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Top Weddings and Business Engagements of 2010 in India

TATA Chemicals Commitment to British Salt – December 20, 2010

British Salt is the UK’s leading manufacturer of dry and pure vacuum salt products. The main uses of these salt products are as water softeners, in the chemical industry, food processing, etc. In the UK, it enjoys a comfortable 50% market share. It is headquartered in Middlewich, Cheshire and has a production capacity of at least 7.20 lac tonnes per year. Tata Chemicals, on the other hand, is a Mumbai-based Tata Group company. Tata Chemicals had acquired a 100% stake in US-based General Chemical Industrial Products (GCIP) for $ 1.05 billion (Rs. 4000cr) in early 2008 and became the world’s second largest manufacturer of ash from soda.

Tata Chemicals UK subsidiary Brunner Mond signed a binding agreement to acquire 100% of British Salt Ltd for Rs.650cr on December 20, 2010. The acquisition is financed by debt by Tata Chemical without recourse. This agreement adds yet another milestone in Tata Group’s chain of cross-border acquisitions.

Airtel from India marries Zain from Kuwait in Africa – June 8, 2010

Zain Group is a mobile telecommunications company founded in 1983 in Kuwait. Zain had a presence in more than 20 countries in Africa and the Middle East. Bharti Airtel Limited (Airtel), the world’s fifth largest telecommunications operator, is the popular Indian telecommunications company operating in more than 15 countries. It has a 29% market share in GSM mobile service in India.

On the aforementioned date, the largest telecommunications acquisition ever made by an Indian company was successfully achieved. Airtel bought Zain’s business in 15 African countries for $ 10.7 billion. Shortly after the deal, in August, Airtel announced the acquisition of Seychelles for Rs. 288cr and expand its presence in Africa to 16 countries.

ICICI Bank and Bank of Rajasthan – May 23, 2010

ICICI Bank is the second largest bank in India and the largest private sector bank in India by market capitalization. It has branches and representative offices in 19 countries. ICICI Bank has an asset base of Rs3.63 trillion and recorded a net profit of Rs4,025 crore in 2010. Bank of Rajasthan (BoR) was established in Udaipur in 1943. BoR has 463 branches and 111 ATMs. BoR’s asset base was Rs17,224 crore and in the first nine months of fiscal 2010, its net loss was Rs9.82 crore.

BoR was paid Rs.3000cr and merged with ICICI Bank. The BoR acquisition has helped ICICI, which has 2,000 branches and 5,200 ATMs, to strengthen its network in both North and West India. Thus, its network of offices increased by 25%.

Mahindra International Date with SsangYong – March 2011 (Expected)

SsangYong Motor Company is the fourth largest automobile manufacturer in South Korea. It has a great history of acquisitions and partnerships. It was part of the SsangYong Group, a multi-million dollar conglomerate. The group broke up due to problems during the 1997 Southeast Asian crisis. Mahindra & Mahindra Limited (M&M) a part of the Mumbai-based Mahindra Group. It has recorded revenues of $ 6.93 billion with net income of US $ 623.11 million.

M&M has been selected as the preferred bidder and is expected to secure a majority stake in the company in March 2011. The planned acquisition, which has been approved by the South Korean Free Trade Commission, will cost M&M 463 million Dollars. M&M aims to harness the technological strength of SsangYong.

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