PE/Strategic Investment

Co-working startup Workafella looks to raise $150-M

Economic Times

Harinder Rattha promoted, Chennai-headquartered co-working space operator Workafella has hired Mape Advisory to raise about USD 150 million. With 7,000 seats in operation, Workafella has signed up for space across India to take it to 18,000 seats in a year and 40,000 in two years.

Aditya Birla Group seeks investor in renewable energy JV with Abraaj

Mint

Aditya Birla Group, which tied up with UAE-based private equity house Abraaj Group in 2015 for renewable energy business, is reported to be seeking a new investor for the business. Aditya Birla Renewables Ltd is a joint venture between the Birla Group and Abraaj, with Birla Group holding a 51% stake and Abraaj, the rest. Aditya Birla Group is now in talks with investors to pick up a stake in the solar platform and is looking for a large pension or sovereign wealth fund as investor, particularly from the Gulf region.The new investor might pick up a part or the whole stake currently held by Abraaj in the JV firm.

Tata Motors open to stake sale in finance arm TMFL

Money Control

Tata Motors is open to divesting stake in its financing arm, Tata Motors Finance, which is expected to have INR 50,000 crore of assets under management by 2020. The auto major, however, intends to keep control in Tata Motors Finance Ltd (TMFL), an entity which it expects to play a key role in its future growth even as it sells a stake in other businesses or winds up some operations abroad as part of a restructuring exercise. TMFL saw a 24% increase in assets under management (AUM) in 2017-18 at INR 27,932 crore as against INR 22,517 crore in 2016-17.

Max Financial not to pursue financing options for insurance acquisition

BSE

Publicly listed Max Financial Services Ltd has drops talks with financial investors, since its has decided not to pursue an acquisition opportunity at its subsidiary Max Life Insurance Co. Ltd.

From the Deal Digest Archive (via Mint): Max was in talks with investors including KKR Capital Markets India, Standard Chartered Bank, TPG and others.

TPG, Carlyle in race for Tata Cap's 33% stake in API maker Sai Life Sciences

Times of India

Private equity investors TPG, True North and Carlyle are in the final race to acquire Tata Capital’s stake in Sai Life Sciences for about USD 130 million (INR 900 crore). The PE arm of the Tatas owns around 33% stake in the Hyderabad-based maker of active pharmaceutical ingredients (APIs), which also provides drug discovery and commercial manufacturing services to innovator pharma companies.

Tata Capital is looking for a profitable exit from the company, where it invested INR 185 crore four years ago. Investment bank Jefferies is advising on the share sale process.

Liquidity Events

Wind energy firm Continuum’s founder may buy back Morgan Stanley’s majority stake

Mint

Continuum Wind Energy founder Arvind Bansal is looking to buy back Morgan Stanley’s majority stake in the company’s 400MW wind energy platform. Morgan Stanley Infrastructure Partners had invested USD 212 million in Continuum Wind in 2012.

Continuum has a portfolio of about 1.8 gigawatts (GW), of which around 387.5 megawatts (MW) is operational and 150MW is under construction. Continuum’s projects are located across Gujarat, Maharashtra, Madhya Pradesh and Tamil Nadu.

IPOs

Chalet Hotel plans to raise Rs.2,000-Cr via IPO

Economic Times

K Raheja Corp’s hospitality company, Chalet Hotels, which owns hotel properties like Marriott and Renaissance, is looking to enter the primary market to raise INR 2,000 crore. The company intends to invest INR 3,000 crore over the next 4-5 years to expand rooms in existing hotels and spread to new geographies. The proceeds would also be used to reduce debt.

Additives maker Fine Organic’s $89-M IPO to open on June 20

Economic Times

Additives maker Fine Organic Industries has set a price range of INR 780-783 a share for an initial public offering (IPO) that will open on June 20. At the upper end of the range, the IPO, which closes on June 22, will raise about INr 600 crore (USD 88.7 million). Fine Organic's founders will sell up to 7.7 million shares through the IPO. Edelweiss and JM Financial are the bookrunners for the sale.

Dodla Dairy to go in for Rs.500-Cr IPO

Economic Times

Hyderabad-based Dodla Dairy Limited is planning to enter the primary market with a INR 500 crore initial public offering. Dodla, which will be valued at INR 3,000 crore, has hired investment banks Edelweiss and ICICI Securities to run the process. The IPO consists of fresh issue of shares and offer for sale by existing investor TPG Growth Rise Fund. The company plans to utilise the primary proceeds to set up more units and for global expansions.

