Page 2 - Acquisition

Choice International adds ₹635 cr AUM through strategic acquisitions

Financial services firm Choice International Ltd has strengthened its wealth management business with a series of acquisitions by adding Rs 635 crore in assets under management. The company, through its subsidiaries, has entered into definitive agreements to acquire the distribution business of the Fintoo Group, which includes wealth, insurance, alternative investment funds, and portfolio management services operated under Mihika Financial Services and Mihika Insurance Marketing Firm LLP, the company said in a statement on Thursday. This acquisition will bring in about Rs 300 crore assets under management (AUM). In addition, Choice has acquired Pune-based Glory Prime Wealth managing Rs 210 crore in AUM. The company has also formed a strategic business association with four mutual fund distributors in Himachal Pradesh, contributing Rs 125 crore in AUM, it added. "This investment aligns perfectly with our strategy of expanding Choice's presence across the wealth and investment ...

CCI clears Torrent Pharma's proposal to buy stake in JB Chemicals

Fair trade regulator CCI on Tuesday cleared Torrent Pharmaceuticals Ltd's proposed acquisition of a stake in JB Chemicals and Pharmaceuticals, subject to voluntary modifications offered by the companies. The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in JB Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. "The proposed combination relates to the acquisition of shareholding by Torrent Pharmaceuticals Ltd (acquirer) in JB Chemicals & Pharmaceuticals Ltd (target) and the subsequent amalgamation of the target with the acquirer," the regulator said in a release. After the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. "The Commission approved the proposed combination subject to compliance with voluntary modifications offered by the parties (Torrent Pharmaceuticals Ltd and JB Chemicals & Pharmaceuticals Ltd)," it added. Torrent Pharmaceuticals is the ...

RBL Bank's ₹26,853 crore deal with Emirates NBD marks record FDI in banking

The deal is the largest by a Middle Eastern bank in India, and comes months after Japan's Sumitomo Mitsui Banking Corporation's move to buy up to 25% of Yes Bank

LT Foods to acquire Hungary's Global Green Europe for €25 million deal

Home-grown FMCG firm LT Foods on Tuesday said it has agreed to acquire a 100 per cent stake in Hungary-based Global Green Europe Kft for approximately 25 million euros (about Rs 256 crore) to expand its presence in the European packaged food market. LT Foods owns basmati rice brands -- Daawat and Royal. It will pay 6 million euros upfront for the equity stake, with 1.8 million euros payable over two years through an earn-out mechanism, the company said in a regulatory filing. It will also assume the target's debt. The transaction includes the acquisition of Global Green International (UK) Limited and Greenhouse Agrar Kft, which serve as support and distribution entities. The deal, subject to foreign direct investment approval in Hungary, will be executed through LT Foods Europe Holdings Ltd, a wholly-owned subsidiary. The transaction, which will be executed through LT Foods Europe Holdings, a wholly-owned step-down subsidiary of Delhi-based firm, is in line with the long-term stra

PayPay buys 40% stake in Binance Japan to deepen its digital payments push

PayPay has played a role in encouraging Japanese consumers to move away from a long-standing preference for cash by offering rebates on payments through its mobile app

TCS to acquire US firm ListEngage for $72.8 mn to boost Salesforce ops

The $72.8 million buyout expands TCS' Salesforce and AI capabilities in the US, adding 100 specialists and strengthening its enterprise solutions unit

Banks like SBI well versed to handle acquisition financing: C S Setty

Days after the Reserve Bank's decision to allow banks to allow acquisition financing, SBI chairman C S Setty on Wednesday said entities like the country's largest lender are "well versed" to handle the upcoming line of business. He said the shift to an expected credit loss (ECL) based system of asset provisioning will not impact the balance sheets of banks, given the extended transition period given by the central bank. "We have been doing outbound merger and acquisition financing for Indian corporates acquiring overseas entities. I think banks like SBI are well versed in acquisition financing," Setty told reporters on the sidelines of the annual Global Fintech Fest (GFF) here. It is worth noting that the Reserve Bank had announced a decision to allow banks to engage in acquisition financing, following a public request made by Setty itself a few weeks ago. On the ECL, where the central bank announced the final guidelines on Tuesday, the SBI chairman said the country's largest lende

Omkara ARC acquires Wind World India's debt with ₹1,225-cr offer

Omkara Asset Reconstruction Company on Friday said it has bagged Rs 3,763 crore debt of the bankrupt Wind World India with a Rs 1,225-crore bid. The Areion Group ARC said it has acquired the debt from the National Asset Reconstruction Company Ltd (NARCL), the state-run bad bank, under the Swiss challenge method, as per a statement. The win will make the ARC as the lead decision maker in Wind World India's ongoing Corporate Insolvency Resolution Process (CIRP) as it has secured an 80 per cent voting share in the Committee of Creditors (CoC) with the Rs 1,225-crore investment. WWIL, which was formerly known as Enercon India, operates 650 MW of renewable energy projects and manages the operations and maintenance for 4,500 MW of installed capacity across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Madhya Pradesh, as per the statement. The Rs 3,763-crore debt was originally assigned to NARCL by a consortium of leading lenders nearly 18 months ago. As the

