Mumbai: Mint brings your daily dose of top deals reported by newsrooms across the country.

Tata Power to sell non-core assets to trim debt

Tata Power Ltd is trying to sell non-core assets to reduce debt, chairman N. Chandrasekaran said, even as it struggles to find a solution to its vexed Mundra power plant, reports Mint. Chandrasekaran also said the Tata group company has earmarked around Rs3,000 crore as capital expenditure for the next one year, to be financed by internal accruals. The company now has a gross debt of Rs48,816 crore. Read more

Adani Transmission plans to raise Rs3,000 crore via QIP

Adani Transmission Ltd, the power transmission arm of the Gautam Adani-controlled Adani Group, is gearing up to raise fresh equity capital of up to Rs3,000 crore through a qualified institutional placement (QIP), reports Mint, citing three people aware of the development. Adani Transmission, at its annual general meeting held on 10 August, received shareholder approval to raise up to Rs5,000 crore through issuance of equity shares. Read more

Oriental Structural Engineers plans InvIT to raise Rs2,500 crore

Oriental Structural Engineers Pvt. Ltd, a Delhi-based infrastructure firm, is planning to raise as much as Rs2,500 crore through an infrastructure investment trust (InvIT), reports Mint, citing two people aware of the development. InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects. Read more

Sequoia India to acquire Faces Cosmetics Canada from Everstone Capital

Venture capital firm Sequoia India on Wednesday said it has agreed to acquire Faces Cosmetics Canada, a Canadian colour cosmetics brand, along with its international subsidiaries and the ‘Faces’ brand from Indivision India Partners, managed by private equity firm Everstone Capital, for an undisclosed amount, reports Mint. Launched in India in December 2009, the Faces brand was set up over 40 years ago with a presence across North America. It was acquired by Indivision India Partners in 2007. Read more

JS Capital leads $16 million funding round in Ezetap

Enterprise payments solutions firm Ezetap on Wednesday said it has raised $16 million in a growth round led by JS Capital Management Llc, a US-based venture capital fund, reports Mint. As part of the round, existing investors Social Capital and Hong Kong-based Horizons Ventures invested as well, raising their shareholding in the firm. Read more

Apex Frozen Foods IPO subscribed 1.46 times on Day 2

The initial public offer (IPO) of Apex Frozen Foods, which deals in aquaculture products, was subscribed 1.46 times on Wednesday, the second day of the share sale, reports Mint. On Monday, a day before its IPO was launched, Apex Frozen raised over Rs43 crore from anchor investors. The offer will close on Thursday. Read more

Ascendas-Singbridge, GIC fund buy Pune land from Kohinoor Group for Rs200 crore

Singapore-based firms—office developer Ascendas-Singbridge Group and sovereign wealth fund GIC Pte. Ltd—have bought a 16-acre land parcel in Pune’s Kharadi suburb for around Rs200 crore from Kohinoor Group, reports Mint. The acquisition is the second investment under the Ascendas India Growth Programme (AIGP), in which GIC is a principal investor along with Ascendas-Singbridge. Read more

Indus Towers to invest Rs350 crore on green drive

Indus Towers will spend Rs350 crore this financial year to convert its diesel-run sites to green energy as the country’s largest telecom tower provider braces for a short-term disruption due to consolidation in the Indian industry, reports Economic Times. The company, with almost 123,000 towers, is confident of strong growth in the medium to long term, after its two major shareholders and tenants—Vodafone India and Idea Cellular—merge over the next year, triggering rationalisation of overlapping towers, Bimal Dayal, chief executive officer of Indus Towers, told ET. Read more

SRL Diagnostics’s demerger from Fortis Healthcare deferred yet again

SRL Diagnostics’s demerger from Fortis Healthcare has been deferred yet again after the Supreme Court’s order directing promoters Malvinder and Shivinder Singh to maintain the status of shareholding of one of their companies in the hospital chain. The National Company Law Tribunal (NCLT) in Chandigarh, expected to make a decision on the demerger, will now hear the matter in early October, reports ET. Read more

Chinese phone maker Transsion Holdings eyes top three slots in Indian market

Chinese mobile phone maker Transsion Holdings is eyeing the top three slots in the Indian market with its four brands—Tecno, Itel, Infinix and Spice—and start local manufacturing from next year across its brands as they pick up scale, reports ET. Itel operates in the feature phone space at Rs700-1,500 and entry smartphones priced at around Rs3,000, while Infinix will focus only on e-commerce. Read more

Schneider, Eaton frontrunners to buy L&T’s electrical business

Schneider Electric SE, the French industrial multinational and Eaton Corp. have emerged as the top contenders to acquire Larsen & Toubro’s electric and automation division for Rs15,000-17,000 crore as India’s largest engineering group looks to prune its portfolio and exit non-core areas, said three officials aware of the ongoing developments, reports ET. Read more

Fortis promoters seek SC approval to sell shares pledged with banks, FIs

Fortis promoters Malvinder and Shivinder Singh have approached the Supreme Court (SC) asking for permission to sell their Fortis Healthcare shares already pledged with banks and financial institutions to reduce debt, reports ET. One of the promoter firms of the Singh family, Fortis Healthcare Holding (FHHPL), has created a fresh pledge of nearly 30.59 lakh shares representing 0.59% of total equity on 14 August with Indiabulls Housing Finance, according to a company disclosure filed with the stock exchange. Read more

Airports Authority of India ties up with Ola, Uber

The Airports Authority of India (AAI) has entered into strategic alliances with Ola and Uber that will provide passengers the option to hire these cabs at select aerodromes, reports ET. As part of this strategic alliance, both Ola and Uber will fulfil commuting demand of passengers at the AAI-run Chennai, Kolkata, Pune, Lucknow and Bhubaneswar airports, a release said. Read more

HDFC Ergo merges L&T insurance biz

HDFC ERGO General Insurance, a joint venture between HDFC and German insurer Ergo, has completed the merger of HDFC General Insurance (formerly L&T General Insurance) with itself. The merger came into effect from 16 August, following approval by the National Company Law Tribunal and the insurance regulator, reports Times of India. Read more

DocOnline Health makes debut in Hyderabad

City-based startup DocOnline Health India Pvt. Ltd, which has been founded by Swedish VCs and entrepreneurs Markus Moding and Johan Idemyr, has announced the rollout of its services in Hyderabad, reports TOI. Read more

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