Dodla Dairy, founded by first generation entrepreneur Sunil Reddy in 1998, sells about 11 lakh litres of milk and 6 tonnes of milk products a day. In 2016-17, it posted revenue of INR 1,413 crore.

From the Venture Intelligence PE-VC Deal Database: In May-17, TPG Growth Rise Fund invested INR 322.65 Cr (USD 50 million) in Dodla Dairy. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Century Metal Recycling to raise Rs.150-Cr via IPO

PTI

Century Metal Recycling has filed draft papers for its IPO. ICICI Securities and Edelweiss Financial Services are the book running lead managers to the issue. The offer comprises of a fresh issue of equity shares aggregating up to INR 150 crore and an offer for sale of up to 6,402,650 equity shares. The company intends to utilise the primary proceeds towards debt reduction and general corporate purposes.

Century Metal Recycling is a producer of aluminium based die cast alloys and zinc alloys. It has an annual production capacity of over 218,000 MT for aluminium alloys and 8,000 MT for zinc alloys.

From the Venture Intelligence PE-VC Deal Database: PE investors in Century Metal Recycling include AIF Capital which had invested INR 82.3 Cr in Nov-13. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Secondary Issues

RIL investment arm to raise Rs.4,000-Cr through OCPS route to fund Jio

Mint

Reliance Industrial Investments Holdings Ltd (RIIHL), the investment arm of Reliance Industries Ltd (RIL), is planning to raise INR 4,000 crore to meet the group’s funding and investment requirements, including for its telecom venture Reliance Jio Infocomm Ltd. The funds will be raised through optionally convertible preference shares (OCPS) at a dividend rate of 6%.

RIIHL is RIL’s vehicle to invest in various subsidiaries, give them loan as well as buy stakes in various ventures to strengthen offerings of its telecom arm Reliance Jio. Part of the funds raised could go towards funding more such ventures for Reliance Jio. RIIHL has invested in 39 subsidiaries so far.

Oberoi Realty looks to raise Rs.2,000-Cr via QIP

Mint

Property developer Oberoi Realty Ltd plans to raise funds from institutional investors through a qualified institutional placement (QIP). The company has appointed investment banks JM Financial and Morgan Stanley to help raise capital through a QIP offering. The company plans to raise INR 2,000 crore, to be used for debt repayment and investment in ongoing projects. Oberoi Realty reported a revenue of INR 1,292 crore in 2017-18, compared to INR 1,161.35 crore a year ago.

M&A

Airtel’s Kenya unit abandons plan to merge with Telkom Kenya

Economic Times

The Kenyan unit of Bharti Airtel has abandoned plans to merge with Telkom Kenya. Airtel and Telkom Kenya were planning to merge to create a stronger challenger to Safaricom, which has 72% of subscribers, representing 30 million subscriptions. The proposed merger broke down over a number of issues, particularly Airtel resisting making a commitment to significant future investments in the company.

Indian Hotels, Sarovar, The Byke in race to acquire Delhi’s Connaught Hotel

Mint

Indian Hotels Co. Ltd (IHCL), which runs the Taj chain of hotels, and Sarovar Hotels Ltd are among the three hotel chains vying for New Delhi’s The Connaught, an 85-room premium hotel, which was shut down two years ago. Mumbai-based hospitality firm Byke Hotels and Resorts, which has presence in Jaipur, Manali and Kovalam, has also submitted its bids. The final auction will be held on 20 June.

In May 2016, New Delhi Municipality Council (NDMC) had sealed the hotel, after investigations into the controversial murder of an estate officer revealed the involvement of Ramesh Kakkar, the then promoter of the hotel.

L&T’s infra arm looking to acquire power transmission assets

Business Line

L&T Infrastructure Development Projects Ltd (L&T IDPL), a subsidiary of Larsen & Toubro (L&T), is looking at expanding its power transmission portfolio by bidding for new projects and acquiring brownfield assets. The company operates the Kudgi Power Transmission Line project in Karnataka and has been recently pre-qualified for projects tendered by Jharkhand under Tariff Based Competitive Bidding (TBCB) route.

