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Deals Buzz: Crompton Greaves to acquire Kenstar for Rs1,500 crore

LiveMint logoLiveMint 19-07-2017 Kavya Kothiyal

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

Crompton Greaves to acquire Kenstar for Rs1,500 crore

Crompton Greaves Consumer Electricals is likely to offer Rs1,500 crore to acquire home appliances brand Kenstar in order to upgrade its presence in the household durables space. This could make Crompton Greaves Consumer, which is owned by private equity investors Advent International and Temasek, the preferred choice for the promoters of Kenstar, reports The Times of India. Read more

KKR launches bankruptcy proceedings against Amtek global tech

Global private equity giant KKR has started bankruptcy proceedings against the international subsidiary of Amtek Auto Ltd, which is itself facing bankruptcy proceedings, reports Mint, citing two people aware of the development. The Singapore-based Amtek Global Technologies Pte. Ltd owes KKR close to $450 million in debt. Read more

Deloitte to acquire corporate tax practice of BMR advisors

Deloitte India on Tuesday agreed to buy BMR Advisors’ corporate tax practice even as its other advisory practices are being pursued by other leading professional services firms. Mint had reported on Tuesday that Deloitte India chief executive officer N. Venkatram on Monday made an internal announcement about the proposed acquisition. Read more

CureFit buys Bengaluru-based yoga brand a1000yoga

Healthcare start-up CureFit has bought Bengaluru-based yoga centre brand a1000yoga to expand its mental wellness offering, reports Mint. “Yoga is rising as one of the favoured wellness choices among our key target group. In mental wellness, we didn’t have an offline component. With a1000yoga we’ll be adding that as well. It fits into our strategy of offering an online-offline product,” CureFit co-founder Ankit Nagori said in an interview. Read more

Tata power to invest $90 million in TPREL

Tata Power Co. Ltd plans to invest around $90 million (close to Rs600 crore) in equity capital in its renewable energy arm Tata Power Renewable Energy Ltd (TPREL) as the company plans to develop its immediate pipeline of 320 megawatts (MW) of solar assets, reports Mint, citing two people aware of the development. Read more

Engie in talks with Equis energy to acquire Energon and Energon Soleq

French energy company Engie is in talks with Singapore-based renewable energy developer Equis Energy to acquire projects from its India portfolio comprising green energy platforms Energon and Energon Soleq, reports Mint, citing two people with knowledge of the matter. Engie is planning to acquire selective assets of Equis Energy, said one of the two persons on condition of anonymity. Read more

ReNew in talks with Orange to acquire its portfolio for $950m deal

Sumant Sinha-led ReNew Power Ventures Pvt. Ltd, a Goldman Sachs-backed clean energy company, is in active discussions with Orange Renewable to acquire its portfolio of a little over 600MW of predominantly wind and a smattering of solar assets for Rs6,175 crore ($950 million) of enterprise valuation, reports The Economic Times. Read more

ONGC and HPCL merger on Cabinet agenda today

The proposed merger of Oil and Natural Gas Corp. (ONGC) and Hindustan Petroleum Corp. (HPCL) is on the agenda of the Union Cabinet meeting on Wednesday. The government is likely to give the control of HPCL to ONGC, reports Business Standard. Read more

NCLT gives nod to SBI for bankruptcy proceedings against Alok Industries

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Tuesday admitted the State Bank of India’s (SBI’s) application for starting insolvency proceedings against textile player Alok Industries. The Ahmedabad Bench, chaired by justice Bikki Raveendra Babu, also ordered the appointment of Ajay Joshi as interim resolution professional (IRP) for coming up with a workable solution for Alok Industries, reports Business Standard. Read more

NCLT declares Monnet Ispat insolvent

The NCLT has declared the Sandeep Jajodia-promoted Monnet Ispat insolvent, following a fierce battle with its lenders, reports Business Standard. Insolvency professionals said the Sajjan Jindal-promoted JSW Steel could now submit a bid for acquisition of the company. Read more

RentoMojo raises $10 million in series B round from Bain capital, others

Furniture and consumer durables rental start-up RentoMojo has raised $10 million in series B funding from private equity investor Bain Capital Ventures and fintech entrepreneur Renaud Laplanche, reports Mint.

“Bain coming in at this stage and Renaud’s faith in us is a big confidence booster. I think people will now move from seeing us an e-commerce company to a fin-tech consumer leasing firm,” Bamania said in a telephone interview. Read more

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