BackDeals Buzz: ArcelorMittal likely to bid for stressed assets
In other news, the Allahabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted insolvency proceedings against Jaypee Infratech
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
New India Assurance files for IPO
State-owned general insurance company New India Assurance Co. Ltd (NIA) on Wednesday filed the prospectus for its initial public offering (IPO), reports Mint. NIA has hired Kotak Mahindra Capital Co. Ltd, Axis Capital Ltd, IDFC Bank Ltd, Nomura Financial Advisory and Securities (India) Pvt. Ltd and YES Securities (India) Ltd to manage the public offering. Read more
NCLT admits IDBI’s plea against Jaypee Infratech
The Allahabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted insolvency proceedings against Jaypee Infratech Ltd, one of the 12 companies referred to the tribunal following the Reserve Bank of India’s (RBI) 13 June directive to banks, reports Mint, citing two people aware of the matter. Read more
Brookfield to make investments in environment projects
Canada’s Brookfield Asset Management Inc. is at an advanced stage to invest around Rs800 crore in Total Environment Building Systems Pvt. Ltd, a Bengaluru-based builder of homes, from its global fund, reports Mint, citing two people familiar with the transaction. Brookfield started investing in residential projects in India from its new $9 billion global real estate fund last year. Read more
ArcelorMittal likely to bid for stressed assets
The world’s largest steelmaker, ArcelorMittal, is likely to bid for stressed assets facing insolvency proceedings, reports Business Standard. In July, a team from SBI Capital Markets, which is advising lenders on restructuring packages for some of these companies, had visited London to meet the senior management of ArcelorMittal. The idea was to get ArcelorMittal to participate when the assets came up for bidding. Read more
Avendus acquires UK-based Ocean Dial Asset Ltd
Financial services firm Avendus Capital on Wednesday said it has agreed to acquire Ocean Dial Asset Management Ltd, a UK-based asset management company that currently manages approximately £450 million in Indian equities across three funds, the company said in a release, reports Mint. Financial terms of the transaction were not disclosed. Read more
Japanese Daiichi moves SC to block Fortis sale
Daiichi Sankyo’s legal tussle to recover Rs3,500 crore from former Ranbaxy promoters Malvinder and Shivinder Singh has taken a sharp turn, with the Japanese drug maker moving the Supreme Court to block the sale of promoter shares in Fortis Healthcare, reports Economic Times. Read more
NCLT rejects Vijaykumar Iyer’s appointment as IRP in Lanco Infratech case
The National Company Law Tribunal (NCLT) has turned down the appointment of Vijaykumar V Iyer of consultants Deloitte as an interim resolution professional (IRP) to resolve the Rs44,000 crore Lanco Infratech default, putting an end to big firms taking up multiple assignments that they cannot do justice to, reports Economic Times. Read more
Three healthcare-focused funds to buy minority stake in Morpheus IVF
Healthcare-focused funds Quadria Capital, Asian Healthcare Fund and Tata Healthcare Fund are in talks with the promoters of fertility chain Morpheus IVF, which wants to sell a significant minority stake for around $15 million, said three people with direct knowledge of the development, reports Economic Times. Read more
Cummins to invest Rs1,500 crore in Pune tech centre
Engine and component major Cummins is investing around Rs1,000-1,500 crore in setting up a technology centre in Pune, besides investing on BS6 range of products, as India’s commercial vehicle industry has just moved to BS4 and will migrate to BS6 by 2020, reports Times of India. Read more
Bridgestone to invest $304 million in India to increase capacity
Tyre maker Bridgestone India on Wednesday said it will invest $304.3 million (Rs1,936 crore) in the country over the next five years to ramp up capacity and add more different-sized tyres to its portfolio, reports TOI. Over the last five years, new vehicle additions have grown at about 4.72% annually. Read more.
Mint on Tuesday reported that Bridgestone India will invest Rs1,940 crore over the next five years, starting this year, to expand capacities at its plants in India—in Chakan near Pune and Kheda in Indore. Read more
RCom plans to issue shares to lenders for debt raised
Telecom operator Reliance Communications, which is reeling under debt of about Rs45,000 crore, plans to issue shares to lenders for the debt that it has raised from them, as per a regulatory filing of the company, reports TOI. The board of RCom is scheduled to meet on 12 August and will consider convening an annual general meeting of shareholders to enable the firm to seek their nod for converting debt into equity shares. Read more
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