BackDeals Buzz: Lenders may drag Videocon arms to bankruptcy court
In other news, Birla's Aleris bid may face competition from Vedanta, while Sembcorp may list India unit, raise up to $600 million via IPO
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Birla’s Aleris bid may face competition from Vedanta
Mining mogul Anil Agarwal’s Vedanta Resources Plc. is considering a bid for Aleris Corp., a move that may pit it against Hindalco Industries Ltd’s $2.5 billion bid for the US-based aluminium products maker, reports Mint, citing two people aware of the development. Read more
Sembcorp may list India unit, raise up to $600 million via IPO
Singapore-based utility group Sembcorp Industries is gearing up to file for an initial public offering (IPO) of its Indian arm which could see the company raise around $500-600 million (about Rs3,200-3,800 crore), reports Mint, citing two people aware of the development. Read more
Puravankara arm Provident to invest Rs2,500 crore in affordable projects
Realty firm Puravankara Ltd’s affordable housing arm Provident Housing plans to launch 6-7 affordable housing projects across 10.3 million sq. ft, and invest around Rs2,500 crore to develop these over the next year or so, reports Mint. Read more
Grab acquires Indian payments startup iKaaz
SoftBank-backed Grab, Uber’s biggest competitor in Southeast Asian markets—chiefly Singapore, Malaysia and Indonesia—has acquired Bengaluru-based software startup iKaaz, whose mobile payments solution will be integrated with Grab’s own payments platform, reports Mint. Read more
Newgen Software IPO gets 70% subscription on Day 2
The Rs424.6 crore initial public offering (IPO) of software products maker Newgen Software Technologies Ltd received demand for 70% of the shares on offer on the second day of the sale on Wednesday. Read more
Lenders may drag Videocon arms to bankruptcy court
Lenders led by the State Bank of India may take step-down subsidiaries of Videocon Industries to bankruptcy court in order to arrive at a comprehensive resolution plan, said people aware of the matter. They will also explore ways of asserting their rights over assets of such overseas units, which include interests in oil and gas, that are outside the purview of the bankruptcy court, reports The Economic Times. Read more
Venture debt investors see scope to deploy Rs2,000 crore in startup market this year
Last year has been a blowout year for the Indian startup ecosystem with venture capital investors having poured in over $2.8 billion into startups, not counting strategic investors. It is only natural then that venture debt, which typically follows venture capital’s route, is poised for a landscape change in 2018, reports The Economic Times. Read more
Blackstone acquires stake in Forum Group’s retail space
The Blackstone Group has entered into a strategic partnership with Kolkata-based Forum Projects to invest in retail development in eastern India. The US private equity fund has just bought a substantial stake in Forum’s Bhubaneswar project for a little less than Rs300 crore, reports The Economic Times, citing two consultants familiar with the matter. Read more
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