Ashoka Buildcon takes 61% stake in JTCL with ₹166 crore acquisition deal

Ashoka Buildcon on Thursday said it has acquired a majority stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL) for Rs 166 crore. Ashoka Buildcon, in a regulatory filing, said the acquisition is pursuant to the securities purchase agreement with Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust (collectively 'investors') for the acquisition of all investments of the investors in JTCL. "Ashoka Buildcon's subsidiary Viva Highways Limited has today acquired 7,46,20,000 equity shares of Rs 10 each, held by the investors in JTCL, at a consideration of Rs 1,66,59,93,151. "In view of the above acquisition by VHL, the shareholding of the Company in JTCL through its subsidiaries viz VHL & ACL has increased to 61.17 per cent of the paid-up share capital of JTCL," it said. Jaora Nayagaon Toll Road Company Private Limited (JTCL) has a total income of Rs 265.50 crore and a net worth of Rs 639.89 crore, based on audited financial statements

Occidental to sell OxyChem unit to Berkshire Hathaway for $9.7 billion

The company sunk deeper into debt after it closed its $12 billion acquisition of privately held US shale oil producer CrownRock last year, which strengthened its position in the Permian Basin

CCI approves Saudi Arabian PIF's bid for majority stake in Olam Agri

Fair trade regulator CCI on Tuesday approved Saudi Arabia's sovereign wealth fund PIF's proposal to acquire a majority stake in Olam Agri Holdings Ltd. Public Investment Fund (PIF), through its investment arm SALIC, is acquiring a stake in Olam Agri Holdings Ltd. PIF has assets under management of more than USD 925 billion. "The proposed combination involves the acquisition of SALIC's proposed indirect acquisition of 44.58 per cent and up to 64.57 per cent of the issued share capital of Olam Agri," the Competition Commission of India (CCI) said in a release. Saudi Agricultural and Livestock Investment Company (SALIC) is focused on farming and procurement, as well as importing commodities into the Kingdom of Saudi Arabia. It is present in India through LT Foods Ltd, wherein the investment arm owned a 9.22 per cent stake in the FMCG firm, which owns the 'Daawat' brand of basmati rice. "Commission approves the Saudi Agricultural and Livestock Investment Company's proposed indirect ..

Ventive Hospitality to acquire 76% stake in Hilton Goa Resort owner

Ventive Hospitality will acquire a 76 per cent stake in Soham Leisure Ventures, owner of Hilton Goa Resort, in a Rs 320 crore deal marking its entry into the leisure hospitality market

Ventive Hospitality to acquire 76% stake in Hilton Goa owner Soham Leisure

Pune-based Ventive Hospitality on Friday said it plans to acquire 76 per cent stake in Soham Leisure Ventures, which owns 104-key Hilton Goa Resort and a land parcel in Goa. This transaction, valued at around Rs 320 crore, is an important step in Ventive's plan to double its room portfolio and invest in opportunities that add value, the company said in a statement. Further explaining the investment, the company said it proposes to enter into definitive agreements with Soham for an initial cash outlay of Rs 120 crore for the 104-key resort with development potential for an additional 60-65 rooms on the existing site and a 4-acre land parcel in Goa, earmarked for branded villas with an estimated gross sale value of over Rs 100 crore. The proceeds from villa sales are expected to strengthen the company's cash flows further, it added. "The Hilton Goa Resort acquisition is a landmark for Ventive, marking our foray into the leisure market in Goa. This move reinforces our commitment to ..

Strive to buy Semler in $1.3 bn stock deal to boost bitcoin holdings

The deal comes less than five months after Strive announced a merger with Asset Entities as part of its plan to list on Nasdaq and pursue a strategy of buying and holding bitcoin

Metropolis Healthcare acquires Kolhapur-based pathlab chain for ₹17 crore

Metropolis added that the move is expected to enhance productivity and drive overall profitability across its network of laboratories operating in the region

Blackstone to acquire Pennsylvania gas power plant in $1 billion deal

US power demand is projected to reach record levels in 2025, driven by data centers for AI and cryptocurrency technologies, as well as higher residential and commercial consumption

Tata Technologies to acquire ES-Tec Group in €75 million full buyout deal

Global product engineering and digital services firm Tata Technologies on Saturday said it will acquire 100 per cent stake in Germany-based ES-Tec Group and its subsidiaries for a total cash consideration of 75 million euros (over Rs 775 crore). The company has entered into a definitive agreement to acquire 100 per cent equity shares of ES-Tech GmbH and its subsidiaries (collectively, ES-Tec Group), Tata Technologies said in a statement. The consideration will be paid over the next two years and includes performance-based earn-outs, it added. "The acquisition of ES-Tec Group is a strategic leap that enhances our ability to deliver end-to-end product engineering solutions across the automotive value chain and represents our commitment to expand our global footprint in accessing innovative engineering capabilities," Tata Technologies MD & CEO Warren Harris said. Founded in 2006 and headquartered in Wolfsburg, Germany, ES-Tec Group is a premium automotive engineering services ...

Tata Motors markets $4.5 bn loan for acquisition of Iveco's CV business

The planned deal would add to the rising number of loans to fund cross-border mergers and acquisitions that have originated from Asia Pacific this year

Amazon completes Axio acquisition, secures direct lending license in India

The Reserve Bank of India cleared the deal in June, said Mahendra Nerurkar, Amazon's vice president for payments for emerging markets. The deal has been in the works since December

Who is Vijaye Raji, whose AI startup has been acquired by OpenAI for $1 bn?

OpenAI announced that Vijaye Raji's Statsig has played a central role in how the company ships and learns quickly