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Deals Buzz: HDFC Sandard Life and Max Life merger called off

LiveMint logoLiveMint 01-08-2017 Kavya Kothiyal

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

HDFC Standard Life and Max Life merger called off

HDFC Standard Life Insurance Co. Ltd and Max Life Insurance Co. Ltd have called off their proposed merger after failing to win regulatory approval for a union that would have created an insurance giant with Rs1.1 trillion in assets, reports Mint. The exclusivity agreement with HDFC Life was valid until 31 July 2017 (Monday), and will not be renewed, Max said. Read more

India is said to block Fosun’s $1.3B Gland Pharma acquisition

India is poised to reject Shanghai Fosun Pharmaceutical Group Co.’s proposed $1.3 billion takeover of an Indian drugmaker, according to people familiar with the matter, scuppering the biggest-ever Chinese acquisition in the country, reports Bloomberg. Fosun Pharma, backed by Chinese billionaire Guo Guangchang, agreed in July last year to acquire control of Gland Pharma from an investor group including KKR & Co. Read more

Govt plans to divest stake in Salem steel plant in Tamil Nadu

The government is planning strategic disinvestment of the Salem Steel Plant in Tamil Nadu and not total disinvestment, the Lok Sabha was informed on Monday, reports PTI. Singh added that the plant, which produced 3.39 lakh metric tonnes per annum of steel, was considered to be the country’s best plant producing stainless steel. Read more

NCLT admitted Guruashish construction for insolvency

The National Company Law Tribunal (NCLT) has admitted Mumbai-based Guruashish Construction for insolvency proceedings as the company has failed to repay a Rs250 crore debt with the lender—Union Bank of India hoping to recover the soured loan, reports Economic Times. The bench has appointed Rajendra Bhutta, a chartered accountant from Mumbai as the interim resolution professional to carry the day-to-day functions in running the company. Read more

Snapdeal calls off merger talks with Flipkart

Snapdeal, run by Jasper Infotech Pvt. Ltd, has walked away from a potential sale to Flipkart and will now try and survive as an independent entity by selling its logistics unit and cutting costs, reports Mint. In a letter to employees, a copy of which was seen by Mint, Bahl and Bansal said the company was on its way to “upward of Rs150 crore in gross profit over the next 12 months”. Read more

RCom, Aircel merger deal clouded with uncertainty

The proposed merger of Reliance Communications’ wireless business and Aircel is clouded with more uncertainty with the Department of Telecommunications setting the Supreme Court’s go-ahead a condition for it to approve the deal. The department, though, is close to clearing the merger of Sistema’s Indian business with RCom, reports Times of India. Read more

NCLT appoints IRP for Nagarjuna Oil Corp Ltd

The appointment of an insolvency resolution professional (IRP) for Nagarjuna Oil Corp. Ltd (NOCL) by the Chennai Bench of the National Company Law Tribunal (NCLT) is expected to help the company revive its refinery project in Tamil Nadu, reports Business Standard. Read more

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