TRIGGER LIMIT MAY GO UP TO 25%

100% open offer norm unlikely

Economic Times: 21/10/2010

Opposition Due To Advantage Of Overseas Buyers Over Indian Cos

Reena Zachariah MUMBAI THE Securities and Exchange Board of India,or Sebi, is set to unveil new rules on takeover of public listed firms based on the recommendations of a committee headed by C Achuthan,but may stop short of implementing a key proposal that envisages a mandatory open offer for 100% of the equity of a company by an acquirer.

The Sebi board,which is scheduled to meet on Monday,will discuss the overhaul of the takeover rules,notably an increase in the limit for triggering open offers to 25% from 15% and doing away with the concept of a non-compete fee to promoters.However,considering the resistance from industry bodies or lobbying arms of corporates,merchant bankers,corporate lawyers and fund managers,the capital market regulator may have to take a hard look at the proposal that makes it obligatory on all acquirers to buy out 100% of the equity of a target company,according to a senior official in Sebi.

This official said the bulk of the comments that it has received from industry as well as capital market intermediaries,including merchant bankers,related to this proposal.The opposition to this proposal stems from the fact that overseas acquirers have an advantage over their Indian counterparts.Indian corporates cannot access bank funds for buying out a company as RBI does not permit banks to fund such an activity.In contrast,many foreign companies do not face such restrictions and that makes it easier for them to make an aggressive bid for controlling local firms.

The 25% threshold for triggering a tender offer moves us closer to norms in other countries.Requiring the tender offer to be for all 100% appears fair to minority shareholders,but then building in a squeezeout provision would make it fair for acquirers, said Anantharaman,MD & head-corporate advisory & finance,Standard Chartered.

Milestones of Tata Group

The Tata group is one of India's oldest, largest and most respected business conglomerates. The group's businesses are spread over seven business sectors.

Nirma board decides to de-list company

Sun, Oct 10 2010. 4:17 PM IST

With $1 billion revenue, today Nirma is the seventh largest soda-ash maker in the world.

Ahmedabad: The board of directors of Nirma Ltd Sunday approved the proposal made by chairman Karsanbhai Patel and other promoters for acquiring 3.63 cr equity shares of the company, being all the equity shares not held by promoters in the company and seek delisting of equity shares from the Stock Exchanges pursuant to and in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations), 2009, the company said in a corporate announcement.

Presently, Nirma’s equity shares are listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

Incorporated in 1984, Nirma Limited paved way for consolidation of operations leading to listing of the company in 1994. The company’s main line of business is soaps and surfactants. The company recently diversified to pharma and processed minerals and cement businesses.

Total income and gross fixed assets of the company, on consolidated basis, for the financial year ended on 31 March 2010 is Rs4696 crore and Rs5032 crore, respectively. Share capital and reserves of the company as on 31 March 2010, on consolidated basis, is Rs79.57 crore and Rs2746 crore respectively. As on date promoters hold 77.17% of the paid up equity share capital of the company.

“The acquirers believe that it is this changing nature of the business of the company that has led to market valuations of the company to be valued as diversified conglomerate, rather than as a consumer products company or at a valuation that reflects the sum of its parts. The acquirers believe that given the low trading liquidity in the stock, the delisting offer should provide investors with an opportunity to get an exit at a fair value, while according the company the flexibility to carry on its operations,” the company said in a press statement.

The acquirers are of the view that a price of Rs235 per share is an attractive price for the public shareholders of the company under the present circumstances. The price represents a premium of approximately 19% to the price determined as the average of the weekly high and low of the closing prices of the equity shares of the company as quoted on NSE, during the 26 weeks preceding the date of the decision, the company said. The share price of Nirma Ltd stood at Rs224.45 when the markets closed on Friday.

The success story of Karsanbhai who started manufacturing phosphate-free detergent powder in his backyard and sold it while cycling to work has already become business folklore.

With $1 billion revenue, today Nirma is the seventh largest soda-ash maker in the world.

In 2004, the Nirma group expanded into pharmaceuticals by acquiring an IV fluid factory in Ahmedabad. It also acquired US-based Searles Valley Minerals to become one of the top producers of soda ash in the world.

Today, nine manufacturing locations of the company serve four continents globally and 37% of total income is generated overseas.

Fortis Healthcare to buy HongKong business

Fortis Healthcare have agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia for $195 million.

