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Deals Buzz: Amazon offers $70-80 million for Freecharge

LiveMint logoLiveMint 24-07-2017 Kavya Kothiyal

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

Amazon offers $70-80 million for Freecharge

E-commerce giant Amazon has made a late bid for FreeCharge, the digital payments platform owned by troubled e-commerce marketplace Snapdeal, a development that comes at a time when the Gurgaon-based company is also in discussions to sell its payments unit to Axis Bank and telecom operator Bharti Airtel’s mobile wallet Airtel Money, reports Economic Times. Read more

KKR and Warburg Pincus interested in acquiring Air India

Private equity funds KKR and Co. and Warburg Pincus are the latest to express interest in acquiring Air India’s businesses, reports Mint, citing two people directly aware of the development. A successful sale of Air India will hinge on whether the government writes off a part of the airline’s debt, which stood at Rs48, 876.81 crore as of 31 March. Read more

Blackstone Group likely to set up ARC in India

Global private equity firm Blackstone Group is exploring setting up an asset reconstruction company (ARC) in India to tap the opportunity thrown up by bad loans approaching Rs10 trillion, reports Mint, citing two people aware of the development. It will be the latest among foreign private equity investors who have spotted the opportunity in stressed assets, if Blackstone sets up an ARC. Read more

Snapdeal co-founders pushing for Infibeam buyout

Snapdeal co-founders Kunal Bahl and Rohit Bansal are pushing for a sale to Infibeam Inc. or getting Snapdeal to survive as an independent company by cutting both a majority of jobs and the size of its business, reports Mint, citing two people familiar with the matter. The board of struggling online marketplace Snapdeal (Jasper Infotech Pvt. Ltd) is again divided about the company’s proposed sale, casting doubt about its future. Read more

Ola invests Rs100 crore in Ola Fleet technologies

Cab aggregator Ola has invested Rs100 crore in its car leasing subsidiary, Ola Fleet Technologies. The investment comes at a time when the homegrown firm is locked in an intense battle with US-based Uber for leadership in the Indian market, reports Mint. Read more

SSG capital raises $2 billion for special situations and private credit

SSG Capital Management, the Asia-focused special situations investment firm founded by former Lehman Brothers executives, is raising close to $2 billion across two Asia-focused new funds, reports Mint, citing two people aware of the development. Read more

Aion and SSG capital to acquire Alok industries

A special situations fund—set up by US private equity giant Apollo Global Management and ICICI Venture—and pan-Asian reconstruction specialist SSG Capital have set sights on controlling stake in troubled textiles company Alok Industries that owes about Rs23,000 crore to lenders and trade vendors, reports Economic Times. Read more

Shareholders pushing for board seat in Alembic

In a precedent-setting move, small shareholders are pushing for a board seat in the country’s oldest pharmaceutical company—the 110-year-old Alembic, reports Times of India. More than a thousand shareholders have moved a resolution to appoint a director on their behalf at the annual general meeting (AGM) on 28 July, as they seek better investor returns through reorganisation moves in the Chirayu Amin-led company. Read more

Edelweiss cleans up Tilaknagar Industries’ debt

Edelweiss Asset Reconstruction Co. (ARC) has started accumulating the distressed debt of Mansion House brandy maker Tilaknagar Industries, a move which is arousing the hopes of potential acquirers like liquor baron Kishore Chhabria, reports Times of India. Edelweiss ARC has bought more than 45% of the Rs800 crore debt and is in discussions with existing lenders to mop up the remaining. Read more

Nirma eyes world’s fourth largest soda ash producer

Just a year after its biggest buyout ever—the takeover of the Indian cement portfolio of Lafarge for $1.4 billion, trumping bigger rivals Piramal and JSW—Nirma has set its eyes on an acquisition in the US, reports Economic Times. Read more

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