Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Coca Cola, Zydus Cadila compete for Kraft Heinz India

The Coca-Cola Co., the world’s largest beverage company, and the Zydus Cadila Group have emerged as the two strongest contenders for the consumer portfolio of Kraft Heinz in India, which includes the children’s milk drink Complan, The Economic Times reported. Mint first reported on 13 August that Wipro, ITC and Cadila are in the race to acquire Complan. Both reports said JP Morgan is the banker to the sale. Bids are mostly expected to be in the $550-600 million range Read more

HPCL to raise 28000 crore for Rajasthan unit

Hindustan Petroleum Corporation Ltd’s (HPCL) long-delayed refinery and petrochemicals complex in Rajasthan is finally taking shape, with India’s third-largest state-run refiner will shortly raise 28,000 crore in debt from a consortium of banks, Mint reported. The project was conceived in 2013 at a cost of 37,230 crore with production slated to commence by 2017-18. But the BJP government which assumed power in Rajasthan in 2014 put the refinery’s terms and conditions under review. HPCL looks to be in expansion, with a Mint report three days ago of its plans to invest 1000 crore for an LPG cavern in Mangaluru. Read more

Chaayos raises $12 million in Series B from SAIF, Integrated Capital, others

Tea cafe chain Chaayos has raised 81 crore (about $12 million) from marquee venture capital firm SAIF Partners, Hong Kong based Integrated Capital and Singapore based growth stage investment firm Pactolus, The Economic Times reported. The Series B investment comes almost one year after the firm raised $2 million from existing investor Tiger Global Management, which Mint had reported . The chain of freshly-brewed tea cafes, which competes with Saama Capital and DSG Consumer Partners backed Chai Point and Mumbai-based Tea Trails, ended FY18 with revenues of about 52 crore. Read more

Lighthouse India invests 113 crores in Nykaa, TVS Shriram exits

Private equity fund Lighthouse India invested 113 crores in beauty retailer Nykaa to acquire a secondary stake. TVS Capital Funds, via TVS Shriram Growth Fund, had invested in Nykaa in 2015 and 2016 as part of the company’s Series B and Series C equity funding rounds. Mint had first reported in April that Nyka was in talks to raise 75 crore at a valuation of 3000 crore. Nykaa had in May this year closed its Series D round of funding at 165 crore ($24 million), receiving money from its existing investors including Hero Group’s chairman Sunil Munjal, the family offices of consumer goods maker Marico’s Harsh Mariwala and private equity investor Warburg Pincus. Read more

Essar Steel lenders plan to offload 500 billion loans to ARCs

Lenders of Essar Steel, which has bad debts to the tune of nearly 500 billion, are planning to offload some of the loans to an asset reconstruction company (ARC), as they face pressure to improve the status of their loan books before the end of the second quarter (Q2) of the current financial year, Business Standard reported. Money from the sale proceeds could be deployed for lending in the coming quarters, a senior public sector bank executive said. Major lenders to Essar Steel are State Bank of India, ICICI Bank, Bank of India, IDBI Bank, and Punjab National Bank. Read more

M&A deal value rises 6.8 times to $34.8 billion in June quarter: EY

Mergers and acquisitions (M&As) witnessed a sharp jump in value terms in the second quarter of calendar 2018, growing 6.8 times to $34.8 billion from a year earlier on the back of Walmart’s acquisition of Flipkart, according to a report by consulting firm EY, Mint reported. In May, Walmart acquired a 77% stake in Flipkart for $16 billion, accounting for 46% of the total disclosed deal value. The second quarter of last calendar year had witnessed M&A deals worth $5.1 billion. The June quarter also witnessed a 19% growth in the number of deals, with 273 M&A transactions being reported. Read more