Mumbai: Mint brings to you your daily dose of deals news. A look at the top deals reported by newsrooms across the country.
Goldman Sachs fund to invest $250 million in Essel Highways
A private equity fund managed by Goldman Sachs is in final negotiations to invest $200-250 million in Essel Highways, the road infrastructure arm of Subhash Chandra-controlled Essel Group, in what could be one of the biggest private equity (PE) transactions in the space, reported The Economic Times. The deal will be a structured financing arrangement between Essel Group and the Wall Street firm, which has made significant investments in real estate, renewable energy and hospitality in India. Essel Highways has 14 roads with 10 operational assets providing significant cash inflows. The company has an order book of close to ₹ 11,000 crore. Read more.
R-Com-Aircel merger talks extended for another fortnight
Merger talks between Reliance Communications (R-Com) and Aircel will be extended by a couple of weeks, as both parties are thrashing out the final contours of the deal with their bankers, reported Business Standard. On 22 May, both had decided to extend exclusive merger talks with each other by a month, a deadline that will expire on Wednesday. Lenders are putting their weight behind the merger and the State Bank of India is leading this consortium of lenders. Read more.
On 8 June, Mint had reported that Reliance Communications Ltd (R-Com) and Aircel Ltd are likely to complete their merger by the end of June. The merged entity, which will be India’s third-largest telecom firm by subscribers, will save about ₹ 2,500 crore a year through synergies between the two operations. The combined entity is expected to have Ebitda (earnings before interest, tax, depreciation and amortization) of ₹ 5,000-6,000 crore in the next financial year with a revenue of ₹ 25,000 crore. Read more.
Times Internet to invest $100 million in marketing tech platform Colombia
Times Internet is investing $100 million (more than ₹ 670 crore) in developing smart marketing technology platform Colombia, which will help marketers engage with nearly 200 million digital users a month across the company’s properties and partner publishers, reported The Economic Times. Read more.
ICICI Ventures-backed BTI Payments looks to raise ₹ 250 crore from PE funds
BTI Payments Pvt. Ltd, an automated teller machine (ATM) management and payment services company, is looking to raise around ₹ 250 crore from PE funds as the company looks to expand its so-called white label ATM business, reported Mint. The company, backed by ICICI Venture, has hired a domestic investment bank which has initiated discussions with PE firms for the investment. Read more.
CLP India buys 49% stake in Suzlon’s 100 MW solar project
CLP India Pvt. Ltd, one of the largest foreign investors in India’s power sector, on Monday said it has bought a 49% stake in SE Solar, a unit of wind turbine maker Suzlon Energy Ltd, for ₹ 73.5 crore. The deal marks CLP India’s entry into the fast-growing solar energy sector. Read more.
Mahanagar Gas raises ₹ 309.36 crore from anchor investors ahead of IPO
A day ahead of its public issue, Mahanagar Gas Ltd (MGL), the sole supplier of natural gas in Mumbai and its adjoining areas, on Monday raised ₹ 309.36 crore by allotting shares to anchor investors, reported Mint. MGL sold 7.34 million shares to 25 institutional investors at ₹ 421 per share, the upper end of the ₹ 380-421 price band. The public issue will close on 23 June. Read more.