Reuters
Sun, Oct 10 2010. 10:41 PM IST

Mumbai: The controlling shareholders of Indian hospital chain Fortis Healthcare have agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia Ltd for HK$1.52 billion ($195 million), according to statements issued late on Sunday.

New Delhi-based Fortis Healthcare, controlled by billionaire brothers Malvinder and Shivinder Singh, fell short in its bid earlier this year to take control of Singapore-based hospital chain Parkway Holdings as part of an effort to build an international business.

The Quality HealthCare acquisition is being made by the Singhs’ Fortis Global Healthcare Holdings Pte Ltd unit, which it said is the family’s vehicle to build a pan-Asian healthcare business.

In addition to the HK$1.52 billion in cash, Fortis Global Healthcare will provide HK$20 million in base working capital, Quality HealthCare said in a statement.

India pulls top Japanese drug makers

Business-Standard, Mumbai October 4, 2010

Top Japanese drug makers are planning big presence and investments in India, within two years of India’s largest manufacturer, Ranbaxy Laboratories, being taken over by Daiichi Sankyo, the third largest Japanese one.

Mitsui has had a business relationship with Arch for the past four years. The strategic stake sale will help the Rs 1,200-crore Arch to foray into supply of active ingredients and intermediates in the tough Japanese market, as Mitsui will exclusively market Arch’s products in Japan, said Ajit Kamat, chairman and managing director.

“Mitsui has formulation manufacturing units in Japan and contract and clinical research facilities in Singapore. It is natural for them to enter into a strategic alliance in India to access the active ingredient link, which was missing in their pharma supply chain,” he said.

This is the first acquisition by a Japanese company in the Indian drug market since the June 2008 acquisition of Ranbaxy by Daiichi Sankyo. The recent deal is likely to trigger more Indo-Japanese drug sector deals, said Kamat.

Japanese companies such as Takeda, Astellas, Eisai, Taiho Pharmaceutical, Mitsubishi Pharma, Dainippon Sumitomo, Kyowa Hakko and Shionogi are among the top 50 drug companies in the world. The first three are among the world’s top 25 drug companies. Most of these majors were so far concentrating only on the Japanese market, with their patented drugs.

India’s attraction
According to a report by consultancy company PricewaterhouseCoopers (PwC), India is estimated to become one of the top 10 drug markets and will be worth $50 billion in the next 10 years. The country is currently at 14th position in the list of the world’s largest markets, with annual sales of $19 billion.

Takeda, Japan’s largest drug maker, with a history of 230 years and a turnover of ¥1,466 billion (Rs 78,700 crore), is likely to be the next major Japanese drug company to tap the Indian market. “We are considering expanding our business to India,” Oguri Mitso, spokesperson, told Business Standard in an e-mail.

He declined to reveal details. A week earlier, market sources speculated Takeda was in discussions to acquire the formulation business of Dr Reddy’s Laboratories. “Our plans are not related to Dr Reddy’s Labs,” clarified Mitso. A Dr Reddy’s spokesperson also ruled out sale of the domestic formulation business.

Astellas Pharma, the second largest Japanese drug maker, has started testing the Indian waters by launching a liver-kidney-heart transplantation drug in India. Astellas, which is not looking at generics business globally, will launch more products from its parent stable in the coming years, said Himanshu Dave, director, sales and marketing, of Astella’s Indian unit.

“We cannot give a time frame as of now, but we are evaluating the big opportunities in India,” he said. Similarly, Dainippon Sumitomo Pharma, another Japanese drug maker has started an Indian office and will soon launch its operations, said industry executives.

Eisai and Co, another leading Japanese drug leader, is making India a major manufacturing hub for its global operations and is setting up a huge facility at Visakhapatnam, Andhra Pradesh, with an investment of close to Rs 1,900 crore. The facility is ready and is awaiting some regulatory approvals to start production, said industry sources.

These companies will first be confined to small operations to get a feel of the local market. Then, in a year or two, will go for large-scale investments including big-ticket acquisitions, said an industry observer.