Greenko eyes Megha Engg’s UP power transmission project

Economic Times

LSE-listed Greenko Group is looking to acquire a INR 6,000 crore worth power transmission project in Uttar Pradesh developed by Hyderabad-based Megha Engineering & Infrastructure Ltd (MEIL). The project, secured by MEIL under competitive bidding, was commissioned in February.

Greenko has been eyeing inorganic growth in the power transmission industry and was earlier considering acquisition of solar and transmission businesses of Essel Infraprojects.

Zee - Reliance Broadcast deal may trip again, over price ‘renegotiation’

Economic Times

Publicly listed Zee Entertainment Enterprises (Zee) and Anil Ambani-owned Reliance Broadcast Network (RBN) are renegotiating the acquisition deal announced in November 2016 as the former wants to reduce the price.

Other Deals - Listed firms

Govt weighs options to trim its 81% stake in IDBI Bank

Business-Standard

The government is weighing options to bring down its stake in Mumbai-headquartered IDBI Bank which currently stands at 80.96 %. Options looked at include private placement of shares with institutional investors through QIP route. The government has already started the transformation process of the bank like re-balancing of its assets along with shedding of stake in the non-core business. Earlier this year, the government infused INR 10,610 crore into the bank’s capital.

Infosys gets nod to delist from Euronext’s Paris, London exchanges

Business Standard

IT major Infosys’ proposal for voluntarily delisting of its American Depositary Shares (ADSs) from Euronext's Paris and London exchanges has been approved by the Board of Directors of the two bourses. Infosys ADSs will continue to be listed on the NYSE. Holders of such shares can choose to participate in the sales facility to sell their ADSs on the NYSE.

Other Deals

SBI to auction 12 NPAs this month to recover Rs.1,325-Cr

Financial Chronicle

The State Bank of India (SBI) will auction 12 non-performing accounts (NPAs) later this month to recover dues of over INR 1,325 crore. The e-auction of these accounts will take place on June 25. These accounts include: Ankit Metal & Power (INR 690.08 crore), Modern Steels (INR 122.61 crore), Good Hea­lth Agrotech (INR 109.14 crore), Amit Cottons (INR 84.70 crore) and Ind-Swift (INR 80.49 crore). The others that will go under hammer are Ni­k­hil Refineries (INR 52.85 crore), Bhaskar Shrachi Alloys (INR 51.48 crore), Sri Ganesh Sponge Iron (INR 38.96 crore), Asmita Papers (INR 37.23 crore), Forel Labs (INR 22.86 cro­re), Karthik Agro Industries (INR 20.82 crore) and Abhinandan Interexim (INR 14.15 crore). SBI said interested bidders can conduct due diligence of these assets after submitting the expression of interest and executing a non-disclosure agreement with the bank.

India Ahoy!

Scottish distiller William Grant & Sons to launch Grant’s in India

Financial Chronicle

Scottish distiller William Grant & Sons has announced a deal with Modi Distilleries Ltd to bottle and launch Grant’s Blended Scotch whisky in India. Under the terms of the deal, Grant’s Scotch Whisky will be shipped in bulk from Scotland to Modi’s distillery at Modinagar in Uttar Pradesh, where it will be bottled and packaged before being sold across India.

New Ventures

Former USL chief, Globus Spirts ink JV for premium drinks

Times of India

Former United Spirits MD Vijay Rekhi has struck a joint venture with publicly listed bulk alcohol producer Globus Spirits to tap the premium drinks mart, dominated by French giant Pernod Ricard and Diageo (which now controls USL). Rekhi will have a 10% personal stake in the JV called Unibev. The new entity is in the midst of rolling out two whiskies - Oakton and Governors Reserve - competing with Pernod Ricard’s Blender’s Pride and USL’s Royal Challenge, respectively.

The JV is starting operations in Karnataka, Andhra and Telangana and will move into NCR subsequently. It has launched premium brandy L’Affaire in Puducherry, competing against Morpheus from Radico Khaitan.

Taiwan co, Adani in talks to set up petrochemical project

Business Standard

Taiwan's state-run petroleum major China Petroleum Corporation Taiwan (CPC Taiwan) is set to come up with INR 400 billion petrochemical park at the Mundra SEZ in Gujarat.The Taiwan state-run major may set up the project in tie-up with Adani Group. An agreement in this regard is likely to be signed during the next Vibrant Gujarat summit. The project may require around 800 hectare of land.

