Times Buys Virgin Radio, Sterlite Acquires Asarco

Times Group buys UK's Virgin Radio for Rs 448 cr

In its first-ever overseas acquisition in the media space, The Times Group has acquired Virgin Radio Holdings Ltd (http://en.wikipedia.org/wiki/Virgin_Radio) and its subsidiaries in the UK from SMG Plc for a consideration of £53.2 million (around Rs 448.4 crore). Virgin Radio, a music channel which operates under an FM licence in London and an AM licence in the rest of the UK, was acquired by TIML Golden Square Ltd, a wholly-owned subsidiary of Bennett Coleman & Company Ltd (BCCL), owners of leading media brands in India such as The Times of India and The Economic Times.

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Sterlite acquires Asarco for record $2.6 billion

Sterlite Industries (India) on Saturday announced the acquisition of Asarco Llc(http://en.wikipedia.org/wiki/Asarco) , a Tucson-based copper mining, smelting and refining company, for $2.6 billion in cash. This is the largest overseas purchase by an Indian company this year, overtaking Tata Motors’ acquisition of the marquee brands, Jaguar and Land Rover, from Ford for $2.3 billion. Post the deal, Sterlite will become the world’s third largest copper miner with a combined capacity of 650,000 tonnes a year. Sterlite Industries, a part of the Vedanta group, signed a definitive agreement with Asarco to this effect on Saturday morning. The transaction, expected to be funded by internal accruals and borrowing, is subject to US Bankruptcy Court approval. Sterlite expects to conclude the formalities by September-October.
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Other News:
Deal or no deal, India Inc is in the news
5 Indians among seven outsourcing billionaires: Forbes



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