Top headlines: Blackstone-Sify deal, Wipro's Capco deal, and more

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Blackstone in talks to acquire a minority stake in Sify Technologies

Blackstone Group is in exclusive talks to acquire a minority stake in Sify Technologies, according to people with knowledge of the matter.

The communications infrastructure firm has sought a valuation of around $1 billion to $1.2 billion in a transaction, said the people, who asked not to be identified because the talks were private. It’s unclear what valuation the Blackstone stake purchase will be struck at and talks could still fall apart. Read more

Bhushan Power lenders accept JSW Steel plan, look to close deal by March 31

Lenders to Bhushan Power & Steel (BPSL) on Friday approved a proposal to close its deal with JSW Steel, bringing it nearer to the resolution of an insolvency process that has been dragging for more than three and a half years.

They agreed to accept payment in accordance with JSW Steel’s resolution plan, with an undertaking to refund the amount in case the Supreme Court gives an adverse order. “Lenders with a 97 per cent voting share voted in its favour. The effort is to complete the process by March 31,” a source close to the development. Read more

Wipro's Capco deal: A good target but the devil lies in the execution

From the beginning of 2021 Wipro has moved on to a new organisational structure. Analyst tracking the company are now wondering if CEO Thierry Delaporte’s attempt to bolster Wipro’s presence in the BFSI space by acquiring Capco for $1.45 billion is a step taken too early.

Though many agree that Capco as a target may be good, but Wipro, which has been the most aggressive player in acquiring firms compared to its Indian players, does not have much to show in terms of performance as it continues to lag peers. Read more

Manufacturing to get $520-billion PLI push in next 5 years: PM Modi

Prime Minister Narendra Modi on Friday said the production-linked incentive (PLI) scheme would lead to output worth $520 billion in India in the next five years, while industry asked for clarity on implementation across sectors.

Modi said the government was working at every level to promote industry through measures like ease of doing business, reducing the compliance burden, creating multi-modal infrastructure to reduce logistics costs, and constructing district-level export hubs. “Our effort is to reduce over 6,000 compliance burdens (for industry),” he said. Read more

Inflation a 'downside risk' to India's growth momentum: Finance ministry

The finance ministry on Friday flagged global and domestic inflation as a “downside risk” to India's growth momentum.

“While global and domestic inflation pose some downside risks in the near term, continued policy support to bolster private investment and discretionary consumption, the key levers of India’s growth story, continues to be an absolute policy priority of the government,” said the ministry’s monthly economic review report for February. Read more