Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund. “XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in underpenetrated markets and across under-served customers in rural India,” the group […]
Bharti Airtel said it is merging its operations in the African nation of Ghana with the local unit of Millicom International Cellular. “Under the joint agreement, Airtel and Millicom will have equal ownership (50:50) and governance rights in the combined entity, which will have revenues of approximately USD 300 million,” the companies said. Both Airtel […]
Bharti Airtel Limited’s (BBB-/Stable) announcement that it plans to acquire the consumer mobile operations of Tata Teleservices and Tata Teleservices (Maharashtra) Ltd (Tata Telecom business) is positive for the deal participants as well as the industry, Fitch Ratings said. Bharti’s credit profile will improve slightly as it is paying no consideration for the operations, which […]
Bharti Airtel Limited, India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel. The move is likely to give Airtel access to sub-GHz spectrum for expanding its 4G network, while preventing Tata Teleservices […]
Pharma major Lupin said that its US subsidiary, Lupin, Inc has acquired Symbiomix Therapeutics, LLC for a cash consideration of USD 150 million including a USD 50 million upfront and other time‐based payments. In addition, there are sales based contingent payments. Lupin had entered into an option to acquire the company earlier this year. Symbiomix […]
Reliance Infrastructure said it has entered exclusive negotiations with Adani Transmission Limited for the sale of its power distribution business in Mumbai. The deal involves its integrated business of generation, transmission and distribution of power for Mumbai City, the Anil Ambani company said. Just yesterday, it said its deal to sell its transmission assets under […]
Crompton Greaves, one of India’s biggest electrical durables makers, said it has not executed any binding transaction documents with Videocon Industries on the acquisition of the Kenstar brand in India. Responding to a report in the Economic Times that said a binding offer at Rs 1,400 cr has been submitted, Crompton Greaves said: “The results […]
Future Retail will pay most of the cost of its proposed Hypercity acquisition by issuing new shares, and only about a fourth will be paid in cash. The deal will put even more distance between Future, which operates chains such as Big Bazaar and Central, and other players in India’s organized retail market. Hypercity is […]
Wipro said it has agreed to acquire US-based design consultancy Cooper, without disclosing the financial details. “Headquartered in San Francisco, Cooper has been a leading brand in interaction design, UX and professional design education for more than 25 years,” the Indian IT company said. Founded by Sue Cooper and Alan Cooper, the ‘Father of Visual […]
Reliance Communications said it has filed with the National Company Law Tribunal to withdraw its demerger scheme for its tower assets. The move follows the cancellation of its plans to merge with Aircel Cellular due to regulatory issues. The company Anil Ambani-led company had said that since the merger with Aircel was cancelled, the deal […]
Apollo Tyres said it ‘strongly denies’ the Economic Times report that it was trying to acquire South Korea’s No. 2 tyre maker Kumho Tire for $900 million. “Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of ‘The Economic Times’ on […]
Reliance Industries refused to deny or confirm media reports about its telecom unit Jio being in talks to acquire cable operator Den Networks. Shares of Den Networks, one of India’s largest cable networks, are up 6.2%, having opened higher on the news. “We are unable to comment on media speculation and rumors and it would […]
Thomas Cook, the travel services company, said it had purchased the forex business of Tata Capital, Tata Capital Forex, in its entirety. “We would like to inform you that the Board of Directors of the Company at their Meeting held on 25th September, 2017, approved the acquisition and signing of a definitive agreement with TATA […]
India’s oldest English television news broadcaster NDTV officially denied that it has been sold to Ajay Singh, the promoter of SpiceJet. “We wish to inform you that the promoters of the Company have not entered into any agreement for sale of their stake in the Company to any person,” NDTV Ltd said in an official […]
The National Stock Exchange has again sought a clarification from NDTV after the Indian Express reported that SpiceJet promoter Ajay Singh was now the biggest shareholder in the media company. UPDATE: NDTV has denied the rumors. According to the newspaper, Singh has acquired a 60% stake in the media company, restricting existing promoters led by […]
IT company Cyient said it signed an agreement to divest its 49% equity ownership in IASI, its joint venture with Pratt & Whitney, as it exits its IT services business. The Indian company will get $1.8 mln for the stake from United Technologies Corporation, the buyer, after a dividend disbursement of $9.1 mln from the […]
Infosys said it completed the acquisition of Brilliant Basics, a London-based product design and customer experience company. The acquisition was first announced a month ago. “Through this acquisition, Infosys further expands its worldwide connected network of Digital Studios that are focused on fulfilling the needs of global clients for end-to-end Digital Transformation solutions required to […]
Bharat Financial Inclusion, formerly known as SKS Microfinance, said it has entered into exclusive discussion with IndusInd Bank on a potential “strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure.” SKS Microfinance is a non-banking finance company (NBFC) was founded in 1997 by Vikram Akula, who served as […]
Anil Ambani Group’s Reliance Capital said it received Rs. 378 crore from Nippon Life Insurance, one of the largest life insurers in the world, after the foreign company increased its stake in Reliance Nippon Life Asset Management Limited to 49%. The original agreement to increase the stake from 26% to 49% was announced on March […]
Bajaj Auto said it agreed with its Austrian associate KTM to expand the brand sales and shift some of the production of Husqvarna motorcycles to Bajaj’s factory in Chakan, Maharashtra. The brand Husqvarna, founded in 1903 in Italy, used to be owned by BMW at one time. It was bought by KTM in 2013. BMW […]