HPCL, Oil India to form JV for city gas distribution

Mint

State-run Hindustan Petroleum Corp. Ltd (HPCL) and exploration and production company Oil India Ltd are to form a city gas distribution joint venture (JV). HPCL and Oil India have won licences for gas distribution in Ambala and Kurukshetra districts in Haryana and Kolhapur district in Maharashtra in the eighth round of city gas bidding. The company plans to invest more than INR 1,000 crore in its city gas ventures. Oil India is also planning to expand in segments other than exploration and production to meet the growth strategies.

New Incubators

Yes Bank to launch multi-sector accelerator programme

Times of India

Yes Bank is set to launch a multi-sector accelerator called ‘Yes Scale’. It will offer a 15-week program for startups in the areas of smart city, cleantech, agritech, lifesciences tech and education tech. The bank will invest about INR 4.5 crore towards this program, including grants for pilots. The bank is in talks with anchor partners across identified sectors. Yes Scale will provide a pilot grant of upto INR 20 lakh and the bank will not take an equity stake in lieu of the grants. Startups will also get access to over USD 1 million support through cloud credits, cloud telephony, SaaS invoice discounting etc.

Omidyar Network, Village Capital set up civic tech accelerator

Business Line

Omidyar Network is launching its first civic tech Accelerator programme in India, in partnership with venture capital firm Village Capital. This six-month accelerator will help entrepreneurs to develop solutions that tackle the country’s toughest problems across civic and social sectors. The selected ventures will receive support and training to hone their expertise, refine and improve their business models, and increase their scalability and impact. Omidyar plans to incubate about 10-12 early stage startups for the programme.

Expansion/Diversification

Ravi Foods to invest Rs.250-Cr to set up plant near Hyderabad

Business Line

Ravi Foods, a manufacturer of biscuits, wafers and confectionery under the Dukes brand, has sewn up plans to invest about INR 250 crore for expansion and setting up of a mega food park in Kothur near Hyderabad.The company closed last financial year with revenues of INR 1,500 crore. The company has acquired a 100 acre site at Kothur where it plans to set up a new greenfield plant and also relocate units from Kattedan.

Fund accounting firm Basiz launches new services

Press Release

Basiz Fund Services Private Limited a high end and specialized fund accounting service provider, has announced the launch of its next generation of services including AML/KYC (Anti-Money Laundering / Know Your Customer) services, Portfolio Company due diligence services and US Tax services for funds. In addition, the company has also launched its corporate advisory services practice covering Fund Raising, M & A Advisory, Risk and Compliance Advisory, Business Growth Advisory and Business Go-To-Market Strategy. .The company has also expanded its management team to address the new geographies and range of services.

With offices in Mumbai and Chennai in India, Singapore, New Jersey and Bahrain, Basiz serves Fund Administrators, Hedge Funds, Mutual Funds, Private Equity / Venture Capital Funds, Family Offices, REIT Funds, Insurance Portfolios and Managed Accounts.

The promoters of Basiz have recently facilitated an exit for the company's Venture Capital investor, Indo-US Ventures (now, Kalaari Capital). As a result of the transaction, Sesh A.V., Founder & Managing Director of Basiz Fund Services and his family members, will hold a 63% stake in Basiz. Singapore-based Opsglobal has also acquired a strategic stake in Basiz. Sesh and his associates will acquire the balance stake held by Indo-US Ventures/Kalaari Capital over the next few months.

People

Fmr Desai Diwanji Partner Madhavan Srivatsan sets up boutique corporate law office

Bar & Bench

Former Desai & Diwanji Partner Madhavan Srivatsan has set up a boutique corporate law office, called ‘Law Office of Madhavan Srivatsan’ which will offer corporate legal services restricted to areas of M&A, Private Equity, Joint Venture and Corporate Advisory to mid-sized corporates and startups.

Madhavan had joined Desai & Diwanji in 2003, and was made partner in 2013. In 2016, he had joined Educomp Solutions Limited as Corporate Legal Head.

Jason Kothari exits Snapdeal; heads for Infibeam

Business Standard

Infibeam Incorporation Ltd has appointed Jason Kothari as president, strategy, corporate development, international operations and investor relations. Kothari, who was chief strategy and investment officer at Snapdeal, also headed the company’s digital wallet Freecharge. He was instrumental in executing Snapdeal's strategy to divest non-core assets.

