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Deals Buzz: Petronas Chem sells 50% polymers business to Saudi Aramco for $900 million

LiveMint logoLiveMint 02-10-2017 Kavya Kothiyal

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

RCom-Aircel merger collapses, doubts on debt repayment rise

Reliance Communications Ltd (RCom) has called off the merger of its wireless services business with Aircel Ltd, citing regulatory delays and opposition from some creditors, in a development that will further impede its efforts to pare its huge debt, reports Mint. RCom’s lenders had invoked strategic debt restructuring (SDR) for the telecom company in June. Read more

Blackstone in talks to acquire majority stake in Comstar

Blackstone Group LP is set to buy a majority stake in Comstar Automotive Technologies Pvt. Ltd in a transaction that values the auto parts maker at $140-150 million (Rs1,000 crore), reports Mint, citing two people aware of the discussions. Discussions between Blackstone and Chennai-based Comstar’s controlling shareholders—private equity firm Argyle Street Management and the Chandaria family—have entered the final stage, one of the two people cited above said on the condition of anonymity. Read more

Canadian Solar explores sales talk of Indian power assets

Canadian Solar Inc., a maker of solar panels, is exploring the sale of its Indian solar power assets, worth around 108 megawatts (MW), reports Mint, citing two people aware of the matter. In August, Canadian Solar sold a 281MW under-construction solar power project in the US to Sempra Renewables, Llc. Canadian Solar is a manufacturer of solar photovoltaic modules and provider of solar energy solutions. Read more

Piramal Fund hires Anuj Puri’s Anarock to sell apartments in Omkar 1973

Piramal Fund Management Pvt. Ltd, the property investment platform of Ajay Piramal-owned Piramal Enterprises Ltd, has hired Anarock Property Consultants, launched by real estate veteran Anuj Puri, to sell about 70 apartments worth Rs1,100 crore in Omkar 1973 Worli, an ongoing luxury residential project of Mumbai-based developer Omkar Realtors and Developers Pvt. Ltd, reports Mint, citing a top management executive. Read more

Hindustan Aeronautics starts IPO process, files DRHP with Sebi

State-owned Hindustan Aeronautics Ltd (HUL) on Sunday said it has initiated the process of initial public offer (IPO) with the filing of the draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi), according to a PTI report. HAL has initiated the process of IPO with the filing of the DRHP on 29 September 2017 with the market regulator, the company said in a statement. Read more

Schneider Electric to continue investing in India

Schneider Electric, the French developer of products and solutions for the power sector, will continue to invest in India, undeterred by a slowing economy, as the country’s rising population, urbanisation and digitisation are expected to drive demand, reports Economic Times, citing chairman Jean-Pascal Tricoire. Read more

Disney, Altice reach deal that avoids ESPN blackout

Walt Disney Co. and cable operator Altice USA reached a tentative programming deal that keeps ESPN and other networks in the homes of millions of New York area pay TV customers, the companies said in a statement on Sunday, reports Reuters. Read more

Petronas Chem sells 50% of polymers business to Saudi Aramco for $900 million

Malaysia’s Petronas Chemicals Group Bhd (PCG) said on Monday it plans to sell 50% of a polymers unit to Saudi Aramco’s wholly-owned subsidiary, Aramco Overseas Holdings Cooperatief U.A. for $900 million, reports Reuters. Read more

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