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

Hindalco earmarks $3 billion for overseas acquisitions

Aditya Birla Group has earmarked at least $3 billion for acquisitions in its aluminium business Hindalco Industries Ltd, reports Mint, citing at least two people aware of the development. The funds will be used to acquire assets in the aluminium space with an eye on increasing focus on the downstream sector—in a shift from the midstream business that Hindalco currently operates in, said one of the two people cited above, requesting anonymity as the talks are private. Read more

Amplus Energy Solutions in talks to raise up to $100 million

Rooftop solar energy company Amplus Energy Solutions Pvt. Ltd is in talks to raise as much as $100 million, reports Mint, citing two people aware of the development. Amplus was infrastructure fund I Squared Capital’s first bet in India. The fund committed to invest $150 million in the firm in August 2015. Read more

Mahindra Finance plans to raise up to Rs2,000 crore

Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) is preparing to raise as much as Rs2,000 crore equity capital, reports Mint, citing two people aware of the development. Non-banking financial company (NBFC) Mahindra Finance provides auto loans primarily for purchasing tractors, utility vehicles and cars. Mahindra and Mahindra, India’s largest tractor and utility vehicle manufacturer, holds 51.2% stake in the NBFC. Read more

ICICI Prudential AMC plans $400 million platform for realty investment

ICICI Prudential Asset Management Co. (AMC) Ltd, the asset management joint venture of ICICI Bank Ltd and UK’s Prudential Plc., is looking to set up a real estate investment platform with a corpus of almost $400 million, reports Mint, citing two people aware of the development. Read more

Baring PE Asia eyes stake in Symbiotec Pharmalab

Private equity fund Baring PE Asia is in talks to buy a controlling stake in Actis Capital-backed steroid maker Symbiotec Pharmalab Ltd, reports Mint, citing two people familiar with the development. PE fund Actis now holds a 70% stake in the Indore-based pharmaceutical company. The PE firm has $10 billion worth of assets under management and is among the largest Asia-focused alternative asset management firms. Read more

Essel Finance acquires Bimadirect operator for an estimated Rs25-30 crore

Subhash Chandra-owned Essel Finance Management has acquired online insurance agent Coretree Insurance, which operates Bimadirect. Top executives at the companies didn’t reveal the deal value, but an industry expert estimated it at Rs25-30 crore, reports Economic Times. The acquisition gives the non-banking financial services arm of the Zee group an insurance broking licence that is a key component of wealth management services. Read more

Infosys founders offer to sell shares worth Rs2,038 crore in buyback

Infosys promoters, including co-founders N.R. Narayana Murthy and Nandan Nilekani, have offered to sell as many as 17.7 million shares—worth up to Rs2,038 crore—in the company’s Rs13,000 crore share buyback offer, reports PTI. Read more

GlaxoSmithKline looks for acquisitions first time in 93 years

GlaxoSmithKline (GSK) Pharmaceuticals is scouting for acquisitions in the domestic market for the first time since it started operations in the country 93 years ago, reports Business Standard. In the last five years, the revenue of the UK-headquartered company recorded a compounded annual growth rate (CAGR) of a meagre 4.4% to Rs3,000 crore for 2016-17. Read more

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