Example of Vertical Merger: Backward Integration

Mon, Oct 4 2010. 9:10 PM IST
livemint.com

Tata Motors acquires Italian design house

Both Tata Motors and Trilix Srl have worked together on several projects in the past

New Delhi: Tata Motors Ltd said on Monday that it had acquired an 80% stake in Trilix Srl, an Italian design and engineering firm for €1.85 million (Rs. 11.29 crore). The acquisition is in line with the company’s objective to enhance its styling and design capabilities to global standards, Tata Motors said in a statement. Milan-based LMS Studio Legale acted as legal advisors for the transaction.

Both companies have worked together in the past on several projects. Trilix has developed a strong understanding of the Tata brand and excellent working relationships with the company in several projects over the years, the statement added.

The remaining stake in Trilix is held by its promoters Federico Muzio and Justyn Norek.

With a turnover of €4 million and net profit of €2,50,000, the company offers design and engineering services in the automotive sector.

According to analysts, the acquisition is not a very significant one in terms of the deal size, but it will help Tata Motors enhance its design capabilities. However, since the company is looking forward to some new launches and re-launches, it may be in a positive direction, said Vaishali Jajoo, an analyst with Angel Broking Ltd.

Vijay Mallya in talks to buy majority stake in QPR

05 October 2010 à 13:38

Vijay Mallya is reportedly in talks to buy the London football team Queens Park Rangers.

The club is currently owned by F1 chief executive Bernie Ecclestone and banned former Renault team boss Flavio Briatore.

The Evening Standard newspaper said Mallya, the Indian billionaire and owner and boss of the F1 team Force India, is eying a ‘significant’ stake in QPR, who are currently top of the second division.

ITC & EIH to combine hotel biz, become largest hospitality chain

fe Bureau
Posted: Monday, Oct 04, 2010 at 2352 hrs IST
Updated: Monday, Oct 04, 2010 at 2352 hrs IST

New Delhi: Diversified conglomerate ITC Group and hospitality major EIH have drawn up a blueprint to combine and emerge as the country’s largest hotel chain by revenues. Once the plan fructifies, it would see a three-way venture between the two groups and Reliance Industries (RIL) which recently picked up 14.8% stake in EIH. Currently, the Oberois hold 32% stake in EIH, while ITC holds 14.98%.

According to the plan being worked out, the ITC group would demerge its hotel business, which would then form a partnership with the EIH group. The combined entity would have a much larger revenue base of Rs 1,948 crore, which can then be leveraged for further expansion both domestically as well as overseas. The coming together of the two hotel chains would make them the country’s largest hotel conglomerate in terms of revenues, outstripping the Tata group’s hospitality company Indian Hotels.

Indian Hotels is currently the largest hotel chain in the country in terms of revenues, clocking Rs 1,566 crore for the fiscal 2009-10. Once the merger between the ITC hotel division and EIH takes place, the running of the hotel and its day-to-day management would be in their hands and RIL would not interfere in this aspect.

Sources said talks between the parties are at a preliminary stage, but would gather steam shortly. Analysts said it makes sense for ITC to demerge its hotel business and unlock some value from it. The bulk of ITC’s gross revenue comes from the tobacco business. In the 2009-10 fiscal, cigarette sales of ITC stood at Rs 17,283.03 crore, which is 66% of the company’s total revenue of Rs 26,259 crore.

Sanofi-Aventis launches Genzyme takeover battle

At $69 per share, the offer for Genzyme, based in Cambridge, Massachusetts, is unchanged from a friendly bid that Sanofi-Aventis made privately to management in July.

Paris: France’s Sanofi-Aventis on Monday launched an $18.5 billion hostile takeover offer for Genzyme Corp., stepping up its effort to capture the US biotech company’s promising drugs for high cholesterol and lucrative treatments for rare genetic disorders.

At $69 per share, the offer for Genzyme, based in Cambridge, Massachusetts, is unchanged from a friendly bid that Sanofi-Aventis made privately to management in July and publicly disclosed in August, only to be rejected.

It’s the biggest hostile takeover in the pharmaceutical industry since Roche Holding’s 2008 acquisition of Genentech for $47 billion, according to Dealogic, which analyzes mergers and acquisitions.

Sanofi-Aventis CEO Chris Viehbacher, on a conference call with reporters, said he decided to go straight to shareholders because Genzyme management “refused to engage in constructive discussions” despite several attempts by Sanofi-Aventis.

The offer to Genzyme shareholders opens Monday and runs to 10 December. Viehbacher said he has met with shareholders holding more than 50% of Genzyme’s capital and that he is “confident the offer will be successful.”

