Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Avendus Capital buys tech-focussed PE Zodius Capital
Avendus Capital Pvt. Ltd, a financial services provider backed by private equity firm (PE) KKR & Co. LP, has acquired technology-focused PE company Zodius Capital Advisors, an early investor in start-ups like online furniture retailer Pepperfry and grocery site BigBasket, according to senior management at Avendus and Zodius, reports Mint. Read more
Are there more cases like Synergies Dooray in the offing?
In the case of automotive parts maker Synergies Dooray, the first case to be resolved under the new Insolvency and Bankruptcy Code (IBC), minority creditors have accused promoters of gaming the system by buying out bad loans, Mint reports. Read more
HDFC Standard Life IPO fully subscribed on day 2
The initial public offering (IPO) of HDFC Standard Life Insurance Co. Ltd was subscribed 1.17 times on Wednesday, the second day of the offering, driven by demand from institutional investors, stock exchange data showed, reports Mint. Read more
Flipkart in talks with Pepperfry for strategic investment
Flipkart has initiated talks with India’s top online furniture marketplace Pepperfry for a strategic investment, reports The Economic Times, citing four people familiar with the matter, as the e-commerce giant explores ways to diversify its business through acquisitions and investments. Read more
Reliance Infrastructure set to bag Rs1,000 crore NPCI order
Anil Ambani-led Reliance Infrastructure is slated to win a Rs1,000-crore order from Nuclear Power Corp. of India (NPCI) after emerging as the lowest bidder for an engineering and construction contract for the Kudankulam plant, reports The Economic Times, citing people aware of the development. Read more
Airtel, Reliance Jio among firms keen on buying RCom stake, assets
About a dozen companies, including Bharti Airtel Ltd and Reliance Jio Ltd, have evinced interest in buying majority stake or some of the assets of debt-laden Reliance Communications (RCom), reports PTI. Read more
RCom’s Rs11,000 crore tower deal with Brookfield falls
Reliance Communications’ (RCom’s) Rs11,000 crore tower deal with Canada’s Brookfield has collapsed, company director Puneet Garg said on Wednesday. The setback comes at a time when lenders to the company are trying to sell assets in a piecemeal fashion to recover their dues, nearly a month after the telco’s merger deal with Aircel had fallen through, reports The Times of India. Read more
Wisconsin board offers $3 billion incentive package to Foxconn
Wisconsin’s economic development agency on Wednesday approved a $3 billion incentives package for Taiwan-based Foxconn to build a massive liquid-crystal display plant in the state, reports Reuters, citing governor Scott Walker. Read more
Changes in Insolvency and Bankruptcy Code may increase burden on IRPs
Changes put in place by the Insolvency and Bankruptcy Board of India (IBBI), to ensure credibility of the debt resolution process, could increase the burden on insolvency resolution professionals (IRPs), reports Mint, citing experts. Read more
Star Health Insurance promoters plan to exit business
Star Health Investments Pvt. Ltd, the promoter of Star Health and Allied Insurance Co. Ltd, is looking to exit India’s first and largest standalone health insurance firm, seeking to cash out in the wake of a slew of initial public offerings (IPOs) in the insurance sector, reports Mint, citing three people aware of the matter. Read more
Snapchat parent Snap sells 12% stake to Tencent
Tencent Holdings Ltd now has a 12% stake in Snapchat operator Snap Inc., company filings showed on Wednesday, the latest in a string of major investments in the US by China’s new tech heavyweights, reports Reuters. Read more