BackDeals Buzz: Morgan Stanley to invest more in India
In other news, ILFS is planning to sell a majority stake in its financial services unit and additional assets worth 4,500 crore, and VC fund Hunch Ventures is investing ₹100 crore to pick up 50% stake Sierra Nevada Restaurants and Dolomite Restaurants
Premium
Mint brings to you your dose of the top deals news reported from newsrooms across the country.
Morgan Stanley to invest more in India, says CEO
Morgan Stanley will expand its businesses and invest more capital in India as Prime Minister Narendra Modi’s business-like approach to governance and development through technology makes India an exciting opportunity for investors and industry, CEO James Gorman told The Economic Times in an interview. “The foresight to recognise that you can through technology jump over various stages of development, take advantage of the fact that you don’t have legacy systems in a lot of industries. I think these are very positive." The US-based lender, which currently is only focusing on institutional business-like mergers and acquisitions, advisory, investment banking, brokerage and private equity, will expand to include infrastructure funding, fixed income and probably distressed assets sometime in the future. Read more
IF&FS plans sale of financial services unit and assets valued at ₹ 4500 crore
Infrastructure Leasing and Financial Services Ltd (IL&FS) is planning to sell a majority stake in its financial services unit and additional assets worth ₹ 4,500 crore to pay down debts as the company rushes to meet its obligations and avoid bankruptcy, Mint reported. Mint reported earlier this week that the company’s shareholders have asked for a turnaround plan before a bailout plan can be initiated. IL&FS has hired SBI Capital Ltd to find an investor for the majority stake in IL&FS Financial Services, which reported a ₹ 99.6 crore profit in the year ended 31 March. Read more
Swiggy in talks to raise $700 million for new business
Swiggy, India’s largest food delivery service, is in talks to raise as much as $700 million from new investors such as Tencent Holdings Ltd and plans to use the fresh funds to enter new businesses and areas, especially in the hyperlocal delivery space, Mint reported, citing three people aware of discussions. Swiggy, which raised funds earlier this year at a valuation of about $1.3 billion, may see its valuation nearly double to at least $2.5 billion. Read more
VC fund Hench to invest in Wendy’s, Jamie’s Italian in India
Venture capital fund Hunch Ventures is investing ₹ 100 crore to pick up 50% stake in two companies that operate US-based burger chain Wendy’s and fine dining chain Jamie’s Italian in India, The Economic Times reported. Hunch is investing the amount over the next three years in Sierra Nevada Restaurants and Dolomite Restaurants, both owned by International Market Management (IMM), a London-based consumer brand headed by entrepreneur-restaurateur Jasper Reid. Hunch has so far invested about $150 million in various tech firms, Indiaroots.com, healthcare venture, high-end concierge services among other entities. Read more
Incred to raise ₹ 1000 cr by equity selling
InCred Finance, backed by former Deutsche Bank co-CEO Anshu Jain, plans to raise about ₹ 1,000 crore by selling equity to overseas funds, including sovereign financiers, reflecting continued global interest in Indian financial services companies, The Economic Times reported. InCred is expected to dilute about 20 percent stake, valuing the company at ₹ 5,000 crore and Six investors, including South Africa’s Naspers, Abu Dhabi Investment Authority, and Advent International, are said to be in talks. Read more
Vedanta to buy 41 oil and gas blocks on October 1
Anil Agarwal-led Vedanta Resources has received shareholder and board approvals for signing contracts for 41 oil and gas blocks on October 1, Business Standard reported. The company had to approach the shareholders because the deal with the government was considered a “related-party transaction" under British law. This comes when Agarwal is trying to delist Vedanta Resources from the LSE. Volcan Investments, a family-controlled entity of Agarwal, is buying stake worth around $1.03 billion, valuing Vedanta at $3.07 billion. Read more
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
