Deals Buzz: Future Group in talks to buy retail business of Heritage Foods

In other news, Sonalika tractors parent inches closer to IPO; Blackstone Group finalizes plans to raise Rs4,000 crore through listing of REIT


The deal will give Kishore Biyani ready access to a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru, said the report. Photo: Abhijit Bhatlekar/Mint
The deal will give Kishore Biyani ready access to a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru, said the report. Photo: Abhijit Bhatlekar/Mint

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

Sonalika tractors parent to file for Rs.2,000 crore IPO by early October

International Tractors Ltd (ITL), the owners of the Sonalika brand, is planning to file draft documents for an initial share sale with the regulator by early next month, reports Mint, citing three people aware of the development.

The share sale, in which private equity firm Blackstone will partially sell its investment in ITL, is expected to fetch as much as Rs.2,000 crore, they said, requesting anonymity. Read more .

Lupin eyeing buyout opportunities in domestic market

After a series of acquisitions in the overseas markets over the past two years, Lupin Ltd is looking at buyout opportunities in the domestic market to gain market share, reports Mint, citing a top executive. These could be either domestic companies or product portfolios.

“We would look at everything in India,” said Nilesh Gupta, managing director at India’s third largest drug maker. “It’s the home market and we have the ability to grow the asset, whether it is a brand, regional company or OTC (over the counter) products.” Read more .

IDFC Alternatives to create a platform for renewable energy assets

Asset management firm IDFC Alternatives Ltd will float a platform to hold its renewable energy assets. The platform will work as a board-run entity and a professional team will manage its daily affairs, said Aditya Aggarwal, partner (infrastructure), IDFC Alternatives.

IDFC Alternatives, a unit of infrastructure-focused lender IDFC Ltd, is currently expanding its team with senior executives. The company had previously created such an aggregation platform in the roads sector which has now grown into a 20-member team. Read more .

US investors to sell stake in BKC’s landmark project for Rs.1,500 crore

A consortium of US-based investors that developed First International Finance Center (FIFC), a landmark commercial building in Mumbai’s financial district, Bandra Kurla Complex (BKC), plans to sell its stake in the property for around Rs.1,500 crore, reports Mint, citing two people aware of the development.

Around 300,000 sq. ft of the total 657,000 sq. ft office complex is currently owned by Citibank NA. The firm had signed one of the largest commercial deals by value in 2013 by acquiring six floors of the 14-storey building for Rs.985 crore. Read more .

Private equity-backed AU Financiers plans share sale

AU Financiers Ltd, one of the 10 firms to receive an in-principle approval to start a small finance bank, is planning a share sale next year, reports Mint, citing a top executive.

The initial public offer will be a pure offer for sale and the firm will float the issue after it becomes a small finance bank by February, said Sanjay Agarwal, its managing director. Read more .

Suvidhaa Infoserve to finalize NBFC deal in few months

Suvidhaa Infoserve Pvt. Ltd, a payments management company, is in the process of finalizing its acquisition of a small non-banking finance company (NBFC), reports Mint, citing its founder and chairman Paresh Rajde. Read more .

Future Group in talks to buy retail business of Heritage Foods

Future Group is in advanced talks to acquire the retail business of Heritage Foods, reports The Economic Times. The deal will give Kishore Biyani ready access to a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru, according to people aware of the development. Read more .

Goldman Sachs to sell 15% of Max Financial Services shares in open market trades

A private equity fund managed by Goldman Sachs is looking to sell its 15% stake in Max Financial Services in a Rs.2,400 crore deal expected through secondary market trades, reported The Economic Times. The PE firm is expected to generate a nearly threefold return in dollar terms on a seven-year-old investment. Read more .

In August, Mint reported that the boards of HDFC Life Insurance Co. Ltd and Max Life Insurance Co. Ltd have signed on their merger, creating India’s largest private-sector insurer.

Blackstone Readies India REIT

Blackstone Group is finalizing plans to raise Rs.4,000 crore (about $600 million), through a listing of Real Estate Investment Trust (REIT) on the domestic stock exchanges, reports The Times of India, citing people directly familiar with the matter said. Read more .

In August, Mint reported that Singapore’s Temasek Holdings Pte and GIC Pte, the Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority are in advanced talks to invest in Everstone Group’s $2 billion REIT offer, citing three people aware of the development.

The offering by Everstone Group’s industrial and logistics real estate development platform, IndoSpace, is set to become one of the biggest fund-raising through a private Reit in India. These offerings are sold to a handful of big investors. Read more .

Greenko to buy SunEdison’s India portfolio for $315 million

Greenko is acquiring SunEdison’s operating 390 MW solar portfolio and 48 MW of wind parks for an enterprise valuation of $315 million, reports The Economic Times. Read more .

The deal has been in works for quite some time now and there have been multiple media reports. In August, a report in The Financial Express said Greenko Energy Holding is believed to have finalised a deal to buy US-based SunEdison’s assets in India for $260 million or over Rs.1,700 crore, citing a source privy to the information.

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