Viehbacher said Genzyme shareholders “are frustrated by Genzyme’s unwillingness to engage in constructive discussions with us.”

In an interview on CNBC, Viehbacher said the $69 per share offer “fully values” Genzyme, and suggested that there’s no reason for Sanofi-Aventis to raise it.

“There’s no one else bidding and there’s no new information,” Viehbacher said, “So you can hardly expect us to bid against ourselves.”

In a letter sent Monday to Genzyme CEO Henri Termeer and released by Sanofi-Aventis, Viehbacher said Termeer’s “refusal to engage with us in a constructive manner is denying your shareholders an opportunity to receive a substantial premium, to realize immediate liquidity, and to protect against the risks associated with Genzyme’s business and operations.”

He said Sanofi-Aventis’ offer represented a “significant premium” of 38% over Genzyme’s share price before speculation over a possible deal surfaced in July.

Viehbacher met with Termeer on 20 September but was unable to persuade him of the deal’s merits.

Nathalie Ducoudret, a spokeswoman for Genzyme in France, declined to comment. Genzyme spokespeople in Cambridge couldn’t be reached for comment.

In August, Genzyme said the $69 per share offer undervalued the company and that Genzyme’s board was “not prepared to engage” in negotiations with an “unrealistic” starting price.

Last week Termeer said that a fairer value for Genzyme shares would be closer to $80, its price before the 2008 financial crisis and the company’s subsequent manufacturing problems.

“They have to recognize our value rather than be opportunistic,” Termeer was quoted as saying in the Financial Times.

Genzyme is considered attractive because it has promising drugs for high cholesterol and other disorders in late development, and it already sells some lucrative drugs for rare genetic disorders. That’s a hot niche as big pharmaceutical companies diversify beyond blockbuster pills that get slammed by cheaper generic rivals after several years. The company just received US approval in late May for a new drug for Pompe disease, and its experimental biologic drug for multiple sclerosis is getting expedited review by the Food and Drug Administration.

Genzyme reported a sharp drop in second-quarter profit because of falling sales and charges partly linked to manufacturing problems. Sales of two key drugs -- Cerezyme and Fabrazyme -- plunged because of viral contamination at a Genzyme facility in Allston, Massachusetts, causing the company to halt production and leading to inventory shortfalls.

Genzyme announced in May that it had agreed to pay a $175 million penalty to federal regulators, and is mapping out a plan for overhauling the plant. In the meantime, it has switched production to other plants.
Sanofi-Aventis shares dropped 0.6% at the open in Paris to €48 ($65.88).

Global M&A volume crosses $2 trn landmark

Press Trust of India / New Delhi October 04, 2010, 16:43 IST

The global merger and acquisition volume has crossed the $2 trillion landmark so far this year, with emerging market deals accounting for nearly one third of the total pie, a report says.

According to leading deal tracking firm Dealogic, in the first nine months of this year, global M&A volume totalled $2.03 trillion and the emerging market volume reached $653.2 billion, wherein India's share was $56.7 billion.

"Emerging market M&A accounted for 32 per cent of global M&A volume in the first nine months of 2010, the highest percentage on record," the Dealogic M&A Review said.

Emerging market volume reached $653.2 billion in the first nine months of 2010, and exceeded European M&A for the first time on record, it added.

In India, merger and acquisition volume reached a first nine month record of $56.7 billion so far this year. Inbound deals contributed significantly, with the volume totalling $24.8 billion.

During the first nine months of 2010 cross border volume reached $764.5 billion through 7,352 deals, up 67 per cent from $456.8 billion via 6,036 deals in the first nine months of 2009.

Emerging markets accounted for 33 per cent with $252.5 billion. Bharti Airtel's $10.7 billion acquisition of Zain Africa was the largest Indian outbound deal of 2010 and the second largest on record.

The Asia Pacific targeted M&A volume reached $449.1 billion in the first nine months of 2010, wherein outbound deals contributed nearly half, with M&A volume totalling a record $214.9 billion in the first nine months 2010.

China was the top targeted nation with $137.4 billion, up 14 per cent from the same period last year. China was the third largest acquiring nation by volume globally just behind the US and the UK.

A sector-wise analysis shows that finance and oil and gas attracted the maximum deals with M&A transactions totalling $229.5 billion through 2,629 and 1,213 deals respectively, followed by telecom ($206 billion), healthcare ($178 billion) and real estate ($135.2 billion).

