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Temasek in talks to invest in at $800 million valuation

Singapore’s state investment arm Temasek is in talks to invest up to $100 million in health and fitness startup, Mint reported citing two people aware of the matter, as Temasek looks to diversify its strategy and back more tech startups. is seeking a valuation of about $800 million post the fundraise, up from the $575 million it was valued at less than six months ago. which is present in 16 Indian cities, primarily via its gym centres, aims to be a full-stack provider of health and fitness services. Its food services are already providing Rs10-15 crore a month in revenue. Temasek’s interest in is a part of its strategy to deploy more in Indian technology companies. Its tech investments in India so far include ride hailing firm Ola, IT services firm UST Global and payments machine firm Pine Labs. The investor is also leading a $220 million round in online pharmacy PharmEasy, The Economic Times reported on July 10.

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Arcelor, Thriveni in bidding war for pipeline integral to Essar Steel

ArcelorMittal is facing stiff competition in its bid for Odisha Slurry Pipeline Infrastructure Ltd (OSPIL), an insolvent company whose single asset could cut the cost of production at Essar Steel by a fifth, Mint reported. Thriveni Earthmovers Pvt. Ltd, one of the country’s largest iron ore mine developers and operators, has offered to pay back creditors in full —principal and interest— but over a five-year period. ArcelorMittal has made an upfront cash offer of 2,200 crore for OSPIL, while Thriveni has placed a bid of 3,300 crore, with 8 crore of upfront cash and the rest in staggered payments, Mint reported citing two people aware of the bid details. The bids were submitted on Saturday. OSPIL has 2,352 crore of principal outstanding to various classes of creditors. With accumulated interest, the outstanding liabilities are 3,300 crore. OSPIL owns and operates a 253-km pipeline that connects iron ore mines in Dabuna, Odisha, to a pelletisation plant in Paradip. Essar Steel, which had commissioned the pipeline, sourced about half of its iron ore needs for its plant in Hazira, Gujarat, from Dabuna. The Paradip pellet plant converted the iron ore fines brought by the pipeline to pellets, which were then shipped to the Essar-operated port terminal in Hazira, adjacent to the steel mill. At the time of commissioning, Essar Steel said the pipeline cut its iron ore transportation cost by 1,200 a tonne, as opposed to using road or rail, and significantly reduced the cost of production per tonne of steel. For ArcelorMittal, the new owner of the Essar Steel, the pipeline is critical for the plant’s production and efficiency in a price-sensitive steel market.

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SBI Cards IPO may see biggest PE exit in India

Private equity (PE) firm Carlyle Group’s partial stake sale in SBI Cards and Payment Services Ltd, the credit card unit of the country’s largest lender, is set to become the largest ever exit of a PE firm through an initial public offering (IPO) in India, Mint reported citing two people aware of the matter. SBI Cards filed draft papers for its IPO on 27 November. The IPO, which is expected to be around 9,000-9,600 crore in size, will see both State Bank of India, the parent entity, and Carlyle, which holds 26% in the unit, pare their stakes by 4% and 10%, respectively. SBI holds 74% stake in SBI Cards, while Carlyle owns 26%. At an expected enterprise valuation of up to 65,000 crore, Carlyle’s stake sale could be worth 6,500 crore—the largest-ever made by a PE firm through a public listing in India. The previous major IPO exits witnessed in the Indian primary markets include Tata Opportunities Fund’s 1,636 crore exit from Varroc Engineering Ltd, Chrys Capital’s 1,347 crore exit from Eris Lifesciences Ltd, Actis’s 910 crore exit from Endurance Technologies Ltd and International Finance Corp.’s 810 crore exit from Bandhan Bank Ltd.

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