3i appoints Samir Palod as managing director
PE firm 3i has announced the appointment of Samir Palod as the managing director, India, with immediate effect. Palod joined 3i’s Mumbai office in 2005 and is a partner in the company’s infrastructure business. Prior to joining 3i, Palod worked at Citigroup and Arthur Andersen. He will report to Cressida Hogg, managing partner infrastructure, who is based in London. At the same time, Anil Ahuja, managing partner, and Girish Baliga, partner, will be leaving 3i to pursue other opportunities, with the company retaining their expertise through a part-time consultancy agreement.
Nestle India acquires 26% in Indocon Agro
Nestle India, makers of Maggi noodles, on Monday said it has acquired a 26% minority stake in privately-held Indocon Agro and Allied Activities. The company is engaged in milk collection business in western India. “This investment will contribute to creating shared value with farmers engaged in milk business,” according to Nestle India. The financial terms of the deal were not disclosed. The acquisition is subject to the parties fulfilling their respective obligations said the company. Nestle India’s shares closed up 1% at R4,739.65 on NSE.
Adani Agro to sell 70 lakh shares
Adani Enterprises’ promoter group, Adani Agro, plans to sell 70 lakh shares in the company, to help meet regulatory requirements for minimum public shareholding. Promoter groups, including Adani Agro, Adani Commodities, and some members of the Adani family, sold 2.3 crore shares, representing a 2% stake, in AEL in December. The group’s billionaire chairman Gautam Adani had recently said the group was examining the possibility of raising $1.5 billion by reducing the promoters’ stakes in Adani Ports and holding company, AEL. The promoter group plans to offer the shares on February 6 through a sale on the separate window provided by BSE.
Kajaria Yarn announces indefinite lockout
An indefinite lockout notice was put up on Monday by the management of the Kajaria Yarn & Twines at Sibpur in Howrah district, which employs about 1,000 workers. The mill, which was closed in 2009 and reopened in April 2010, cited poor productivity and financial condition as the main cause of the lockout. A union leader alleged that the management was trying to stop production since December 28 last year and had finally put up a lockout notice. Arup Roy, minister and MLA of the area, said he had asked the management, with which he held talks, to reopen the mill.