Goldman Sachs was the top advisor for both the US and the global M&A deals announced during the first nine months of this year while JP Morgan led in Europe and Bank of America Merrill Lynch was top in Asia Pacific (excluding Japan), the report said.

In India, Rothschild was the top adviser with $28.2 billion, followed by Bank of America Merrill Lynch and Standard Chartered with $25.3 billion and $22.3 billion, respectively.

India's Largest Mergers and Acquisition Deals

1.  Tata Steel-Corus: $12.2 billion

Image: B Mutharaman, Tata Steel MD; Ratan Tata, Tata chairman; J Leng, Corus chair; and P Varin, Corus CEO.

Photographs: Toby Melville/Reuters

On January 30, 2007, Tata Steel purchased a 100% stake in the Corus Group at 608 pence per share in an all cash deal, cumulatively valued at $12.2 billion.

It made Tata Steel the world's fifth-largest steel group.

2. Vodafone-Hutchison Essar: $11.1 billion

Image: The then CEO of Vodafone Arun Sarin visits Hutchison Telecommunications head office in Mumbai.
Photographs: Punit Paranjpe/Reuters

On February 11, 2007, Vodafone agreed to buy out the controlling interest of 67% held by Li Ka Shing Holdings in Hutch-Essar for $11.1 billion.

3. Bharti-Zain Deal: $10.7 billion

In March 2010, Bharti entered into a legally binding definitive agrrement with Zain Group ("Zain") to acquire the sale of  100%  of Zain Africa BV , its African Business excluding its operations in Morocco and Sudan, based on an enterprise valuation of USD 10.7 billion.

Under the agreement, Bharti will acquire Zain's African mobile service operations in 15 countries with a total customer base of over 42 million.

4. Hindalco-Novelis: $6 billion

Image: Kumar Mangalam Birla (center), chairman of Aditya Birla Group.

Photographs: Punit Paranjpe/Reuters 

Aluminium and copper major Hindalco Industries, the Kumar Mangalam Birla-led Aditya Birla Group flagship, acquired Canadian company Novelis Inc in a $6-billion, all-cash deal in February 2007.

The acquisition made Hindalco the global leader in aluminium rolled products and one of the largest aluminium producers in Asia.

5. Ranbaxy-Daiichi Sankyo: $4.5 billion

Image: Malvinder Singh (left), ex-CEO of Ranbaxy, and Takashi Shoda, president and CEO of Daiichi Sankyo.
Photographs: Danish Ismail/Reuters

Marking the largest-ever deal in the Indian pharma industry, Japanese drug firm Daiichi Sankyo in June 2008 acquired the majority stake of more than 50 per cent in domestic major Ranbaxy for over Rs 15,000 crore ($4.5 billion).

The deal created the 15th biggest drugmaker globally.

6. ONGC-Imperial Energy: $2.8 billion

Image: Imperial Oil CEO Bruce March.
Photographs: Todd Korol/Reuters

The Oil and Natural Gas Corp took control of Imperial Energy Plc for $2.8 billion, in January 2009, after an overwhelming 96.8 per cent of London-listed firm's total shareholders accepted its takeover offer.

7. NTT DoCoMo-Tata Tele: $2.7 billion

Image: A man walks past a signboard of Japan's biggest mobile phone operator NTT Docomo Inc. in Tokyo.

Photographs: Stringer/Reuters

Japanese telecom giant NTT DoCoMo picked up a 26 per cent equity stake in Tata Teleservices for about Rs 13,070 crore ($2.7 billion) in November 2008.

With a subscriber base of 25 million in 20 circles DoCoMo paid Rs 20,107 per subscriber to acquire the stake.

DoCoMo picked up the equity through a combination of fresh issuance of equity and acquisition of shares from the existing promoters.

8. HDFC Bank-Centurion Bank of Punjab: $2.4 billion

Image: Rana Talwar (rear), Centurion Bank of Punjab chairman , and Deepak Parekh, HDFC Bank chairman.

Photographs: Arko Datta/Reuters

HDFC Bank approved the acquisition of Centurion Bank of Punjab for Rs 9,510 crore ($2.4 billion) in one of the largest mergers in the financial sector in India in February, 2008.

