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Deals Buzz: Air India sale process to be completed by year-end

LiveMint logoLiveMint 17-08-2017 Kavya Kothiyal

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

Carlyle group merges growth, buyout verticals in India

Carlyle Group, a global alternative asset manager with $170 billion of assets under management, is streamlining its operations in India by merging its growth and buyout investment departments, as part of an effort to focus on more buyout transactions, reports Mint, citing two people aware of the development. In Asia, Carlyle has been reducing its exposure to growth investments. Read more

SoftBank in talks to invest $100 million in Rivigo

SoftBank Group Corp., the largest investor in Flipkart, Paytm and Ola, is in talks with Rivigo Services to invest at least $100 million in the surface transport logistics provider, reports Economic Times, citing five people aware of the discussions. SoftBank has been ramping up investments in India at a rapid pace, having closed two massive deals over the past six months. Read more

Fairfax to take minority stake in e-com Infibeam

Prem Watsa’s Fairfax Financial Holdings is in advance negotiations with Infibeam Incorporation Ltd, India’s only listed and profitable e-commerce company, to pick up a minority 10-12% stake for around Rs1,200-1,500 crore, reports ET, citing three people with direct knowledge of the development. Read more

Mitsui OSK to buy 11% stake in Swan LNG project

Mitsui OSK Lines, one of Japan’s biggest shipping companies, is looking to buy as much as 11% stake in a Rs4,000 crore LNG terminal being built by Swan LNG Pvt. Ltd in Gujarat, reports Mint, citing a company proposal and four people close to the development. After the stake sales, the company’s stake in the LNG project will come down to 63%. Read more

Uber in talks with 4 investors, deal hangs on boardroom battle

Uber Technologies Inc. is in exclusive talks to line up funding from four investors, but a deal, which could reach as much as $12 billion, hangs on the outcome of a courtroom brawl between two board members, reports Bloomberg. Goldman Sachs Group Inc. is advising Uber on the potential transaction. China’s Tencent Holdings Ltd has also explored contributing funds to the round. Read more

India Power in talks to acquire renewable projects

India Power Corp. is in talks with three large non-power companies in Gujarat and West Bengal for acquiring renewable generation capacity totalling 110MW, reports ET, citing a top official. The capacities under radar include two solar generation units of 25MW each and a wind power capacity of 60MW. Read more

Cigna to increase stake to 49% in TTK JV

Cigna TTK Health Insurance on Wednesday filed an application with the insurance regulator to increase Cigna’s stake from 26% to 49%, reports ET. The company has a share capital of Rs250 crore, which will expand to Rs350 crore after this round. Cigna TTK Health Insurance, the joint venture between global health services firm Cigna and TTK, launched operations in February 2014. Read more

Petronas keen on buying stake in IOC’s LNG import terminal in Tamil Nadu

Malaysia’s state oil firm Petronas has expressed interest in buying stake in the liquefied natural gas (LNG) import terminal being developed by Indian Oil Corp. (IOC), reports ET, citing chairman of IOC. IOC is setting up a 5 mt LNG terminal at Ennore in Tamil Nadu that would get operational by next financial year.

Petronas as well as Petronet LNG, India’s largest LNG importer, have expressed interest in investing in the Ennore LNG terminal but IOC hasn’t yet made up its mind on the stake that can be offered to an investor. Read more

Air India sale process to complete by year end

The government plans to wrap up the disinvestment in state-run carrier Air India before the end of the year and the preference is veering towards a “domestic buyer” for the debt-laden airline, reports ET. The Union Cabinet gave an in-principle approval for strategic disinvestment in Air India in June and a panel of ministers headed by finance minister Arun Jaitley is now devising a strategy for executing the sale. Read more

Infosys board to consider share buyback on 19 August

Infosys’s board will consider a proposal to buy back shares at a meeting on 19 August, the company said in a late filing to the stock exchanges, reports ET. The company had said it would pay shareholders up to $2 billion through dividends and share buybacks in FY18 in April, but investors had been getting testy as no buyback had materialized in the following months. Read more

Tata Sons to scrap all business dealings with Cyrus Mistry’s group

The board of Tata Sons under N. Chandrasekaran has ordered its group companies to scrap all business dealings with Cyrus and Shapoor Mistry’s Shapoorji Pallonji Group, putting at risk transactions worth hundreds of crores of rupees, reports ET. Almost 50 companies of the Shapoorji Pallonji Group will be affected by the Tata Sons board decision taken on 9 August. Read more

GMR to sell Kakinada power plant for $63 million

The debt-strapped GMR group has found a buyer for its 220MW gas-based power plant in Kakinada, Andhra Pradesh, and will be selling the barge-mounted plant for $63 million, reports TOI. GMR Infrastructure Ltd informed the bourses recently that its subsidiary GMR Energy Ltd (GEL) will be entering into a definitive agreement with the buyer soon. Read more

United Rentals to acquire Neff

United Rentals Inc. will soon acquire Neff Corp. for approximately $1.3 billion. The duo entered into a definitive agreement under which United Rentals will acquire Neff for $25 per share in cash, reported Reuters.Read more

Tata Trust to invest in social sector startup

Tata Trusts, the philanthropic arm of Tata group, is looking to raise funds to invest in social sector startups in the next few months. A top executive of the agency told ET that after incubating and investing in 15 startups at the seed level in the past year of its existence, the company is now looking to raise $30 million for social sector startups. Read more

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