Post-Brexit India boost in UK
Indian software major Tech Mahindra said it has received approval from the UK′s Financial Conduct Authority (FCA) for its £120 million acquisition of Target Group."The United Kingdom′s financial conduct authorit (FCA) has confirmed that it has formally approved the acquisition of Target Group - a financial services outsourcing and software provider," the firm, part of the Mahindra Group, said in a statement.As part of the deal, Tech Mahindra is buying 100 per cent of the shares of Target Group but both companies will remain standalone entities, keeping its existing brand and the entire management team.Ian Larkin and Bill Alley, Co-Group CEOs of Target Group, said: “Our focus now will be on accelerating the next stage of our growth. In doing so, we look forward to working as part of Tech Mahindra to further develop our scale, market share and most importantly our solutions and services for clients."Essar Oil strikes UK fuel deal
Essar Oil (UK) Limited, which owns and operates the Stanlow Refinery at Ellesmere Port in Britain, announced it has signed its first agreement for the direct supply of aviation fuel to a commercial carrier.The Indian giant has agreed a deal with Emirates airline at Manchester Airport.The airline flies three times daily from Manchester to Dubai operating the carrier's Boeing 777-300 and its flagship Airbus A380 aircraft.Stanlow, which produces 16 per cent of the UK's road transport fuel demand, manufactures over two billion litres of jet fuel each year and plays a key role in North West England's aviation industry.It currently supplies, on a wholesale basis, a significant proportion of Manchester Airport as well as Liverpool John Lennon and other regional Airports jet fuel demand. However, this is the first time Essar Oil UK will directly supply aviation fuel to an airline, with discussions with other potential partners already underway.Colin Dixon, head of marketing at Essar Oil UK, said: “This is a major milestone in our strategy of further downstream integration, combining our refinery supply strength with our marketing capabilities in the aviation sector.We look forward to becoming a key player in the aviation market.”Manali Petrochemicals acquires UK's Notedome for $18m
Chennai-based Manali Petrochemicals has acquired Notedome Ltd of the UK, a manufacturer of neuthane polyurethane cast elastomers, for around $18 million (Rs 120 crores).Neuthane polyurethanes are used in diverse applications in industries and in automotive segment for anti-roll bars, suspension and shock bushes bump stops and material handling and in the agriculture sector for rollers, harvester components and idler wheels on track laying tractors.The acquisition was done through Manali's UK subsidiary AMCHEM Speciality Chemicals.Muthukrishnan Ravi, MD, Manali Petrochemicals, said: “We will expand our global customer and product base.”The acquisition was funded through internal resources and international banks. The UK company is a family-run business in Coventry with a staff of about 25.