1. Yardley’s Asia unit bought by Wipro:

Wipro Consumer Care & Lighting has signed an agreement with the Lornamead group of UK to purchase Yardley’s business in Asia, Middle East and some African markets for $45.5 million. This transaction is expected to be completed by the end of December 2009. The Lornamead group is founded by the Indian origin Jatanias and they will hold the Yardleys business in Europe and America.

It is stated by Mr. Vineet Agarwal, President of Wipro Consumer care & Lighting as “This acquisition fits into our strategy of increasing sales and brand presence in the Middle East”.

Incidentally, this is the second largest diversification at Wipro after purchasing Unza, for about $246 million. These moves are indicating that Wipro is making its diversification in the fast moving consumer goods and reducing its latent dependence on the growth of IT industry.

2. GVK bought 12% stake in Bengaluru airport:

GVK Airport Developers Pvt Ltd, a subsidiary of GVK Power and Infrastructure Ltd, a BSE listed company has acquired a 12% stake in the Bengaluru airport from Zurich Airport for an amount of Rs.484.60 Crores.  It is further stated the two companies will look into development of other airports as and when opportunities arise across the country. With this acquisition, the GVK group company becomes the largest private player in the field of developers of airport.  The other stake holders in the Bengaluru airport include Zurich airport holding 5%, Karnataka Government 13%, AAI 13%, L& T 17% and Siemens AG 40%.

With the Indian government initiatives taken right from the start of the decade under the public private partnership, the growth and competition in building infrastructures has gone up. The Bengaluru Airport has started its first phase of operation in May 2008 and in the second phase, currently runway and a new terminal is being constructed.

Mr. GV Krishna Reddy, CMD, GVKPIL, said “The acquisition in BIAL and the strategic alliance with Zurich Airport heralds a new era in the GVK Airports business and will provide the impetus to grow into new markets and territories.”

3. Sudha Murthy to support to Narayanamurthy in VC

Recently Mr. Narayanamurthy, Chief mentor and Chairman of Infosys, offloaded 0.13% of his stake in the company to rise about Rs.174 Crores for setting up a Venture Capital fund to assist and fund new start ups and to encourage entrepreneurship among youths. Now, his wife Ms. Sudha N Murthy has sold 22% of her stake in the company to rise Rs.430 Crores to support Naryanamurthy’s venture capital fund.

The VC fund christened as ‘Catamaran’ will encourage youths to become entrepreneurs by helping to convert their brilliant business ideas and paving a platform to see it growing by leaps and bounds. The fund has decided to help ideas in the healthcare, technology and retail with funding the seed capital. The fund is in the process of appointing professionals to run it. It is further mentioned that they are not planning to raise any further capital for the fund.