Page 28 - Acquisition

CIEL Group to raise Rs 150-200 crore in FY23-24 to fund acquisition plans

Staffing solutions provider CIEL Group has planned to raise Rs 150 crore to Rs 200 crore this financial year to fund its acquisition plans, a top official said here on Wednesday. The funds raised would be deployed for the current acquisition targets of seven companies mainly in the professional staffing segment and human resource technology domain, among others, Ma Foi and CIEL Group executive chairperson K Pandiarajan told reporters here. The city-based company recorded revenue of Rs 815 crore in FY 2022-23, a 57 per cent increase on Rs the 520 crore revenue recorded in 2021-22. "We are planning to infuse around Rs 150 crore to Rs 200 crore through private equity and we have retained one of the most respected investment bankers for the purpose," Pandiarajan said. "Out of the seven companies, we believe four will be acquired during this year and we intend to deploy the funds for this purpose. We will also deploy a significant part of the funds towards strengthening the digital ...

CIEL Group to raise Rs 150-Rs 200 cr in FY 2023-24, says official

Staffing solutions provider CIEL Group has planned to raise Rs 150 to Rs 200 crore this financial year to fund its acquisition plans, a top official said here on Wednesday. The city-based company had recorded revenues of over 57 percent in FY 2022-23 to register Rs 850 crore, CIEL Group executive chairperson K Pandiarajan said. "We are planning to infuse around Rs 150 to Rs 200 crore through private equity and we have retained one of the most respected investment bankers for the purpose." MaFoi and CIEL Group executive chairperson K Pandiarajan told reporters here. The funds raised would be deployed for the current acquisition targets of seven companies mainly in the professional staffing segment, human resource technology domain among others, he noted. "Out of the seven companies, we believe four will be acquired during this year and we intend to deploy the funds for this purpose and we also deploy a significant part of the funds towards strengthening the digital properties," he

Fintech firm BharatPe acquires controlling stake in NBFC Trillion Loans

BharatPe said it has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book

Brookfield buys 51% stake in Bharti Enterprises' 4 commercial properties

Global investment firm Brookfield has closed a deal to acquire a 51 per cent stake in Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore. In a statement, Bharti Enterprises and Brookfield Asset Management on Monday announced the successful closure of their joint venture agreement for a 3.3 million square feet portfolio of commercial properties primarily located in the Delhi-NCR region. The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). "As part of this deal, a Brookfield-managed private real estate fund now owns a 51 per cent stake in this joint venture, while Bharti Enterprises continues with a 49 per cent stake. The enterprise value for the transaction is around Rs 5,000 crore," it added. Bharti Realty Ltd is the real estate arm of Bharti Enterprises, which has a presence in telecom, real estate, insurance, hospital

Axis Bank reports Rs 5,361 cr loss in Q4 on Citi acquisition payout

Axis Bank reported a Rs 5,361 crore loss on a consolidated basis for the January-March period against a net profit of Rs 4,417 crore a year ago, impacted by the Rs 12,490 crore payout towards the Citi acquisition. On a standalone basis, the third largest private sector lender reported a Rs 5,728 crore loss against a net profit of Rs 4,117 crore in the year-ago period, and Rs 5,853 crore in the preceding December quarter. Its managing director and chief executive Amitabh Chaudhry told reporters that the impact of acquiring Citi's retail businesses is a one-time one, and if one were to exclude the same, the net profit would have grown by over 61 per cent on a year-on-year basis. The bank's core net interest income grew 33 per cent to Rs 11,742 crore driven by a 0.73 per cent expansion in the net interest margin at 4.22 per cent and an over 20 per cent growth in advances. The other income grew 16 per cent to Rs 4,895 crore during the quarter. Its chief financial officer Puneet Sharma

PhonePe may forgo ZestMoney's $18 mn debt after failed acquisition: Report

ZestMoney is said to be in talks with some of its existing investors to raise separate equity capital, the report said

HDFC Bank to buy stake in Griha, gets Singapore regulatory body's approval

The proposed agreement is subject to approval from the market regulator Sebi

CCI gives nod to Blackstone-Emerson Electric Co acquisition deal

The Competition Commission of India (CCI) on Friday said it has granted its approval for the stake acquisition in climate technologies' business of Emerson Electric Co by BCP Emerald Aggregator LP. BCP Emerald Aggregator LP is an affiliate of US-based alternative asset manager Blackstone. The deal has been cleared under the green channel route. The proposed transaction relates to the acquisition by BCP Emerald Aggregator LP (Buyer) of a majority stake in the climate technologies business of Emerson Electric Co (Seller), according to CCI. The regulator has also approved the proposed investment by Stamford Bridge Investment Pte Ltd, an SPV of GIC (Ventures) and Platinum Falcon B 2018 RSC Ltd (Platinum), in BCP Emerald Aggregator LP. GIC (Ventures) is a subsidiary of Singapore's sovereign wealth fund GIC, while Platinum is an affiliate of the Abu Dhabi Investment Authority (ADIA). Emerson Electric Co designs and manufactures products and delivers services to a wide range of industri