CBoP shareholders got one share of HDFC Bank for every 29 shares held by them. Post-acquisition, HDFC Bank became the second-largest private sector bank in India.

9. Tata Motors-Jaguar Land Rover: $2.3 billion

Image: A Union flag flies behind a Jaguar car emblem outside a dealership in Manchester, England.
Photographs: Phil Noble/Reuters

Creating history, one of India's top corporate entities, Tata Motors, in March 2008 acquired luxury auto brands -- Jaguar and Land Rover -- from Ford Motor for $2.3 billion, stamping their authority as a takeover tycoon.

Beating compatriot Mahindra and Mahindra for the prestigious brands, just a year after acquiring steel giant Corus for $12.1 billion, the Tatas signed the deal with Ford, which on its part chipped in with $600 million towards JLR's pension plan.

10. Sterlite-Asarco: $1.8 billion

Image: Vedanta Group chairman Anil Agarwal.
Photographs: Rediff Archives

Anil Agarwal-led Sterlite Industries Ltd's $1.8 billion Asarco LLC buyout deal is one of the biggest-ever merger and acquisitions deal involving an Indian firm, and the largest so far in 2009.

This is despite the deal size falling by almost $1 billion, from a projected estimate of $2.6 billion in May 2008, due to devaluation of mining assets and a sharp fall in copper prices.

Sterlite, the Indian arm of the London-based Vedanta Resources Plc, acquired Asarco in March 2008.

11. Suzlon-RePower: $1.7 billion

Image: Tulsi Tanti, chairman and managing director of Suzlon Energy Ltd.
Photographs: Chip East/Reuters

Wind power major Suzlon Energy in May 2007 acquired the German wind turbine manufacturer REpower for $1.7 billion. 

REpower is one of Germany's leading manufacturers of wind turbines, with a 10-per cent share of the overall market.

Suzlon is now the largest wind turbine maker in Asia and the fifth largest in the world.

12. RIL-RPL merger: $1.68 billion

 

Image: Reliance Industries' chairman Mukesh Ambani.
Photographs: Adnan Abidi/Reuters



Reliance Industries in March 2009 approved a scheme of amalgamation of its subsidiary Reliance Petroleum with the parent company. The all-share merger deal between the two Mukesh Ambani group firms was valued at about Rs 8,500 

Post-merger, RPL shareholders received one fully paid equity share of Rs 10 each of the company for every 16 fully paid equity shares of Rs 10 each of RPL held by them.

The RIL-RPL merger swap ratio was at 16:1. The merger became effective from April 1, 2008.

Example of a Buyout

Motilal Oswal buys out Goldman Sachs in Cremica
BS Reporter / Mumbai October 1, 2010, 0:29 IST

Motilal Oswal Private Equity Advisors Private Ltd (MOPE) has bought the 20 per cent stake of Goldman Sachs in Ludhiana-based food company Cremica.

According to persons close to the development, the private equity (PE) arm of Motilal Oswal Financial Services Ltd (MOFSL) bought the stake for around Rs 70 crore, valuing the company at Rs 350 crore. MOPE bought the stake through its India Business Excellence Fund (IBEF).

In 2006, Goldman Sachs had picked up the stake through its unit Jade Dragon (Mauritius) Ltd for close to Rs 70 crore, indicating that its exit had been on par, said the sources. In 2009-10, Cremica’s turnover was close to Rs 400 crore.

Raamdeo Agarwal, chairman of MOPE, said, “The food industry in India is in a high-growth phase. If the economy has to grow from one trillion dollars to two trillion dollars in the next four to five years, branded food consumption will increase with growing income levels. Companies like Cremica, which have established a strong presence in the last few decades, will benefit from this trend.”

For Motilal Oswal, this is the second such investment in the food processing industry in the last two years. In 2008, it had picked up a 11 per cent stake in Pune-based dairy products maker, Parag Milk, for Rs 60 crore.

Cremica, according to Director Akshay Bector, is engaged in the manufacturing and marketing of biscuits, buns and breads, liquid condiments etc. The company has plans to foray into segments such as syrups, mayonnaise, jams, fruit juices and ready-to-eat curries, pastes, etc. The company has five manufacturing units across the country.

IBEF has so far made 11 investments across sectors such as bulk packaging, power transformers, auto components, fast moving consumer goods, etc. Though sector agnostic, the fund is said to be skewed towards themes that are linked to the domestic consumption story.