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

With Rosneft deal, Essar reduces debt by Rs70,000 crore

The Essar group’s debt will reduce by close to Rs70,000 crore with the completion of the sale of Essar Oil and related port assets, said group director Prashant Ruia on Monday. Ruia was speaking after OAO Rosneft and a consortium of Russian private equity fund United Capital Partners (UCP) and commodity trading firm Trafigura announced the close of their $12.9 billion deal to buy Essar Oil, reported Mint. Read more

Financial investors eye Alok Industries stake

Debt-laden textile maker Alok Industries Ltd, which is currently in bankruptcy court, has caught the eye of financial investors. A distressed asset investment platform by Piramal Enterprises Ltd and private equity fund Bain Capital Credit and India-focused special situations fund AION Capital Partners Ltd have shown interest in buying a stake in Alok Industries. Read more

Capital Float raises $45 million in series C led by Ribbit Capital

Digital lending firm Capital Float on Monday said it has raised $45 million (Rs293 crore) in a series C round led by Palo Alto-based fin-tech investor Ribbit Capital, with substantial participation from follow-on investors SAIF Partners, Sequoia India and Creation Investments Capital Management, reports Mint. Read more

ICICI Bank in talks with Edelweiss ARC to sell Unimark Remedies loan

ICICI Bank Ltd, a major lender to Unimark Remedies Ltd, is in talks with Edelweiss Asset Reconstruction Co. (ARC) Ltd to sell its loans, according to two people aware of the development, reports Mint. ICICI Bank had last year planned to convert a portion of its loans into equity through the strategic debt restructuring mechanism. It is not clear whether the conversion has taken place. Read more

ItzCash’s parent Ebix to buy out YouFirst’s money transfer business

Ebix Inc., an international supplier of on-demand software and e-commerce services to the insurance and financial services industry, on Monday said that it had agreed to acquire the money transfer service scheme (MTSS) business of YouFirst Money Express Pvt. Ltd. The firms did not disclose the financial details of the deal, reported Mint. Read more

Tata Motors to put Rs4,000 crore in domestic business

In an attempt to return to profits in its domestic business, Tata Motors, the country’s largest automaker, will invest Rs4,000 crore in its commercial and passenger vehicle arms to overhaul its product portfolio, reports Times of India. The company will be investing Rs1,500 crore in its commercial vehicles business as it expects orders from the defence ministry and exports to boost its revenues. Besides the Rs1,500 crore, Tata Motors will invest Rs2,500 crore in the passenger vehicle business. Read more

Paytm Mall invests Rs225 crore in logistics business

Paytm Mall is investing about Rs225 crore in its logistics business ahead of the crucial festive season to prepare itself for the spike in demand and facilitate faster deliveries, reports Times of India. Paytm Mall has partnered with three large logistics firms—Delhivery, Blue Dart and Xpressbees—to expand its delivery reach to about 17,000 pin codes. Paytm is an equity investor in Xpressbees. Read more

3 Amrapali companies may face insolvency move

After Jaypee Infratech, the process of corporate insolvency resolution under the Insolvency and Bankruptcy Code (IBC) is likely to be initiated against three Amrapali group companies—Noida’s Silicon City, Greater Noida-based Ultra Home Construction and Amrapali Infrastructure—on the plea of Bank of Baroda, reports Economic Times. Read more

Uber in pact with Axis, HDFC Bank for UPI-based payments

Ride hailing firm Uber has tied up with Axis Bank and HDFC Bank for UPI (Unified Payments Interface)-based payments. The announcement is expected in a couple of days, reports ET. The National Payments Corporation of India (NPCI) is also ready to roll out UPI partnerships with multiple banks for international players such as WhatsApp and Google soon. Amazon is also talking about the roll out of UPI with a handful of banks. Read more

Cadila Healthcare, Torrent Pharma eyeing potential merger

The domestic pharmaceuticals sector may be set for a shake-up as Ahmedabad-headquartered Cadila Healthcare, led by Pankaj Patel, and the Mehta family-backed Torrent Pharmaceuticals are re-evaluating a potential merger between both the companies, multiple sources familiar with ongoing negotiations told ET NOW, on the condition of anonymity. Read more

NCLT admits insolvency plea against Kochi’s SmartCity infrastructure

The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment default claim by a creditor against the joint venture between the Kerala government and Dubai’s Tecom Investments, reports ET. Read more

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