Page 47 - IACC Newsletter January 2013 Issue no. 8 HD

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India, told recently. The company, a bellwether of world commodity markets, is acquiring land at Davangere in
Karnataka, the top corn-producing state in India, Asia's second-largest grower of the grain behind China.
The first phase of the processing unit at Davangere will be up and running by the third quarter of 2014. "Our plant will
cater to the growing demand for modified starch in the processed food segment," he said.
Demand for modified starch - produced from corn - as a sweetener and thickener for the food and drinks industry is
growing at 10-15 percent in India, Asia's third-largest economy. India harvested 21.6 million tons in the year to June 30,
2012, just short of the record 21.7 million tons in the previous year. Domestic consumption runs at 17 to 18 million tons
a year. Cargill also aims to increase its existing cooking oil refining capacities in the three plants that it runs in the world's
top importer of vegetable oils.
India's output for edible oils meets only about half of its domestic demand. It mainly imports palm oil from Indonesia
and Malaysia, as well as a small quantity of soy oil from Brazil and Argentina.
Cargill plans to raise its current daily refining capacity by a quarter to 5,000 tons a day, investing about Rs 100 crore over
the next two years, taking its total investment to more than $91 million.
MphasiS to buy Digital Risk for $175 million
IT firm MphasiS today said it will acquire US-based Digital Risk for USD 175 million (about Rs 960 crore), a move that
will help it attain leadership position in the US mortgage services market.
The Florida-based Digital Risk is one of the largest independent providers of solutions related to risk, compliance and
transaction management to the US mortgage market. The acquisition is an all-cash deal valued at USD 175 million with
an additional earn-out component, Mphasis said in a statement.
This acquisition significantly enhances MphasiS' onshore presence in the US, it added. MphasiS has plans to expand its
footprint in the US creating up to 500 new jobs in the near future.
Digital Risk is expected to register revenues of USD 127 million in CY2012 and has grown at revenue CAGR of 70 per cent
in the last three years. Digital Risk has additional operations in New York, Dallas, Denver, Chicago, Boca Raton, Tampa
and Jacksonville. "We began our journey of transformation in 2010 focusing on the Financial Services Industry. This
acquisition is central to our strategy of offering specialized services in chosen segments," MphasiS chief executive officer
Ganesh Ayyar said.
Their analytics platform combined with 1,500 mortgage specialists makes them unique and differentiated, he added.
The transaction is currently expected to close by January 2013, subject to regulatory approvals and other customary
closing conditions. Upon completion of the transaction, Digital Risk will operate as a standalone business unit retaining
its brand identity.
Digital Risk’s founders will continue to lead the company, with Peter Kassabov reporting to Ayyar. Digital Risk’s
management team and employees will remain with the company and continue serving their customers. In this
transaction, Avendus Capital acted as the exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to
MphasiS. Portico Capital Securities, LLC served as financial advisor to Digital Risk and Katz, Teller, Brant & Hild acted as
legal advisor to Digital Risk.
New Jersey based I.T. giant, Fulcrum setting up new center in Pune
US-based IT player Fulcrum Worldwide is setting up a new software delivery and operations center at Hinjewadi, Phase
III.