SHORT TAKES

SHORT TAKES
SHORT TAKES

German firm invests in HDFCGermany headquartered Munich Re′s insurance unit Ergo has agreed to buy nearly 23 per cent more in its India joint venture with Housing Development Finance Corp (HDFC) for $169.03 million, in the latest deal in the country′s insurance sector after foreign ownership rules were eased this year.After the deal, Ergo′s stake in HDFC Ergo General Insurance Co will go up to about 49 per cent, the maximum foreign holding allowed in Indian insurance companies under the new rules, the companies said.HDFC Ergo is a general insurance JV between home financier HDFC and Ergo, an arm of Munich Re, the world′s largest reinsurance company. The company operates out of 108 branches spread across 89 cities.The HDFC-Ergo deal is subject to competition and insurance regulator approvals.Japan's Takasago buys stake in ICLEANJapan-based engineering firm Takasago Thermal Engineering Co Ltd (TTE) has acquired a 26 per cent stake in Hyderabad-based Integrated Cleanroom Technologies Pvt Ltd (ICLEAN) for an undisclosed amount.K. Gopi, managing director of Integrated Cleanroom Technologies, said: “The strategic association with TTE, with a number of patented products and technologies developed over the years, will enable us to scale up and tap the potential in other markets in the region.“Through this association, we plan to expand the scope of services we offer to pharma, defence, electronics firms and other sectors in setting up clean rooms not only in the domestic markets but in other markets where TTE is seeking to expand its presence."Cleanroom is a specially developed facility for manufacturing, research and defence applications.San Miguel beer set for India launchSan Miguel beer, a product of Spanish beer giant Mahou SA, is to be launched in India soon.Mahou, which owns the trademark in Europe, has had discussions with San Miguel Corporation (SMC) of the Philippines as part of its India plans.Mahou managing director Alberto Rodriguez Toquero said the company and SMC have discussed possibilities of working together to make San Miguel a bigger international brand. These discussions have covered possible cooperation in India, where Mahou operates its first international subsidiary."We may not make money in India for long, but we believe it′s a great market for the next generation of Mahou shareholders," Toquero said.Mahou had acquired San Miguel Fabricas de Cerveza SA as part of a consolidation move to create the largest brewing group in Spain.Mahou entered India three years ago through a joint venture with Arian Breweries in Rajasthan, and later took full control of the company, marking a significant step in its international expansion.

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