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Deals Buzz: Dell EMC eyes $26 billion opportunity in India

LiveMint logoLiveMint 11-09-2017 Kavya Kothiyal

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

Blackstone Group to buy IARC, enter India’s distressed assets space

Blackstone Group Lp, the world’s largest alternative asset manager, is set to acquire a controlling stake in Mumbai-based distressed asset buyer International Asset Reconstruction Co. Pvt. Ltd (IARC), reports Mint, according to two people aware of the development. Blackstone will initially invest about $150 million for a large minority stake, which can be subsequently raised to a majority one in a couple of years. Read more

Norwest Venture Partners in advanced talks to buy 34% stake in Ess Kay Fincorp

Venture capital fund Norwest Venture Partners (NVP) is in advanced talks to buy nearly 34% stake in Jaipur-based non-banking financial company (NBFC) Ess Kay Fincorp Pvt. Ltd for about Rs200 crore, reports Mint, citing two people aware of the development. The PE fund invested close to Rs90 crore, though the investment was not disclosed by the two sides at that time. Read more

Shapoorji Pallonji, SSG Capital plan joint bid for Jyoti Structures acquisition

Diversified conglomerate Shapoorji Pallonji group and Asia-focused distressed assets investor SSG Capital will jointly bid for power transmission tower maker Jyoti Structures Ltd, which is currently facing bankruptcy proceedings, reports Mint, citing two people aware of the development. Sterling and Wilson Pvt. Ltd (SWPL), a unit of Shapoorji Pallonji, will bid jointly with SSG Capital for a controlling stake in Jyoti Structures. Read more

Dell EMC eyes $26 billion opportunity in India

American data storage company Dell EMC sees a $26 billion addressable market opportunity in India for hardware, software, services and consultancy products, as it looks to expand market share in the country, reports Economic Times. Dell EMC’s India operations is looking to capitalise on the JAM (Jan Dhan-Aadhaar-Mobile) initiatives of the government to strengthen its position in the domestic market and increase market share. Read more

Smaaash buys 13 bowling and gaming assets from SVM

Smaaash Entertainment, the sports-based entertainment company co-owned by Shripal Morakhia and former cricketer Sachin Tendulkar, has acquired 100% stake in a cash deal in SVM Bowling and Gaming, a popular bowling and entertainment format operated by SVM (Sri Venkateshwara Multiplexes), reports ET. Read more

PVR Ltd, India’s biggest movie exhibitor, and Major Cineplex Group have agreed to sell their bowling joint venture bluO entertainment to Smaaash Entertainment Pvt. Ltd for Rs86 crore in an all-cash deal, Mint reported on 9 August. Read more

IPO-bound mobile gaming company Nazara eyes Rs3,000 crore valuation

Mobile games developer and distributor Nazara Technologies is preparing to go public next year, making it the first gaming company in India to tap the capital markets. Nazara has mandated ICICI Securities and Edelweiss for its proposed IPO which is expected to value the Mumbai-based firm at about Rs3,000 crore, reports Times of India, citing people familiar with the matter. Read more

Australia’s Cromwell to float $1.1 billion REIT in Singapore

Australia’s Cromwell Property Group will tap Asian investors in a bid to raise as much as 900 million euros ($1.1 billion) through a real estate investment trust in Singapore, according to a prospectus lodged Friday, reports Reuters.

The trust, called CEREIT, will hold 81 office, industrial and retail properties across Europe, which Cromwell values at about 1.8 billion euros. Read more

Hotel deals pick up as hospitality industry shows signs of turnaround

Hotel deals are slowly picking up in India after a slump in 2016 as institutional investors and hospitality firms show increasing interest in acquiring assets in the sector which has seen some recovery during the past year. Three major transactions worth more than Rs800 crore have been closed so far this year, while 2016 saw just two major hotel merger and acquisition deals worth Rs1,221 crore. Read more

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