Regulatory News

RBI to tighten norms for working capital limits

Hindu

The Reserve Bank of India (RBI) has proposed a minimum 40% loan component for working capital funding of INR 150 crore and above to bring in greater credit discipline and improve monetary transmission. The RBI has proposed that the loan component of 40% will come into effect from October 1 and will be increased to 60% from April 1, 2019. The loan tenure will be for a minimum seven days.

Currently, working capital is mostly in the form of cash credit for which interest rate is reset once a year. Cash credit does not have a tight repayment schedule.

SEBI constitutes committee to review institutional trading platform

Business Standard

Capital Market regulator SEBI has constituted a committee to review the institutional trading platform (ITP) offered by stock exchanges. Introduced in 2015, the ITP allows start-ups to list without having to raise capital. The platform is essentially aimed at facilitating new-age companies operating in sectors like e-commerce and data analytics. The Sebi has mandated the committee to look at measures that will review the framework and facilitate listing of start-ups.

SEBI panel to examine direct listing of Indian firms on overseas bourses

Business Standard

SEBI has constituted a committee to examine the direct listing of Indian companies on overseas bourses. The committee will also review the Indian Depository Receipt (IDR) norms, which allow an overseas firm to raise capital in the domestic market.

Tech startup listing: NSE considers tweaking SME platform

Business Standard

The National Stock Exchange (NSE) is considering tweaking its ‘Emerge’ platform, meant for small-and medium-sized enterprises (SMEs), to facilitate the listing of technology (IT) startups since the tech startups seem to have their own set of requirements and attract a particular set of investors.

Bankruptcy

Sterling Biotech lands in NCLT with Rs.4000-Cr debt

Business Standard

Gujarat-based pharmaceutical company Sterling Biotech has been admitted by the National Company Law Tribunal (NCLT) for insolvency proceedings under the Corporate Insolvency Resolution Process (CIRP). The company owes banks more than INR 4000 crore. Its parent, the Sterling Group, along with other businesses, owes lenders more than INR 5000 crore.

It is alleged that several companies belonging to the promoters, Sandesara brothers, had obtained credit worth INR 5383 crore from banks on the basis of false and fabricated documents. These loans, sanctioned by a consortium of banks led by Andhra Bank and comprising UCO Bank, State Bank of India, Allahabad Bank and the Bank of India, turned into non-performing assets (NPAs).

ICICI Bank moves NCLT to recover Rs.852-Cr from Punj Lloyd

Mint

ICICI Bank Ltd has moved to the National Company Law Tribunal (NCLT) against Punj Lloyd Ltd seeking initiation of insolvency proceeding under the Insolvency and Bankruptcy Code (IBC) for recovery of outstanding dues of INR 852 crore. Punj Lloyd belongs to the second list of non-performing assets recognized by RBI last year and has a total debt of INR 6,000 crore.

IndusInd, DBS Bank go to tribunal against Jyoti Structures' resolution plan

Business Standard

Legal representatives appearing on behalf of IndusInd Bank and DBS Bank have filed applications with the National Company Law Tribunal (NCLT) in Mumbai, opposing the current resolution plan of Jyoti Structures. The legal representatives stated that improper procedures were followed during the voting on the resolution plan. A group of high net-worth investors led by Sharad Sanghi, chief of Netmagic Solutions, are the only party interested in acquiring Jyoti Structures.

Lenders will receive INR 3000 crore over a period of 15 years, as per the existing resolution plan placed by the group of investors, while they infuse around INR 150 crore to INR 170 crore of equity capital. The company owes lenders around INR 7000 crore, and was part of the Reserve Bank of India’s first list of stressed companies to be taken for insolvency proceedings.

Ruchi Soya case: ANZ seeks to be included as financial creditor

Business Standard

The Australia and New Zealand (ANZ) Banking Group has moved the National Company Law Tribunal (NCLT), seeking its intervention in the insolvency and bankruptcy proceedings against Mumbai-based edible oils manufacturer Ruchi Soya. The bank had granted multiple forms of credit to Aavanti Industries, a palm-oil producer based in Singapore, including six bills of exchange and an export credit contract. The bank hopes that it is classified as a financial creditor to Ruchi Soya, while Aavanti Industries is an operational creditor, claiming dues totalling INR 1420 crore from Ruchi Soya.

