Page 17 - Acquisition

DMI group acquires BNPL startup ZestMoney in a distress sale deal

The acquisition comes more than a month after Bengaluru-based ZestMoney, shut down amid an unsuccessful attempt to revive its business under new management and regulatory uncertainty

Thomas Cook owner Fosun in advanced talks to sell brand to eSky: Report

A deal with eSky, which is majority-owned by private equity firm MCI Capital, could be reached in coming weeks, according to the report

TCPL to fund 2 acquisitions with cash reserve, bridge financing: MD D'Souza

Tata Consumer Products (TCPL) would fund its acquisitions of Capital Foods Ltd and Organic India Ltd having a combined enterprise value of Rs 7,000 crore, through internal cash reserve and bridge financing, MD and CEO Sunil D'Souza said on Sunday. Both the acquisitions operate in areas which offer "huge runway for growth", where margins are "far accretive" and business is growing at a healthy pace, he said. Besides, TCPL will continue to strengthen its portfolio in the food & beverage segment organically to fill the gaps but it will also scout for inorganic growth opportunities if someone offers a better brand, technology and team, he added. Last Friday, TCPL announced complete acquisition of Capital Foods, which owns brands like Ching's Secret and Smith & Jones, at an enterprise valuation of Rs 5,100 crore and Fab India-backed Organic India, which operates in the health and wellness category, at an enterprise value of Rs 1,900 crore. The Tata Group FMCG arm would fund half of

NYSE-listed SentinelOne acquires Bangalore-based startup PingSafe

PingSafe provides Cloud security services; deal estimated to be worth $100mn

Adani-owned ACC to acquire full stake in Asian Concretes and Cements

ACC currently owns 45 per cent stake in Asian Concretes and Cements and the remaining stake will cost it Rs 425.96 crore

Baidu terminates $3.6 bn purchase of JOYY's China live-streaming unit

The failure of the deal casts a shadow on search engine giant Baidu's ambition to diversify its revenue. The company proposed to acquire JOYY's entertainment live streaming business in China in 2020

Global corporate landscape 2023: Mergers, closures, and leadership shifts

From acquisitions & mergers to resignations 2023 has been a year of significant milestones in the global corporate world. Here is a recap on all the major event that unfolded in 2023

Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta

Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary. The National Company Law Tribunal had earlier approved Vedanta's acquisition of Meenakshi Energy for Rs 1,440 crore. "Meenakshi has allotted 10,00,000 fully paid-up equity shares of Rs 10 each amounting to equity capital of Rs 1 crore to the company, consequent to which, Meenakshi has become a wholly-owned subsidiary of the company with effect from December 27," Vedanta said in a regulatory filing. Vedanta had earlier said that it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process. "This letter is in continuation to the stock exchange announcements made by Vedanta Limited (the company) vide its letters dated August 11, 2023 and January 18, 2023 pursuant to Regulation 30 of Listing Regulations regarding the acquisition of Meenakshi Energy Ltd (Meenakshi) under Corporate Insolvency Resolution Process in accordance with

PCBL Ltd receive CCI approval for Aquapharm Chemicals acquisition

Anti-trust regulator CCI has approved speciality chemicals major PCBL Ltd's proposed acquisition of a 100 per cent stake in Aquapharm Chemicals, according to a notice. The Competition Commission of India (CCI) has granted its approval to the deal under the green channel route. Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator. PCBL Ltd is engaged in the manufacturing and sale of carbon black, and green power generation. The transaction relates to PCBL's proposal to acquire 100 per cent equity share capital of Aquapharm Chemicals from the existing shareholders of the company i.e., (members of Desai Group and Mangwani Group), CCI said. After the completion of the transaction, Aquapharm Chemicals will be a wholly-owned subsidiary of PCBL Ltd. Aquapharm Chemicals Pvt Ltd (ACPL) is a Pune-based speciality chemicals company engaged in manufactu

NINL was home to snakes, scorpions when acquired by Tata Steel: MD Mehta

Snakes and scorpions crawled the premises of NINL, the land around was covered with bushes and the plant machinery was full of rust, its MD & CEO Sudhir Kumar Mehta said remembering the challenges involved in restarting the sick unit within a set 90-day deadline. The company was in debt, Mehta said, adding NINL is now doing financially good and has generated a revenue of around Rs 3,000 crore in the April-September or first half of the ongoing fiscal. On July 4, 2022, Tata Steel completed the acquisition of Odisha-based Neelachal Ispat Nigam Ltd (NINL) -- the first state-owned steel company to be divested by the Narendra Modi-led government -- through its erstwhile subsidiary Tata Steel Long Products (TSLP) for a consideration of Rs 12,100 crore. "NINL premises is of 2,500 acre. It had been closed for a long period. When we first entered the unit post the acquisition, there were snakes, scorpions, and lizards crawling in the premises. Bushes up to several feet had grown all over .

