Deals Buzz: ReNew power to buy Ostro in biggest renewables sector deal
In other news, ChrysCapital, along with limited partners GIC of Singapore and CPPIB of Canada, is set to finalise a $350-million investment in Mankind
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Swiggy, Zomato plan to raise fresh funds
Swiggy and Zomato are in talks to raise more money, as investors queue up to back online food delivery startups, reports Mint, citing people familiar with the matter.
According to the report, Swiggy (Bundl Technologies Pvt. Ltd) may raise $200 million, while Zomato Media Pvt. Ltd can raise $200-400 million. The companies had earlier raised funds in February this year. Read more
Zomato had raised $150 million from Ant Small and Micro Financial Services Group, valuing the food-tech startup at about $1.1 billion while Swiggy raised $100 million from existing investor Naspers Ltd and Meituan-Dianping, which runs an online platform in China offering a range of services including food delivery.
Blackstone acquires Comstar at a valuation of Rs1,000 crore
Blackstone Group Lp has acquired Chennai-based auto parts maker Comstar Automotive Technologies Pvt. Ltd for about Rs1,000 crore, according to two people aware of the development as reported by Mint. Read more
Blackstone acquired the stake from Comstar’s controlling shareholders—private equity firm Argyle Street Management and the Chandaria family.
Mint reported in October that Blackstone is set to buy a majority stake in Comstar Automotive.
Comstar, a maker of starter motors, starter motor kits and alternators for automotive applications, was founded in 1999 as a subsidiary of Visteon Corp., a unit of Ford Motor Co. in India.
GR Infraprojects eyes $2 billion valuation in IPO, may file DRHP with Sebi in April
GR Infraprojects Ltd, an infrastructure developer backed by Motilal Oswal Private Equity, is seeking a valuation of close to $2 billion as it looks to file IPO documents with the markets regulator, Mint reports, citing three people aware of the matter. Read more
GR Infraprojects had earlier filed a DRHP in September 2016. Subsequently, the company had received markets regulator Securities and Exchange Board of India’s (Sebi’s) approval for its IPO.
The Delhi-based infrastructure firm is involved in engineering, procurement and construction (EPC) services for highways, flyovers, bridges, buildings and air-field development.
Dalmia Bharat readies legal action as Binani Cement acquisition war heats up
Dalmia Bharat Cement Ltd will approach a higher court if the Kolkata bench of National Company Law Tribunal (NCLT) decides against it in the battle for Binani Cement acquisition, Mint reports, citing a top company official. Read more
In March, Dalmia Bharat was declared the highest bidder for Binani Cement by the committee of creditors (CoC) beating UltraTech, which bid marginally lower.
On 30 March, Financial express reported, the Kolkata bench of the NCLT told CoC that in the larger interest of the creditors, it could consider the application by Binani Industries looking for an independent solution outside the insolvency process. Read more
ChrysCapital to acquire 10% in Mankind for $350 million
ChrysCapital, along with limited partners GIC of Singapore and CPPIB of Canada, is set to finalise a $350-million investment in Mankind Pharmaceuticals for a 10% stake, reports The Economic Times, citing people directly aware of the matter. Read more
The report adds that ChrysCapital’s late entry into the process even after binding bids were made by global buyout funds Advent and Carlyle for a 15% stake surprised many, but in the end the Indian fund trumped both. The final agreements are expected to be signed this week.
On 6 March, Mint reported that the private equity funds Carlyle Group and Advent International were poised to submit binding offers to buy a minority stake in Mankind Pharma Ltd, citing two people familiar with the matter. Read more
ReNew Power to buy Ostro in biggest renewables sector deal
ReNew Power Ventures led by Sumant Sinha has finalised the takeover of Ostro Energy for an enterprise value of ₹10,800 crore ($1.66 billion), the biggest M&A deal in the renewables sector, people close to the deal told The Economic Times. Read more
Last year in December, Mint first reported that ReNew Power Ventures Pvt. Ltd is close to acquiring Ostro Energy Pvt. Ltd, the company that holds the renewable energy assets of buyout firm Actis Capital, for an enterprise value of Rs10,000 crore, citing people directly aware of the matter. Read more
Ebix set to buy forex unit of Centrum
Nasdaq-listed Ebix Inc. is set to acquire India’s leading airport foreign exchange provider CentrumDirect in a deal estimated at about $200 million, or Rs1,300 crore, reports The Times of India, citing people directly aware of the matter. Read more
American software and services company, Ebix, provides solutions on infrastructure exchanges, enterprise systems and risk compliance in insurance, healthcare and financial services, among others.
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