Ruchi Soya was admitted for the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) on December 2, 2017, after Standard Chartered Bank and DBS Bank of Singapore approached the NCLT.

NCLT to Resolution Professional: Relook new bids for Alok Industries

Business Line

The National Company Law Tribunal has directed the resolution professional of Alok Industries to resubmit the plan of JM Financial Asset Reconstruction and Reliance Industries to the Committee of Creditors. The two bidders for the company had offered to pay INR 5,000 crore against the company’s total recoverable debt of INR 30,000 crore.

Patanjali questions Adani Wilmar’s eligibility to bid for Ruchi Soya

Financial Chronicle

Baba Ramdev-promoted Patanjali Ayurved has questioned the eligibility of Adani Wilmar - its rival bidder for Ruchi Soya - under the provisions of the Insolvency and Bankruptcy Code (IBC). Patanjali has alleged conflict of interest with respect to the legal adviser of Adani Wilmar - Cyril Amarchand Mangaldas - giving legal advice to both Adani and the resolution professional conducting bidding for Ruchi Soya. Though Cyril Amarchand Mangaldas has now resigned as legal advisor to Adani Wilmar, Patanjali still sees a conflict of interest.

Gautam Adani group company Adani Wilmar has offered about Rs 6,000 crore in its revised bid for Ruchi Soya, overtaking Patanjali’s bid of around Rs 5,700 crore. Apart from Patanjali and Adani, companies that have shown interest in acquiring Ruchi Soya were Wilmar, Emami Agrotech and Godrej Agrovet. Ruchi Soya has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

JSW Energy, Adani Power submit EoIs for bankrupt Monnet Power

Mint (Print Edition)

JSW Energy and Adani Power have submitted expressions of interest (EoI) for bankrupt Monnet Power, the second of Sandeep Jajodia’s companies to undergo insolvency proceedings. Incorporated in 2007 for setting up a thermal power plant of 1050 MW backed by a pit head captive coal mine in Angul, Odisha, the company ran into trouble when the Supreme Court, in 2014, cancelled coal mine allocations. The company owes INR 5892 crore to banks and another INR 359 crore to operational creditors.

Others

MERC reserves order on Rs.18,800-Cr Reliance Infra-Adani deal

Business Line

The Maharashtra Electricity Regulatory Commission (MERC) has reserved its order on the sale of Reliance Infrastructure's Mumbai power business to Adani Transmission. The company has already received approval from the Competition Commission of India (CCI) and its shareholders for the deal.

Reliance Infrastructure signed binding share purchase agreement for its integrated business of generation, transmission and distribution of power for Mumbai with Adani Transmission in December 2017. The total deal value was set at INR 13,251 crore. However, considering the regulatory assets under approval are estimated at INR 5,000 crore and net working capital on closing is estimated at INR 550 crore, the total consideration value has reached INR 18,800 crore. Adani Transmission has already advanced INR 2,602 crore to RInfra as part of the deal.

Investigation reveals Rs.473-Cr ‘fraudulent’ cash movement to Fortis ex-promoters cos

Economic Times

Investigations by law firm Luthra and Luthra have found movement of funds by Fortis Healthcare’s promoters of INR 473 crore through inter-corporate deposits made by the company into three entities - Fern Healthcare Pvt Ltd, Modland Wears Pvt Ltd and Best Healthcare Pvt Ltd. All three entities were found to be linked to Fortis Healthcare’s former promoters Malvinder and Shivinder Mohan Singh. The transactions were ‘fraudulent’ in nature as the entities had minimal capital and did not have the ability to repay the money. Luthra and Luthra had sought the assistance of audit firm Grant Thornton to carry out the investigation.

CCI may suggest structural changes in Walmart-Flipkart deal

Economic Times

Fair trade regulator The Competition Commission of India (CCI) might recommend structural changes to the proposed USD 16 billion Walmart-Flipkart deal to address possible competition concerns. CCI might also take cues from a ruling in South Africa with respect to Walmart- Massmart deal, which was announced in 2010.

Last month, Walmart Inc announced acquisition of 77% stake in Flipkart for about USD 16 billion (INR 1.05 lakh crore). The retail giant has approached the CCI for approval, saying deal does not raise any competition concerns.

