BackDeals Buzz: Mittal sells stake in KSS ahead of Essar Steel bid
In other news, National Insurance (NIC), Oriental Insurance (OIC) and United India Insurance (UII) are likely to kickstart merger process from 16 February
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
IIFL arm to launch two funds for HNIs to invest in emerging market equities, Reits
Financial services group IIFL Holdings Ltd’s asset management business is launching two new funds for high net-worth individuals (HNIs) to invest funds in overseas capital markets, reports Mint, citing a senior executive of the company. Read more
PE, VC deals double to $3.5 billion in January: EY report
The private equity (PE) and venture capital (VC) sector witnessed transactions worth $3.5 billion in January, more than double the investments of $1.17 billion made in the year earlier, according to EY’s private equity monthly deal tracker, reports Mint. Read more
Centrum fund invests $3 million in edutech start-up Littlemore
Littlemore Innovation Labs Pvt. Ltd, a Singapore-based education technology company, has raised Rs20 crore ($3 million) from Kalpavriksh, a private equity fund of Centrum Group, said a senior executive of the fund, Mint reported. Read more
Global Steering Group plans twin impact funds of $1 billion each
Global Steering Group for Impact Investment (GSG) plans to launch two outcome funds, each estimated to reach up to $1 billion by October, to provide social enterprise initiatives in India greater access to investment capital, reports Mint. Read more
UK-based Liberty House wants to bid for Bhushan Power & Steel
UK-based Liberty House Group said it was interested in bidding for Bhushan Power & Steel and sought an extension to the deadline to submit its resolution plan for the bankrupt company, reports The Economic Times. Read more
Earlier in February, Mint first reported that Liberty House is in talks with the lenders of Amtek Auto Ltd to submit a revised bid for the troubled auto component maker after its previous bid was rejected by a panel of lenders supervising Amtek’s bankruptcy proceedings. Read more
Mittal sells stake in KSS ahead of Essar Steel bid
ArcelorMittal chairman L.N. Mittal has sold his 33% personal holding in KazStroyService (KSS), an oil infrastructure provider company based in Kazakhstan, in an effort to put to rest questions on his eligibility to bid for stressed assets, reports Business Standard. Read more
Merger of PSU non-life insurers kicks off on Friday
The three public sector general insurance companies—National Insurance (NIC), Oriental Insurance (OIC) and United India Insurance (UII)—are likely to kickstart merger process from 16 February. The state-run general insurers are hoping that the merger formalities would be completed before the “vote on account" next year, reports The Times of India. Read more
Fortis to buy RHT assets in Singapore
Fortis Healthcare has signed a definitive agreement to acquire the entire portfolio of assets of RHT Health Trust listed in Singapore. The proposed transaction involves the acquisition of all the securities of RHT—which owns the real estate assets of operating hospitals and clinical establishments of Fortis—for an enterprise value of Rs4,650 crore, The Times of India reports. Read more
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