for $142.36 million (Rs.680 crore) from Claridges Hotels and Resorts based in Delhi, India national capital. Elel Hotels and Investments Ltd has a long-term sublease for the land on which Bandra’s Sea Rock Hotel is located in Mumbai.

Indian Hotels runs its hotel chain under the umbrella brand of Taj. The Sea Rock Hotel is located opposite the Taj Lands End hotel in Mumbai. To redevelop the acquired property, Indian Hotels will spend about $105 million (Rs.500 crore) and the redevelopment work will be completed within 18-20 months.

Lanxess India, the subsidiary of German specialty chemicals maker Lanxess AG, has acquired the chemicals business of Mumbai-headquartered Gwalior Chemicals for an aggregate value of €82.4 million ($112.6 million or Rs.536 crore) on a cash and debt free basis. While the estimated debt that will be taken over by Lanxess India is about €24 million ($33.2 million or Rs.156 crore), the net consideration would stand at €58.4 million ($81million or Rs.380 crore).

After the completion of the deal, the chemical unit of Gwalior Chemicals, which is a supplier of precursors for pesticides, drugs and fragrances, will become a part of Lanxess India’s Basic Chemicals sub-division.

New Delhi-based Financial services firm Religare Enterprises Ltd. has signed an agreement with the world's second-largest reinsurer Swiss Re for setting up a joint venture in the country. The JV will work in the field of health insurance in the Indian market with a planned initial investment of $106.42 million (Rs.500 crore). Swiss Re will be a minority shareholder with 26% stake in the joint venture, which is the maximum permissible limit for a foreign shareholder in the insurance sector as per the current regulations, and Religare will hold the remaining 74% stake.

The joint venture will benefit from Religare’s strength in distribution of financial products, while Swiss Re will offer its expertise in underwriting and risk management. The joint venture is expected to be operational by 2010.