Deals of the Day

Aditya Birla Nuvo Ltd, part of the Aditya Birla group, has entered into an agreement with Apollo Sindhoori Capital Investments (ASCIL) to acquire 56% stake in the retail broking company for Rs 198.8 crore. This move will strategically further strengthen the position of the financial services group as a manufacturer and distributor of value added financial products. Aditya Birla Nuvo will make an open offer, post receiving the necessary approvals. "We have chosen to retain a 10% stake, as we believe the Aditya Birla group will add substantial value to the company," Suneeta Reddy, Director, Apollo Sindhoori, said.

Tech Mahindra gets stake in Servista

Mahindra group company Tech Mahindra (TechM) has acquired a minority equity stake in European systems integrator, Servista for an undisclosed amount. As part of the agreement, TechM would be Servista's exclusive delivery arm for three years and would also assist the company in securing more large-scale European IT offshoring business. It would have the right to nominate a member onto Servista's board of directors, a release stated.

Bharat PetroResources Limited (BPRL), a subsidiary of Bharat Petroleum Corporation Limited (BPCL), has executed a participation agreement with a subsidiary of Anadarko Petroleum Corporation, USA for acquisition of a 10 per cent interest in an exploration and production concession contract (EPCC) covering area 1 of the Rovuma block in Mozambique. Videocon Energy Ventures has also picked up a 10 per cent stake in the block. The capital outlay for the transaction is estimated at $ 75 million which will be incurred up to 2011.