Delhi Police arrests ‘Freedom 251’ smartphone founder

INC42

Mohit Goel, who once made headlines by claiming to offer a smartphone -‘Freedom 251’ at less than USD 4 (INR 251), has been arrested by Delhi Police in an extortion case. Goel founded Ringing Bells in 2016 and launched its flagship product Freedom 251, claiming it to be the world’s cheapest smartphone.

Online travel co Yatra reports 36.4% rise in top line for Jan-Mar quarter

Company Release

NASDAQ-listed online travel company Yatra Online, Inc. has reported revenues of INR 328.57 crore for the quarter ended 31 March 2018, an increase of 36.4% year-over-year (YOY). The loss for the period stood at INR 38 crore.

Govt orders SFIO probe against Aircel

Times Group

The government has ordered a probe by the Serious Fraud Investigation Office (SFIO) against distressed telecom operator Aircel and its arms Aircel Cellular and Dishnet. The company owes close to INR 50,000 crore to banks and other creditors.

Zomato to shut down cloud kitchen ops

Inc42

Zomato is shutting down its own cloud kitchen operations under Zomato Infrastructure Services (ZIS). The purpose of ZIS was to bridge the supply and demand gaps in various micro localities across the country.

Justice Srikrishna to probe charges against ICICI Bank’s Chanda Kochhar

Economic Times

Former Supreme Court judge BN Srikrishna will conduct an investigation into various allegations of impropriety against ICICI Bank chief executive Chanda Kochhar. He will investigate whether Kochhar violated the bank’s code of conduct and was involved in quid pro quo transactions with certain bank borrowers.

Chanda Kochhar was on the bank’s credit committee that sanctioned a loan of INR 3,250 crore to the Videocon Group in 2012. Videocon’s promoter Venugopal Dhoot was one of the first investors in NuPower Renewables promoted by Deepak Kochhar, Chanda Kochhar’s husband, in 2008.

Economic Laws Practice ("ELP") is a leading full-service Indian law firm established in the year 2001 by eminent lawyers from diverse fields. The firm’s Private Equity & Venture Capital practice brings onboard a unique understanding of commercial matters and legalese to be able to provide effective solutions to all stakeholders in a transaction. The team looks at providing a bespoke legal service experience, which is sector agnostic in nature and driven towards successful consummation of the relevant transactions.

ELP advises clients on all aspects of private equity and venture capital transactions, whether from a fund formation perspective or a potential portfolio investment or a relevant exit transaction. Our services include right from conceptualising a structure, to conducting the legal due diligence exercise, to the preparation of the relevant documentation, to providing assistance to the final closure including negotiations and corporate secretarial assistance.

ELP is the firm of choice for clients because of its in-depth expertise, continuous availability, geographic reach, transparent approach, competitive pricing and most importantly the involvement of partners in every assignment.

Basiz is a high end and specialized fund accounting service provider with international footprints, with offices in Mumbai, Chennai and Coimbatore in India, besides Singapore, London and New York. Basiz primarily focuses on servicing Fund administrators, Hedge Funds, Mutual Funds, Private Equity / Venture Capital Funds, Family Offices, REIT Funds, Insurance Portfolios and Managed Accounts.

Contact Information

Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E: sesha@basizfa.com
http://www.basizfa.com

Spark Capital is one of India’s leading mid-market, full-service Investment Banks. Having our genesis from the south in 2001 and now having a pan-India presence, we offer services encompassing Investment Banking, Institutional Equities, Fixed Income Advisory and Wealth Advisory. Our key differentiator is the ability to offer services that benefit from an amalgam of the experience of our founding members and the contemporary thinking of our young leadership team. Our core values of integrity; putting customers first; and seeking partnerships that are mutually beneficial, help us build sustainable, long-term relationships with clients. Our services include equity and debt capital raising in private and public markets; M&A advisory; research-led public-market stock ideation; and customised wealth advisory solutions. Sectors where we have built considerable domain strength and transaction experiences are BFSI, Healthcare, Consumer, Technology, Infrastructure and Industrials. Our commitment to staying the course with respect to our core values; our strong entrepreneurial culture; an ability to attract and retain high quality talent; and our gradual expansion of markets and services has served as cornerstones of our evolution. Over the past three years, we have advised on over 30 deals aggregating to USD 1.8 billion; scaled up research coverage to over 200 listed stocks; and rapidly grown assets-under-advice on the back of above-market performance of client portfolios.

For more details please visit www.sparkcapital.in