Defence Acquisition Council headed by Raksha Mantri Shri Rajnath Singh approves proposal of value Rs. 2,236 Cr.

Nov 23, 2021 | Business

Key highlights:

·           Indian Air Force to procure GSAT-7C Satellite and Ground Hubs for real-time connectivity of Software Defined Radios

·           Complete design, development and launching of satellite to be in India

·           It will enhance the ability of our Armed Forces to communicate beyond the Line of Sight 

The Defence Acquisition Council (DAC) in its meeting of 23 November 2021 held under the Chairmanship of Raksha Mantri Shri Rajnath Singh accorded Acceptance of Necessity (AoN) for one Capital Acquisition proposal of Indian Air Force for its modernization and operational needs amounting to Rs. 2,236 Cr. under the category of ‘Make in India’. The procurement proposal of Air Force was for GSAT-7C Satellite and Ground Hubs for real-time connectivity of Software Defined Radios (SDRs). The project envisages complete design, development and launching of satellite in India.

Induction of GSAT-7C Satellite and Ground Hubs for Software Defined Radios (SDRs) will enhance the ability of our Armed Forces to communicate beyond Line of Sight (LoS) among one another in all circumstances in a secure mode.

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(Release ID: 1774313)
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CCI approves acquisition of 71.25% shareholding of ASK Investment Managers Limited by BCP TopCo XII Pte Ltd.

Nov 15, 2021 | Business

The Competition Commission of India (CCI) approves acquisition of 71.25% shareholding of ASK Investment Managers Limited by BCP TopCo XII Pte Ltd.

BCP TopCo XII Pte Ltd. (Acquirer) is an affiliate of funds advised or managed by the affiliates of the Blackstone Group Inc. The principal activity of the Acquirer is that of investment holding and related activities. However, at present, it does not have any business operations, in India or worldwide.

ASK Investment Managers Limited (Target) is an asset and wealth management company with an established client base in India. The Target, directly and through the associate and subsidiary companies, is engaged in the business of providing financial services, including in particular (i) providing portfolio management services to individuals, groups of individuals, family offices and other entities; (ii) offering investment solutions, investment advisory services, and wealth management and wealth planning services (including digital services) for individuals, family offices and corporates; (iii) sponsoring and managing alternate investment funds; (iv) sponsoring, setting up or advising funds; (v) providing credit facilities; and (vi) distribution of financial products (including insurance products and mutual funds).

The Proposed Combination involves acquisition of 71.25% shareholding of the Target by the Acquirer.

Detailed order of the CCI will follow.

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(Release ID: 1772044)
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DSM completes the acquisition of First Choice Ingredients

Oct 19, 2021 | Business

Royal DSM, a global purpose-led science-based company, announces the completion of its acquisition of First Choice Ingredients for an enterprise value of US$453 million. The acquisition of First Choice Ingredients, a leading supplier of dairy-based savory flavorings, was first announced on 3 September 2021.

First Choice Ingredients has built a leading position in the US taste market as an innovation partner with food producers, flavor houses and food service suppliers. The company ferments and blends a variety of natural dairy products to develop clean label, dairy and dairy-based savory flavorings for taste and functional solutions across a wide range of applications.

This acquisition by DSM will be highly synergetic for both companies. DSM can further accelerate the growth of First Choice Ingredients by offering their products outside the US to DSM’s broad global customer base and integrating their solutions in DSM’s full offering on taste, texture and health in sustainable solutions for Food & Beverage customers. The acquisition gives First Choice Ingredients access to DSM’s world-leading biotechnology toolbox, fermentation know-how, and global customer relationships.