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Taro investor reverses stance, backs Sun
Sun Pharma"s share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel"s Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun"s bid.

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Ex-UB honcho to develop wine value chain
Vallee de Vin, maker of the premium Zampa brand of wines, is looking at investing upto Rs 35 crore on expansion as well as verticalisation by offering a range of services centred around the core business of wine manufacturing. Ravi Jain, chief executive officer of the Sanjegaon, Nashik-based vineyard, said that the company has a horizon of upto three years to raise the amount.

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Piramal Healthcare okays Rs 1K cr fund raising
Drug maker Piramal Healthcare today said its board has approved the raising of funds up to Rs 1,000 crore through the issue of securities.
Corporate

Shri Renuka Sugars acquires Brazilian VDI

Shri Renuka Sugars has acquired "Vale Do Ivai S.A Acucar E Alcool (VDI)", a Brazilian sugar and ethanol production company. The acquisition includes two sugar and ethanol production facilities located in the southern state of Parana with a combined cane crushing capacity of 3.1 mn tonnes per annum. In addition, VDI holds strategic stakes in several logistics assets including terminals for staoarge and loading of sugar and ethanol at the port of Paranagua. Larger part of the sugarcane requirements at VDI are met through its own cultivation of more than 18,000 hectares of land on long lease. VDI has an enterprise value of $240 mn. Shree Renuka will acquire 100 per cent of the equity capital of VDI for approximately $82 mn and the balance is assumed debt which is to be repaid over 8 years. The acquisition has received approval of leading creditors of VDI and other remaining conditions are expected to be completed over next 45 days. Motilal Oswal Investment Advisors was the strategic advisor to Shree Renuka for the deal.


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