The new company will be named as ‘CPI Binani, Inc’
The Braj Binani Group said that as part of its long term strategy to access state of the art technology and products for its glass fibre and composite business, it has signed a merger agreement with USA based Composite Products, Inc (CPI).
The Winona, Minnesota, USA based CPI is a leading global manufacturer of inline compounding and molding of thermoplastic composites. CPI is also a globally recognized designer and licensor in this segment. Post merger the Company will be named as 'CPI Binani, Inc.'
Over the last 20 years, CPI has been manufacturing and licensing compression molded composite parts that that are used by a variety of companies in automotive, recreational and other custom-designed and demanding industrial applications. CPI has several patented inventions in its name.
The newly incorporated CPI Binani will have a five-person Board. Derek Mazula, President of CPI, will remain in his role and serve as a member of this newly constituted Board.
HDFC agrees to pick up a stake in Indus World Schools, a chain promoted and run by Career Launcher, an education company in India
Mortgage provider Housing Development Finance Corp (HDFC) has agreed to pick up a stake in Indus World Schools, a chain promoted and run by Career Launcher (CL), a diversified education company in India. Gaja Capital Partners, a private equity firm, is an existing investor and is co-investing in this round.
Renu Sud Karnad, managing director of HDFC said "HDFC and CL have a lot to gain from this relationship and together they can make a significant positive impact on the quality of school education in the country". Gopal Jain, managing partner of Gaja shared his views on the partnership - "Education and Housing are core needs of India's emerging consumers. This partnership between two sector leaders will leverage complementary strengths to help address the huge and immediate unmet demand for K12 education from India's quality seeking consumers."
On Tuesday, HDFC ended 0.36% up at Rs632 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.67% down at 18,022.22 points.
The acquisition will catapult Birla Carbon to become a leading global player
The Aditya Birla Group said that it has entered a definitive agreement to acquire the Atlanta based Columbian Chemicals Company, from One Equity Partners, the merchant banking arm of JP Morgan Chase & Co.
The Aditya Birla Group has bought One Equity Partners' equity in Columbian Chemicals through its associates, Alexandria Carbon Black Company and Thai Carbon Black Company Ltd along with SKI Investment, an Aditya Birla Group Company.
Kumar Mangalam Birla, chairman, Aditya Birla Group, said, "The acquisition of Columbian Chemicals catapults Birla Carbon to become a leading player globally in this sector, by raising its annual production to two million tons. This acquisition will create a business which will have the advantage of cutting edge technology and low costs, and will have a truly global footprint."
The Aditya Birla Group is one of the most cost efficient manufacturers of carbon black. Its operations span four countries, with six manufacturing plants. It caters to the requirements of leading tyre manufacturers globally. Columbian Chemicals operates 11 plants in nine countries.
The acquisition is subject to customary approvals. The deal is expected to attain closure in the second half of CY-11.
ANZ, BankAM, HSBC, RBS and StandChart are participating in the financing of the transaction and were also the financial advisors for this deal.
KPMG were our tax and accounting advisors, and Shearman & Sterling LLP, the legal counsel.