Deals Buzz: 3 Amrapali companies may face insolvency move
In other news, the domestic pharmaceuticals sector may be set for a shake-up as Cadila Healthcare and Torrent Pharmaceuticals re-evaluate potential merger
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
With Rosneft deal, Essar reduces debt by Rs70,000 crore
The Essar group’s debt will reduce by close to Rs70,000 crore with the completion of the sale of Essar Oil and related port assets, said group director Prashant Ruia on Monday. Ruia was speaking after OAO Rosneft and a consortium of Russian private equity fund United Capital Partners (UCP) and commodity trading firm Trafigura announced the close of their $12.9 billion deal to buy Essar Oil, reported Mint. Read more
Financial investors eye Alok Industries stake
Debt-laden textile maker Alok Industries Ltd, which is currently in bankruptcy court, has caught the eye of financial investors. A distressed asset investment platform by Piramal Enterprises Ltd and private equity fund Bain Capital Credit and India-focused special situations fund AION Capital Partners Ltd have shown interest in buying a stake in Alok Industries. Read more
Capital Float raises $45 million in series C led by Ribbit Capital
Digital lending firm Capital Float on Monday said it has raised $45 million (Rs293 crore) in a series C round led by Palo Alto-based fin-tech investor Ribbit Capital, with substantial participation from follow-on investors SAIF Partners, Sequoia India and Creation Investments Capital Management, reports Mint. Read more
ICICI Bank in talks with Edelweiss ARC to sell Unimark Remedies loan
ICICI Bank Ltd, a major lender to Unimark Remedies Ltd, is in talks with Edelweiss Asset Reconstruction Co. (ARC) Ltd to sell its loans, according to two people aware of the development, reports Mint. ICICI Bank had last year planned to convert a portion of its loans into equity through the strategic debt restructuring mechanism. It is not clear whether the conversion has taken place. Read more
ItzCash’s parent Ebix to buy out YouFirst’s money transfer business
Ebix Inc., an international supplier of on-demand software and e-commerce services to the insurance and financial services industry, on Monday said that it had agreed to acquire the money transfer service scheme (MTSS) business of YouFirst Money Express Pvt. Ltd. The firms did not disclose the financial details of the deal, reported Mint. Read more
Tata Motors to put Rs4,000 crore in domestic business
In an attempt to return to profits in its domestic business, Tata Motors, the country’s largest automaker, will invest Rs4,000 crore in its commercial and passenger vehicle arms to overhaul its product portfolio, reports Times of India. The company will be investing Rs1,500 crore in its commercial vehicles business as it expects orders from the defence ministry and exports to boost its revenues. Besides the Rs1,500 crore, Tata Motors will invest Rs2,500 crore in the passenger vehicle business. Read more
Paytm Mall invests Rs225 crore in logistics business
Paytm Mall is investing about Rs225 crore in its logistics business ahead of the crucial festive season to prepare itself for the spike in demand and facilitate faster deliveries, reports Times of India. Paytm Mall has partnered with three large logistics firms—Delhivery, Blue Dart and Xpressbees—to expand its delivery reach to about 17,000 pin codes. Paytm is an equity investor in Xpressbees. Read more
3 Amrapali companies may face insolvency move
After Jaypee Infratech, the process of corporate insolvency resolution under the Insolvency and Bankruptcy Code (IBC) is likely to be initiated against three Amrapali group companies—Noida’s Silicon City, Greater Noida-based Ultra Home Construction and Amrapali Infrastructure—on the plea of Bank of Baroda, reports Economic Times. Read more
Uber in pact with Axis, HDFC Bank for UPI-based payments
Ride hailing firm Uber has tied up with Axis Bank and HDFC Bank for UPI (Unified Payments Interface)-based payments. The announcement is expected in a couple of days, reports ET. The National Payments Corporation of India (NPCI) is also ready to roll out UPI partnerships with multiple banks for international players such as WhatsApp and Google soon. Amazon is also talking about the roll out of UPI with a handful of banks. Read more
Cadila Healthcare, Torrent Pharma eyeing potential merger
The domestic pharmaceuticals sector may be set for a shake-up as Ahmedabad-headquartered Cadila Healthcare, led by Pankaj Patel, and the Mehta family-backed Torrent Pharmaceuticals are re-evaluating a potential merger between both the companies, multiple sources familiar with ongoing negotiations told ET NOW, on the condition of anonymity. Read more
NCLT admits insolvency plea against Kochi’s SmartCity infrastructure
The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment default claim by a creditor against the joint venture between the Kerala government and Dubai’s Tecom Investments, reports ET. Read more
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