BackDeals Buzz: Crompton to sell automation arm; Govt gives nod for stake sale in Hudco
The sale of Crompton's automation business comes in the backdrop of the sale of its transmission and distribution business abroad to a US-based private equity firm
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Mumbai: Mint brings to you your daily dose of deals news. A look at the top deals reported by newsrooms across the country.
IDFC Alternatives fund may buy 275MW solar assets from ACME
ACME Solar will sell about 275 megawatts (MW) of its operational solar assets to an infrastructure fund of asset manager IDFC Alternatives, two people with direct knowledge of the deal said. The deal is likely to close in the next two months, the people said. “The deal will close in stages as IDFC Alternatives will need separate approvals from the lenders of the various assets and other approvals as per the power purchase agreements (PPAs)," said one of the people cited in the story. Read more
Crompton to sell automation arm for ₹ 754 crore
Avantha group firm Crompton Greaves is selling its global automation business, ZIV, at a valuation of $112 million ( ₹ 754 crore) by September to focus on its India businesses, reports Business Standard. The company has appointed bankers to sell the business, which reported sales of ₹ 754 crore (€100 million) in 2015-16. The sale of its automation business comes in the backdrop of the company selling its transmission and distribution business abroad to US-based private equity firm First Reserve International at an enterprise value of €115 million (about ₹ 866 crore) on a debt-free, cash-free basis. Read more
Japanese tractor maker Yanmar seeks to up stake in ITL to 20%
Japanese tractor maker Yanmar is in talks with International Tractor Ltd to raise its stake in the third largest tractor maker in India, reports Economic Times. Yanmar owns 12.5% stake in International Tractor and has expressed interest in raising that to 20%, the company’s top official told ETAuto. Yanmar was an early investor in the Indian company having bought the stake in 2005 for ₹ 200 crore. Read more
Greytip raises ₹ 35 crore from NEA & Blume Ventures
Greytip Software, a cloud-based HR and payroll processing company, has raised ₹ 35 crore in a series B funding round from New Enterprise Associates (NEA) and Blume Ventures. Following this, Tarun Sharma, managing director, India, NEA, and Karthik Reddy, managing partner, Blume Ventures, will join the board of Greytip Software, reports Economic Times. Blume had earlier invested an undisclosed sum in the company in 2013 in its series A round. Read more
Government gives nod to 10% stake sale in Hudco
The Cabinet on Wednesday approved disinvestment of 10% stake in state-owned Housing and Urban Development Corp. (Hudco), reportes Times of India. The government has set a disinvestment target of ₹ 56,500 crore for this fiscal. Of this, ₹ 36,000 crore is supposed to come from minority stake sale in public sector units and ₹ 20,500 crore from strategic sale. The government has already kickstarted the disinvestment programme for the current fiscal with 11.36% stake sale in NHPC, which fetched ₹ 2,700 crore.
Mint has consistently written about the government’s divestment efforts. Read more here, here and here.
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