Home >Companies >Deals Buzz: DBS Bank gets nod to operate wholly-owned subsidiary in India
DBS Bank plans to open branches around the 90-odd SME clusters in India. Photo: Bloomberg
DBS Bank plans to open branches around the 90-odd SME clusters in India. Photo: Bloomberg

Deals Buzz: DBS Bank gets nod to operate wholly-owned subsidiary in India

In other news, Zomato in talks with Alibaba's Ant Financial for up to $200 million funding, while Thomas Cook is in the race to acquire IFCI's 26.09% stake in Tourism Finance

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

Essar Steel interim resolution professional looks to raise Rs2,500 crore

The interim resolution professional (IRP) for Essar Steel Ltd is in talks with potential lenders to raise as much as Rs2,500 crore in priority funding to meet the company’s immediate working capital needs, reports Mint, citing two people aware of the development. The fund-raising is being done under the interim funding framework of insolvency proceedings. Read more

New investors scout for options in stressed assets

As the distressed debt resolution process picks up steam with several cases being referred to the National Company Law Tribunal (NCLT), a number of new investors have started scouting for opportunities in the Indian stressed assets space, reports Mint, citing three people aware of the developments. Read more

Thomas Cook in race to acquire IFCI’s 26.09% stake in Tourism Finance Corp

Travel services firm Thomas Cook (India) Ltd is among several companies interested in buying state-owned lender IFCI Ltd’s 26.09% stake in Tourism Finance Corp. of India Ltd (TFCI), reports Mint, citing two people aware of the development. TFCI provides financial assistance to enterprises for setting up and developing tourism-related projects, facilities and services. Read more

Zomato in talks with Alibaba’s Ant Financial for up to $200 million funding

Food ordering and restaurant discovery platform Zomato Media Pvt. Ltd is in talks with China’s payments giant Ant Financial Services Group to raise $100-200 million, reports Mint, citing three people familiar with the matter. Since starting out in 2008, Zomato has raised roughly $225 million in capital. It last received fresh capital in September 2015, when it raised $60 million from Singapore’s Temasek Holdings and Vy Capital. Sequoia Capital and Info Edge are the other institutional investors in Zomato. Read more

DBS Bank gets nod to operate wholly-owned subsidiary in India

DBS Bank, Singapore’s largest lender with $355 billion in assets, has received in-principle approval from Reserve Bank of India (RBI) to start a local banking subsidiary in the country which will allow the Asian lender to open more branches and expand its reach in the high-yielding consumer and SME banking sectors in the country, reports Economic Times. Read more

Systems hub in India to power snack-food major Mondelez

Snack-food major Mondelez International has set up its largest systems hub in India to drive innovation in sales and logistics for its global operations. The Mumbai centre, along with two similar facilities in Costa Rica and Bratislava, would build and deliver information systems and business processes for the company that makes Cadbury Dairy Milk and Oreo, reports ET. Read more

WestBridge leads Rs1,100 crore round in Fogg maker Vini

German media group Bertelsmann, which targets to invest $50-60 million each year in India, is looking to deploy $200-250 million in the country’s startup ecosystem over the next four years, reports Times of India. Three years after it made its first investment in India, Bertelsmann India Investments (BII) has a deployment book of $150 million, having made 30 deals here. Read more

Paytm eyes online deal companies Nearbuy and Little

In a bid to develop a sizeable deals business, Paytm is in talks to make two acquisitions in this space, people familiar with the development said, TOI reported. The Noida-based company is in talks with Nearbuy for an acquisition, while it is also moving ahead on its plan to acquire its investee company Little—an offline deals platform across areas such as restaurants, movies, hotels, salons, gyms and spas. Read more

Tronc buys ‘New York Daily News’

Newspaper company Tronc Inc., which owns the ‘Chicago Tribune’ and the ‘Los Angeles Times’, said it acquired the ‘New York Daily News’ from media and property mogul Mort Zuckerman, reports Reuters. Financial terms of the deal were not disclosed, but a source familiar with the deal said Tronc would assume roughly $30 million of liabilities. Read more

Cisco chairman John Chambers in advance talks to invest $5 million in Chennai-based Uniphore

Cisco Systems executive chairman John Chambers is in advanced talks to lead a $3-5 million investment in Chennai-based Uniphore Software Systems, a maker of speech-recognition software, according to multiple people aware of the discussions. Read more

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