Epic Games acquires game developer firm AQUIRIS to enhance Fortnite

According to the company, the AQUIRIS team will be the foundation of Epic Games Brazil, the first Epic studio in Latin America

Wipro acquires Brahmins, to launch snack brand, focus on southern markets

Wipro Consumer Care and Lighting on Thursday announced the acquisition of Brahmins - a Kerala-based traditional vegetarian, spice mix and ready-to-cook brand - and it has also drawn up plans to launch its snacks brand targeting the southern market. The company will focus on the southern market and is in the process of launching its own brand in the fast-growing ready-to-eat and snacks segment, Wipro Consumer Care and Lighting and Managing Director Vineet Agrawal told PTI. He further said Wipro Consumer Care and Lighting would take the acquisition route for expanding in the spices segment. The company, part of Azim Premji-led Wipro Enterprises, forayed into the foods segment in December last year with the acquisition of the Nirapara brand. It is seeking to tap opportunities for growth in South India in the food space. "As of now, we would look at South India and the reason is, unlike North and West India, there is no organised player in South India in terms of snacks like Haldiram a

Japanese giant Sega to acquire Angry Birds creator for $1 bn: Report

Rovio in February this year removed its original Angry Birds game from Google Play Store, and renamed the Apple iOS version to Red's First Flight

ZestMoney laying off 100 employees after deal with PhonePe fails

PhonePe in talks with BNPL firm to hire some staff left after acquisition talks fail

Unfinished business: ONGC facing question marks over future structure, role

This is an unnecessary overhang, since the company has not been on an investment spree

CCI approves SREI Infrastructure Finance's acquisition by NARCL, IDRCL

Fair-trade regulator CCI on Thursday said it has approved the acquisition of SREI Infrastructure Finance by National Asset Reconstruction Company Ltd and India Debt Resolution Company Ltd. The deal has been cleared under the green channel route. National Asset Reconstruction Company Ltd (NARCL) is an asset reconstruction company while India Debt Resolution Company Ltd (IDRCL) provides debt management services to NARCL. Both entities are backed by the Government of India. The proposed transaction involves the acquisition of a majority of equity share capital of the Srei Infrastructure Finance (SIFL) by NARCL and IDRCL, according to a CCI notice. NARCL has submitted a resolution plan in relation to the corporate insolvency resolution process (CIRP) of SIFL and its wholly-owned subsidiary, SREI Equipment Finance Ltd (SEFL). Thereafter, NARCL's resolution plan was approved by the Committee of Creditors (CoC) of the SIFL on February 14, the notice said. The Competition Commission of I

Crisil Ratings upgrades outlook on Jindal Stainless to 'positive'

Jindal Stainless Ltd (JSL) on Thursday said Crisil Ratings has revised its outlook on the stainless steelmaker's long-term bank facilities and debt programme to 'AA' with a positive outlook. The rating agency has revised its outlook in view of the company's improved business risk profile, an expected uptick in scale and forward integration with capacity expansion and acquisitions, JSL said in a statement. "JSL has earned an outlook upgrade of Positive from Stable from the CRISIL Ratings on the long-term bank facilities and debt programme, and a reaffirmed rating at CRISIL AA-. Meanwhile, the rating on the short-term bank facilities has been reaffirmed at CRISIL A1+," it said. Some of the parameters that CRISIL Ratings took note of in order to elevate the outlook include the completion of the merger process of Jindal Stainless Hisar Limited (JSHL) with the company, the healthy financial risk profile of the company led by strong liquidity, its strategic acquisitions, an agile business

Adani Ports & SEZ completes Rs 1,485 cr acquisition of Karaikal Port

APSEZ will spend another Rs 850 cr over time to upgrade infrastructure and reduce the logistics cost for customers

Nestle to Tata, big FMCG firms race to acquire maker of Ching's Secret

Last year, Capital Food's three main shareholders decided to put their stake up for sale, it is expected to fetch them $1-1.25 billion

Apple quietly acquires AI-driven video compression startup WaveOne

Apple has quietly acquired WaveOne, a California-based startup that develops AI algorithms for video compression

Adani's AMG Media acquires 49% in Quintillion Business Media for Rs 48 cr

Billionaire Gautam Adani's AMG Media Networks has acquired about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about Rs 48 crore. In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year. The transaction was completed on March 27 for "Rs 47.84 crore", it said. Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime. Adani group had set up AMG Media Networks for its foray into businesses of "publishing, advertising, broadcasting, distribution of content over different types of media networks". In May last year, it had signed a shareholders' agreement with Quintillion Media Ltd (QML) and QBML. In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures.

TII, Premji Invest sign share purchase agreement to acquire Lotus Surgicals

TII will acquire 67 per cent, while Premji Invest will acquire the remaining 33 per cent