Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Ola raises $2 billion from SoftBank, Tencent, others
Ola scored $2 billion in new funding from a group of investors, including SoftBank Group Corp. and Tencent Holdings Ltd, according to a person familiar with the matter, helping to bankroll Uber Technologies Inc.’s fiercest rival in India, reports Bloomberg. Ola, whose parent is ANI Technologies Pvt. Ltd, and Uber are competing in one of the world’s most attractive ride-hailing arenas. Read more
RCom, Brookfield to revise mobile tower deal
Canadian alternative asset manager Brookfield will have to pay less than originally agreed for a 51% stake in Reliance Communications Ltd’s (RCom) mobile tower arm to reflect the reduced value of the asset after merger talks between the Anil Ambani-controlled telecom firm and Aircel Ltd collapsed, reports Mint. Read more
RCom readies for sale of assets to pare debt, as Aircel merger fails
RCom, which on Sunday called off a planned merger of its wireless unit with Aircel, is preparing to monetize assets ranging from spectrum to real estate as it strives to repay debt owed to banks, reports Mint, citing a top company executive. The moves, if successful, will pare debt significantly and bring relief to the company, which has been negotiating loan repayment terms with creditors. RCom is weighed down by Rs45,000 crore of debt. Read more
Sembcorp Industries planning IPO of its India business
Singapore-based power producer Sembcorp Industries Ltd is preparing to list its Indian unit, reports Mint, citing two people aware of the plan. The IPO for Sembcorp India, which has thermal and renewable power assets in the country, is being planned at a time when India’s green energy tariffs have hit a record low. Read more
Government readies five strategic stake sales
The government is pushing for strategic stake sales in at least five companies this financial year and has fast-tracked the process of valuation and final approvals as it looks to raise a record amount from the disposal of assets, reports Economic Times. Advisors have been appointed for Scooters India, Bharat Earth Movers Ltd and Pawan Hans Ltd. Read more
Dhoot Transmission to sign equal joint venture with US’s Carling
Aurangabad-based Dhoot Transmission, one of India’s top wiring harness maker, will enter into an equal joint venture (JV) with US-based Carling Technologies, a leading switch maker for heavy trucks and construction equipment, to make electrical and electronic components in India, reports Economic Times, citing two people aware of the matter. Read more
Cargill Foods plans to expand in India
Cargill Foods India, a local unit of the largest closely held company in the US, is expanding its food retailing business in the country to include more edible oil brands, wheat derivatives and vegetable proteins, reports Economic Times. Read more
Greenko plans $750 million equity investment for diversification
Given the uncertainties surrounding India’s clean energy space, Hyderabad-based Greenko Group is planning a $750 million equity investment for buying power transmission and distribution (T&D) assets to diversify, reports Mint. Read more
IPOs worth Rs5,000 crore filed with Sebi in last week of September
The last week of September turned out to be a hectic one in the primary market as eight companies filed documents for their initial public offerings (IPOs) with the Securities and Exchange Board of India (Sebi), reports Mint. Read more
PE investments hit all-time high in 2017
Private equity investments seem poised for the best growth in 2017 as $17.6 billion has been invested in the first nine months of the year, surpassing the previous full-year high of $17.3 billion in 2015. But this year it’s a high deal size, low volume game as some of the euphoria around the startup scene wears off, reports Times of India. Read more