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Deals Buzz: Blackstone buys Mumbai’s One BKC building for 2,500 crore

In other news, Food delivery unicorn Swiggy is in talks to raise about $200 million from US-based private equity fund Carlyle Group; Bira91 parent in talks to raise $100 million.

Mumbai: Mint brings you your daily dose of the top deals news, reported from newsrooms across the country.

Dilip Buildcon may sell its HAM highway projects portfolio

Madhya Pradesh-based construction company Dilip Buildcon is in final stages of talks to sell its entire Hybrid Annuity Model (HAM) projects’ portfolio, which includes 12 roads, in nonbinding agreements, The Economic Times reported citing sources familiar with the development. These national highway projects are expected to fetch close to 2,500 crore, it said. In HAM projects, the company and the government, together, bear the total project cost in a 60:40 ratio. Dilip Buildcon plans to use the proceeds to pare a portion of its around 3,200 crore debt and to bid for new government projects. The company has an order book of 21,170 crore, which gives it revenue visibility for the next three years.

Swiggy eyes Carlyle Group for fresh funds

Food delivery unicorn Swiggy is in talks to raise money from US-based private equity fund Carlyle Group, Mint reported citing two people aware of the matter. After having backed e-commerce logistics firm Delhivery—first in 2017 and later in March this year, this would mark Carlyle’s second Indian technology startup bet. The American PE firm may invest up to $200 million at a valuation of $4.5 billion which Swiggy (Bundl Technologies Pvt. Ltd) is seeking, a jump from the $3.3 billion it was valued at in December, said the first of the people cited above. In December , Swiggy had raised $1 billion in a round led by existing investor Naspers Ltd, the biggest ever funding round in the country’s booming food-tech sector.

Blackstone buys Mumbai’s One BKC building for 2,500 crore

US-based private equity firm Blackstone Group Lp bought the 8-storey building, One BKC, from real estate firm Radius Developers in Mumbai’s Bandra Kurla Complex (BKC) for 2,500 crore, Mint reported citing two people aware of the development. Spread across a 700,000 sq.ft area, the building is fully leased to multinational companies such as Bank of America, Facebook, Merril Lynch, Cisco and Amazon. The deal, this year’s biggest in the real estate space, would give an exit Indiabulls Housing Finance which gave a 1,600 crore loan to Radius to develop the office building. So far, Blackstone has invested $5.4 billion across 33 investments in India’s real estate sector. Of this $4 billion has been invested in office assets alone.

Cognizant acquires Ireland-based Zenith Technologies

IT services firm Cognizant bought Ireland-based Zenith Technologies for an undisclosed amount, The Economic Times reported citing a company press release. Zenith is a life sciences manufacturing technology services company that specializes in implementing digital technologies to manage, control and optimize drug and medical device production. The acquisition would allow Cognizant to design, implement and manage end-to-end operational and information technology systems for connected biopharmaceutical and medical device manufacturers, it said.

Bira91 parent looks for $100 million growth funding

B9 Beverages Pvt. Ltd, the maker of Bira 91 brand of craft beer, is looking for a $100 million series C funding round, which if happens, will be its biggest ever so far, Mint reported citing two people familiar with the matter. Of this, the company expects to raise $20 million from its existing investors, which count the likes of Sequoia Capital and Belgium-based investment firm Sofina. In May, the beer maker had raised $4.3 million from Sixth Sense Ventures, a Mumbai-based consumer-focused venture capital fund, in a bridge round to the Series C round. Founded in 2015 by Jain, Bira 91 focuses on mild beers, believed to be preferred by urban consumers.

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