Kedaara Capital may buy Munjals’ Sunbeam Auto for Rs650 crore
Private equity fund Kedaara Capital Investment Managers Ltd is in final stages of discussions to acquire Rajasthan-based auto component maker Sunbeam Auto Ltd for $100 million (Rs650 crore), reports Mint citing two people aware of the development.
This would be Kedaara’s second investment in an auto parts maker, if the deal materializes. Kedaara used to own Bill Forge, and sold it to Mahindra CIE Automotive for Rs1,330 crore in a cash and stock deal in 2016. EY India is advising Sunbeam Auto’s management on the sale. Read more
Vogo Automotive may raise funds from Ola, venture capital firms
Scooter rental start-up Vogo Automotive Pvt. Ltd is in advanced talks to raise Rs40-45 crore from cab hailing platform Ola and venture capital firms Stellaris Ventures Partners and Matrix Partners, Mint reports citing three people aware of the discussions.
Earlier this month, Ola bought transportation information provider Ridlr (Birds Eye Systems Pvt. Ltd) to expand its fledgling public transportation business that has become an important battlefront in its fight against arch-rival Uber. Read more
Avendus Capital’s second hedge fund crosses Rs1,000 crore in AUM
Avendus Enhanced Return Fund (AERF), the second hedge fund launched by Avendus Capital, has crossed Rs1,000 crore in assets under management (AUM) in the four months since its launch, the financial services group said in a statement on Tuesday.
The hedge fund is managed by Avendus Capital Public Market Alternate Strategies, part of Avendus’ asset management business. Read more
China’s Fosun emerges as the fourth contender for Fortis Healthcare
Chinese healthcare firm Fosun Health Holdings Ltd late on Tuesday submitted an unsolicited non-binding offer to the board of Fortis Healthcare Ltd to acquire its hospital assets, further intensifying competition among the bidders, reports Mint.
The Hong Kong stock exchange listed subsidiary of Fosun International Ltd, has agreed to invest $350 million (Rs2,300 crore approximately) including a preliminary investment of Rs100 crore, Fortis stated in an exchange announcement late on Tuesday evening.
Walmart, eBay fresh round of talks likely for $12 billion deal with Flipkart
As Flipkart waits to close its $12 billion stake sale to Walmart, a fresh round of talks might happen between the US-based retail giant and global e-commerce giant eBay to figure out issues related to merchants, reports Business Standard.
Citing a recent article on Recode, the report said, Walmart might have to negotiate with eBay if it wants to do business over the next few years. eBay has invested $500 million in Flipkart and holds a 5% stake in the company. Read more
Mint was the first to report that Amazon may submit a rival offer to buy India’s largest e-commerce firm Flipkart, which is in advanced talks with Walmart Inc. for selling a majority stake, citing two people with direct knowledge of the matter. Read more
Amazon and Walmart are not the only suitors who have pursued Flipkart. Google also offered to invest in the e-commerce firm at a valuation of $15-16 billion, Mint reported in February.
AstraZeneca to invest $90 million in India over next 5 years
Biopharmaceutical firm AstraZeneca today said it will invest $90 million (around Rs590 crore) in India over the next five years, PTI reports.
The announcement follows signing of a bilateral innovation partnership for a sustainable future between Sweden and India, AstraZeneca said in a statement on Tuesday. Read more
Marico to invest in health start-up
FMCG major Marico on Tuesday said it will acquire up to 22.5% stake in Revolutionary Fitness, which owns health and fitness app Revofit, reports The Times of India.
The move is expected to help Marico get a stronger foothold in the digital space, especially at a time when it is looking to expand its footprint in the nutraceuticals and wellness space with brands such as Saffola. Read more