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3i Infotech + Essel Propack Acquisition Buzz

September 12, 2007

3i Infotech acquired a strategic stake of 26% in Taxsmile.com India (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a company engaged in Internet-based tax filing and tax advisory space for individuals.

3i Infotech’s principal activity is to provide a range of software and information technology solutions including packaged applications for the banking, financial services and insurance, manufacturing, contracting and retail and distribution industries.

Mumbai-based Essel Propack is reportedly in talks Alcan for acquiring its packaging unit, Alcan Packaging Beauty. Montreal-based Alcan, which is the world’s third-largest aluminium company, has said it plans to sell its packaging unit as part of a restructuring exercise.

Reports suggest that Alcan Packaging Beauty, which includes packaging for food and beverage, medical and pharmaceutical, cosmetics and tobacco, had posted sales of $800 million last year.

Alcan Packaging Beauty is present in 11 countries and has some of the world’s leading cosmetics and beauty companies as its customers. If the deal is struck, it would be in line with Alcan’s objective of becoming a focused company that is strong in mining, smelting and high-end aluminium products, reports suggest.

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