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Ant Financial gets rights to become Zomato’s biggest shareholder

Zomato’s newest investor Ant Financial has secured the right to become the largest shareholder in the restaurant discovery and food-delivery platform, replacing Info Edge, as the Chinese payments giant aggressively seeks to expand its presence in India. Shares for Ant Financial can also be subscribed to by its parent firm, Chinese ecommerce giant Alibaba, the documents show. This is as per the agreement of Ant Financial’s $200 million investment in Zomato in February this year, which Mint had reported. Ant Financial holds 20-22% stake in Zomato, and Info Edge, the Indian company’s earliest backer, about 31%. Zomato cofounders Pankaj Chaddah and Deepinder Goyal, who recently exited the company, together own 14-15% stake. Read more

ArcelorMittal raises bid for Essar Steel to 42000 crore

ArcelorMittal SA, the world’s largest steel maker, on Monday sharply raised its bid to acquire debt-laden Essar Steel Ltd to 42,000 crore, from the 30, 500 bid earlier, Mint reported. The National Company Law Appellate Tribunal (NCLT) in its judgement last Friday asked ArcelorMittal to first clear dues totaling 7,000 crore of Uttam Galva Steels Ltd and KSS Petron Pvt. Ltd by 11 September to be considered an eligible bidder for Essar Steel. As of March 2017, Essar Steel—with its 10 million tonne a year production capacity—had a debt outstanding of 50,786 crore. In the second round of bids, Numetal said it would pay 37,000 crore to buy out ESIL, while Vedanta Resources, the other bidder, had offered 34,000 crore. Read more

Foreign PE Funds to participate in next round of IBC assets

Leading global private equity (PE) funds and their joint ventures (JVs) are set to bid for the next round of 28 stressed assets that will be on the block through the IBC (Insolvency and Bankruptcy Code) process, Business Standard reported. The big global players have had limited success in the first round of sale of 12 large stressed assets, with only AION, a JV between Apollo Global Management and ICICI Venture, picking up Monnet Ispat in a consortium with JSW. On average each company will require more than $100 million of equity infusion to begin with. About $3 billion will come from direct equity infusion, and the rest from debt, the report added. Read more

Greenko calls off plan to buy Orange Renewable

Greenko Group has called off its plan to buy Orange Renewable from Singapore’s AT Capital Group and investment bank Rothschild Inc. has resumed scouting for a buyer for one of India’s largest renewable energy platforms, Mint reported. Mint had reported in June that Greenko will buy Orange Renewables at a billion-dollar valuation. “The contract has expired because of a technical reason," Greenko Group founder Mahesh Kolli said in response to a query, without giving details. Kolli is also Greenko’s president and joint managing director. Read more

Sistema India, Vertex Ventures may lead in Series C of digital lender Kissht

Russia’s Sistema Asia Fund and Singapore’s Vertex Ventures are in discussions to lead a Series C round in digital lender Kissht, Mint reported. The discussions gained momentum in recent weeks after the talks between Kissht and Facebook co-founder Eduardo Saverin’s venture capital firm, B Capital Group, failed to make headway. Mint reported last week that Kissht was looking to raise $50 million from investors including B Capital. Read more

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