Food delivery major Zomato denies it is acquiring logistics firm Shiprocket

Deal for $2 bn is 'incorrect news, media speculation', says company in response to reports

Zomato denies reports of an offer to acquire Shiprocket for $2 billion

Earlier, Bloomberg had reported that Zomato had made an offer to acquire Shiprocket

JSL gets board approval to acquire Rabirun Vinimay for Rs 96 crore

Jindal Stainless Limited (JSL) on Tuesday said its board of directors has approved the acquisition of Rabirun Vinimay Private Ltd which is under liquidation. The cost of the acquisition is Rs 96 crore, JSL said in a regulatory filing. "The Board of Directors accorded its consent for acquisition of 100 per cent stake in Rabirun Vinimay Private Limited (RVPL), a company under liquidation, on a going concern basis, in terms of the applicable provisions of Insolvency and Bankruptcy Code, 2016," it said. JSL said RVPL has potential downstream cold-rolling manufacturing capacity of 250 KTPA (kilo tonne per annum) for wider and thinner segment besides having a capacity of 50 KTPA for pipe and tube segment. Its plant is located at Vidyasagar Industrial Park, Kharagpur, West Bengal over 60 acres of land area. The plant is currently shut down. "The proposed acquisition would complement the management's objective of increasing the cold-rolling capabilities of going thinner with wider width to

Tata Consumer Products in talks for acquisitions to expand globally: Report

CEO Sunil D'Souza hinted that the company would not acquire in the sector where there is already fragmentation like fizzy drinks and processed snacks

SpiceJet initiates fresh funding of $270 mn for Go First acquisition

SpiceJet is among three companies that have shown interest in acquiring the bankrupt airline

Kaynes Tech begins Rs 1,400 cr QIP; to acquire US-based firm for $2.5 mn

The QIP floor price is set at Rs 2,449.96 per share, and issue price will be determined after a committee meeting on December 21

Samvardhana Motherson Intl to acquire Lumen Gr, Deltacarb SA for Rs 575 cr

Auto components major Samvardhana Motherson International Ltd on Friday announced acquisitions of Australia's Lumen Group and Deltacarb SA of Switzerland for nearly Rs 575 crore. The company's board approved the two acquisitions of the Lumen Group and Deltacarb SA by its wholly-owned arm Samvardhana Motherson Automotive Systems Group BV, Samvardhana Motherson International Ltd (SAMIL) said in separate regulatory filings. Lumen Group comprises Lumen Australia Pty Ltd, Lumen International Holdings Pty Ltd (which further holds 100 per cent in Lumen North America, Lumen Thailand, Lumen Europe and 90 per cent in Lumen South Africa), Lumen Engineering Solutions Pty Ltd and Lumen Special Conversions Pty Ltd, it said. However, it will not include Lumen South Africa and merger control approvals are required from the authorities in South Africa, the company said. The acquisition of Lumen group is expected to be closed by the fopurth quarter of FY2023-24 subject to satisfactory completion of

Tata Capital eyes fashion brand Rare Rabbit at $300 mn valuation: Reports

Rare Rabbit was started in 2015 by an Indian family-run company Radhamani Textiles, and sells shirts, jeans, jackets and sneakers that are priced as low as $20 and all the way up to the high-end range

Infibeam Avenues picks up 49% stake in Ahmedabad-based Pirimid Fintech

The partnership aims to combine Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software for its clients nationwide and globally

Nippon Paint announces acquisition of VIBGYOR Paints and Chemicals

After the acquisition, VIBGYOR Paints and Chemicals will become a division of Nippon Paint India, leveraging its resources and reach to further its growth and market leadership