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Mphasis to buy Wyde Corporation, Essar takes charge at Stanlow

Mphasis to buy Wyde Corporation, Essar takes charge at Stanlow

Mphasis subsidiary has entered into an agreement to acquire US-based Wyde Corporation for an undisclosed amount. On the other hand, Essar Energy took charge at Stanlow oil refinery.

Indian firms appear to be going all out to add major global firms to their kitty. IT software solutions firm Mphasis on Monday said it will acquire US-based Wyde Corporation for an undisclosed amount, while Essar Energy Plc took over the management of UK's Stanlow oil refinery, completing the $350 million acquisition.

Mphasis subsidiary has entered into an agreement to acquire Wyde Corporation, Mphasis said in a filing to the Bombay Stock Exchange (BSE). However, the firm did not disclose the financial details of the deal.

Under the terms of the agreement, Mphasis will hold 100 per cent equity stake in Wyde. Closure of the deal is subject to completion of customary conditions, the filing added.

"Enhancing our value proposition to insurance companies was central to our thinking in this case," Mphasis chief executive officer (CEO) Ganesh Ayyar said.

Wyde will operate as a product business within Mphasis insurance vertical. The current management team, led by Jean-Rene Lyon, will continue to drive the business after acquisition. Mphasis intends to continue with and strengthen Wyde's industry leading R&D facility in France.

Meanwhile, Essar Energy said it has drawn out a 100-day plan to optimise operations and increase efficiency at the UK's second-largest refinery.

"The current management at Stanlow is very competent set of people. They are very good in refining business. We are continuing with them," Essar Energy CEO Naresh Nayyar said after his company took over operations of the refinery situated near Ellesmere Port in North-West England.

While retaining the operational team, Essar intends to handle strategic activities like oil trading, long range planning and treasury function, which were earlier handled by a central team of Royal Dutch Shell, from whom it has bought the Stanlow refinery.

"Our focus is to optimise the crude mix, improve product slate, increase refinery throughput and raise operational efficiency of the unit," he said.