Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Adani scraps A$2 billion pact with Australian miner Downer
The Adani Group has cancelled an A$2 billion contract with Australian mining services company Downer EDI as part of a cost-cutting drive, the group said on Monday, reports Mint. Read more
Skymet raises Series C funding from German fund
Weather monitoring and agri-risk solutions provider Skymet Weather Services has raised a Series C funding round from German government’s InsuResilience Investment Fund by selling 26.8% stake, the company said on Monday, reports Mint. Read more
Steelmakers’ bids for peers facing bankruptcy may draw CCI attention
Successful bids for troubled steel companies by healthier peers in bankruptcy auctions could bring India’s monopoly watchdog into the picture, reports Mint, citing legal experts. Read more
Sequoia Capital-backed Stovekraft looks to go public
Sequoia Capital-backed kitchen appliances maker Stovekraft Pvt. Ltd has hired investment banks for a planned public listing, reports Mint, citing two people aware of the development. Read more
Springboard raises $9.5 million funding led by Costanoa
Online education start-up Springboard, which provides courses for professionals, on Monday said it has raised $9.5 million in a Series A funding round led by Costanoa Ventures, with participation from Learn Capital and Appdynamics founder Jyoti Bansal, reports Mint. Read more
NCLT hearing in RCom case adjourned to January
The National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communications to early next month after a group of the telecom operator’s lenders sought time to consider converting the company’s loans into equity, reports The Economic Times. Read more
Bain buys Maldives seaplane fleet operator from Blackstone for $550 million
Bain Capital is buying the world’s largest seaplane fleet operator, Trans Maldivian Airways (TMA), from Blackstone for around $550 million (Rs3,525 crore) to cash in on booming high-end leisure travellers flocking to the Indian Ocean archipelago, reports The Economic Times. Read more
Paytm founder pledges personal stock in company’s arm
Paytm founder and CEO Vijay Shekhar Sharma has pledged about 5% of his personal holding in Paytm Mall for the employee stock option (ESOP) pool. Sharma’s move would add about $50 million worth of stocks to the ESOP corpus, which will then account for 10% of the overall company, reports The Times of India. Read more
Mint had earlier reported that India’s largest online retailer Flipkart had set aside $100 million ESOP allocation and completed its repurchase, making it the largest-ever share buyback programme in the history of the Indian startup ecosystem. In a statement, Flipkart said that over 3,000 existing and former employees of Flipkart, Myntra, Jabong and PhonePe had participated in the share repurchase programme. Read more
Tiger expected to lead Razorpay funding, YC, Yuri Milner to join in
New York-based fund Tiger Global, which has largely kept away from investing in Indian startups for the past two years is leading a new round of funding at payments firm Razorpay, reports The Times of India, citing people familiar with the matter. Read more
China’s Tencent, JD.com invest $863 million in online retailer Vipshop
Chinese internet giant Tencent Holdings Ltd said on Monday it would lead an $863 million investment in apparel platform Vipshop Holdings Ltd, upping its rivalry in retail with Alibaba Group Holding Ltd, reports Reuters. Read more
JSW Techno to buy 49% stake in Brahmani River Pellets
JSW Techno Projects Management Ltd, the project management arm of Sajjan Jindal-led JSW Group, on Monday said it will be acquiring a 49% stake in Brahmani River Pellets Ltd, reports Mint. Read more