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Deals Buzz: JP Morgan to buy Rs1,187 crore stressed debt of SevenHills Healthcare

LiveMint logoLiveMint 31-07-2017 Kavya Kothiyal

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

Snapdeal sale to Flipkart may be called off

The proposed Snapdeal sale to Flipkart has been put on hold and may be called off as the founders and shareholders of the struggling online marketplace have not yet agreed on the terms of the deal, reports Mint, citing three people familiar with the matter. Snapdeal is pushing ahead with a plan to survive as an independent entity that will involve the company reducing a majority of its 1,400-plus workforce and dramatically cutting the size of its business, the people said. Read more

KKR may back Peepul Capital’s Sandeep Reddy for acquisition of Medall Healthcare

Peepul Capital co-founder Sandeep Reddy may have found an ally in private equity firm KKR & Co. in his effort to buy out diagnostics firm Medall Healthcare Pvt. Ltd, citing two people close to the development. Peepul Capital has hired global investment bank Moelis & Co. to find a buyer for Medall. Read more

SSG capital interested in acquiring debt-laden Bhushan Steel

Asia-focused special situations investment firm SSG Capital Management is interested in acquiring a stake in distressed steel company Bhushan Steel Ltd, reports Mint, citing two people aware of the development. However, chances of the talks resulting in a deal have been slowed down as the National Company Law Tribunal (NCLT) admitted an insolvency case filed against the firm by State Bank of India (SBI). Read more

Sembcorp to refinance India power unit’s Rs3,000 crore debt

Singapore-based power producer Sembcorp Industries Ltd is looking to refinance long-term debt worth Rs3,000 crore (about $470 million) of its Indian thermal power unit Sembcorp Gayatri Power, reports Mint, citing two people aware of the development. Sembcorp Industries is in talks with SBI and Union Bank of India to raise Rs3,000 crore to refinance existing long-term debt of the company. Read more

NEA’s Bala Deshpande plans to set up independent investment firm

Bala Deshpande, India head of US venture capital fund NEA, is setting up an independent investment firm along with her three colleagues, reports Mint, citing three people aware of the development. The new firm—MegaDelta Capital Advisors—is seeking to raise around $250-300 million of capital for its first India-focused fund. Read more

Arun Jaitley urges PEs, ARCs to speed up resolution of insolvency cases

Finance minister Arun Jaitley has urged private equity players and asset reconstruction companies to act swiftly towards resolution of stressed assets, hoping that this will inspire confidence among investors as well as boost the economy, reports Economic Times. About 200 cases have been admitted at the bankruptcy court, but not a single high-profile case has been resolved under this framework. Read more

RCom, Aircel merger deal on sticky ground

The proposed merger of Reliance Communications Ltd’s (RCom) 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 Economic Times, citing people aware of the process. Read more

IDFC infra fund to buy First Solar India portfolio for Rs1,950 crore

The infrastructure fund of multi-asset manager IDFC Alternatives is set to make its biggest acquisition till date by taking over the entire 200 megawatts of First Solar’s operational portfolio of solar power projects in India for around Rs1,950 crore ($300 million) as consolidation picks up momentum in the renewable energy sector, reports Economic Times. Read more

JP Morgan to buy Rs 1,187 crore stressed debt of SevenHills Healthcare

Wall Street bellwether JP Morgan is likely to buy the $185 million (Rs1,187 crore) stressed debt of SevenHills Healthcare in a bid to gain control of the investee company, which operates a 2,000-bed hospital in Mumbai and Visakhapatnam, reports Times of India. The private equity arm of US’s biggest bank had initially put in $72 million for a 35% stake in SevenHills Healthcare in 2008 and topped up its investment subsequently. Read more

Lanco in advanced talks to sell office rental biz for Rs1,000 crore

Debt-laden Lanco Group is holding advanced talks to sell its commercial office space business to southern builder DivyaSree Developers in a deal topping Rs1,000 crore, or $160 million, people familiar with the matter said, reports Times of India. The group flagship Lanco Infratech, with Rs43,000 crore debt, is among the 12 companies named by the Reserve Bank of India (RBI) for action under the recently enacted Insolvency and Bankruptcy Code. Read more

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