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Deals Buzz: ADIA, Blackstone compete for Rs1.61 crore Adani park deal in Mumbai

LiveMint logoLiveMint 08-08-2017 Kavya Kothiyal

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

ADIA, Blackstone compete for Rs1,600 crore Adani business park deal in Mumbai

Abu Dhabi Investment Corp. (ADIA) along with Shapoorji Pallonji is vying with Blackstone Group for a potential acquisition of Adani Realty’s first business park located near Bandra Kurla Complex (BKC) in a deal estimated at more than Rs1,600 crore (around $250 million), reports Times of India. Read more

Murli industries attracts buyers for its cement and paper assets

Murli Industries Ltd, which is facing bankruptcy proceedings at the National Company Law Tribunal (NCLT), has drawn interest from several bidders for its cement and paper assets, reports Mint, citing two people directly aware of the proceedings. Promoted by the Maloo family, Murli Industries owes close to Rs1,800 crore to a group of lenders led by Edelweiss ARC, which owns 60% of the debt. Bank of Baroda owns 25% of the debt, while the rest is owned by smaller lenders. Read more

Softbank respect Snapdeal’s decision, now in talks with Flipkart

SoftBank Group Corp. chief executive officer (CEO) Masayoshi Son on Monday said he respected the decision of Snapdeal founders to call off the sale to Flipkart, and the Japanese firm is now pursuing separate discussions with India’s largest e-commerce firm. SoftBank holds close to 35% stake in Snapdeal, run by Jasper Infotech Ltd. Read more

Carlyle seeking to boost India deals as buyout opportunities rise

Carlyle Group LP is seeking to boost its deal making in India as buyout opportunities rise in the South Asian nation, where returns on investment are beating all major markets across the globe. Carlyle, which set up an office in India in 2000, has invested about $750 million in Indian companies during the last three years and an investment in 2015 in New Delhi-based mortgage lender PNB Housing Finance Ltd is now Carlyle’s second-largest public position globally. Read more

GIC of India files DRHP to its IPO to raise Rs10,000 crore

State-owned reinsurance company General Insurance Corp. of India (GIC) on Monday filed the draft red herring prospectus (DRHP) for its initial public offering (IPO), reports Mint. GIC has appointed investment banks Citigroup, Axis Capital, Deutsche Bank, HSBC and Kotak Mahindra Capital Co. Ltd to manage the public offering. Read more

Assa Abloy buys majority stake in Mahavir Metalcraft

Sweden’s Assa Abloy, the world’s largest lock-maker, has bought a majority stake in Jamnagar-based Shree Mahavir Metalcraft Pvt. Ltd, the two companies said. The deal value was not disclosed, reports Mint. Following the acquisition, it will become a subsidiary of Assa Abloy, which operates in 70 countries, employs 47,000 and has a global revenue of 71 billion Swedish krona. Read more

Bank of India aims to raise 626cr via STCI finance stake sale

Public sector lender Bank of India on Monday initiated the process of selling its stake in STCI Finance Ltd, a non-banking finance company that is majority-owned by government institutions, reports Mint. STCI Finance also holds 10% equity stake in Clearing Corp. of India Ltd. Read more

Sebi gives conditional nod for Vodafone-Idea merger

The Securities and Exchange Board of India (Sebi) and exchanges have given a conditional go-ahead to the $23 billion merger deal between Idea Cellular Ltd and Vodafone India Ltd, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and the National Company Law Tribunal (NCLT). Read more

Incred, Warburg and Aion compete for stakes in Catholic Syrian bank

InCred Finance, backed by former Deutsche Bank co-chief executive officer Anshu Jain, is competing with US private equity giant Warburg Pincus and Aion Capital for a controlling stake in Catholic Syrian Bank after negotiations between the Kerala-based lender and Canadian billionaire Prem Watsa-controlled Fairfax hit a roadblock, reports Economic Times. Read more

ONGC Videsh to pour $150 million in Columbia, Kazakhstan and Bangladesh

ONGC Videsh, the overseas arm of the state-run Oil and Natural Gas Corp., plans to invest $150 million in exploration this fiscal year to drill more wells in Colombia, where it just made a commercial discovery, as well as in Kazakhstan and Bangladesh, reports Economic Times. Read more

NTPC to buy out UP govt stake in Meja power JV

The country’s largest power producer, National Thermal Power Corp. (NTPC), is looking to take over Uttar Pradesh government’s 50% equity in the 1,320 mega watt (MW) Meja power project as it seeks to lower the cost of electricity in the state and bring about greater efficiency, reports Times of India. Read more

Samhi to buy Premier Inn business

In one of the biggest deals in the country’s hospitality sector, lodging investor Samhi Hotels is set to buy the India portfolio of British chain Premier Inn for about Rs600 crore, reports TOI. Premier Inn’s UK parent Whitbread is pulling out from the Indian hospitality market as it wants to focus on more profitable regions like the UK, Germany and Middle East. Read more

Promoters to sell 3.7% in Bharti Infratel for Rs2,550 crore

Bharti Airtel, a co-promoter of Bharti Infratel, has mandated two investment banks to sell 3.7% stake in the mobile towers company for up to Rs2,550 crore through block deals on the exchanges on Tuesday. The stake, comprising about 6.75 crore shares, is being offloaded by Bharti Airtel subsidiary Nettle Infrastructure Investments at a price range of Rs378-397.85 per share, the term sheet for the deal showed, reports TOI. Read more

Irdai directs LIC to reduce stakes in L&T, ITC to 15% by December 2018

The Insurance Regulatory and Development Authority (Irdai) has asked the country’s largest insurer, Life Insurance Corp. of India (LIC), to reduce its stakes in L&T and ITC to 15% by December 2018, reports Business Standard. Read more

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