Page 2 - Mergers And Acquisitions

What makes engineering R&D space a target for mergers and acquisitions?

Infosys' acquisition of Germany-based in-tech is the 15th top deal so far

Alibaba offers to buy Cainiao stake for up to $3.75 bn as it drops IPO plan

In the Chinese e-commerce giant's latest u-turn of its restructuring plan, Alibaba, which holds a stake of around 64% in Cainiao, said it was offering to acquire the remaining stock

CCI approves Minda Corporation's proposed 8.79% stake purchase in Pricol

The Competition Commission of India (CCI) on Tuesday said it has approved Minda Corporation's proposed 8.79 per cent stake purchase in Pricol. Minda Corporation is in the business of manufacturing of auto components and caters to Original Equipment Manufacturers (OEMs) and Tier-1 in various segments in India. The proposed combination relates to an acquisition of up to 8.79 per cent (approx.) of the equity share capital of Pricol by Minda, according to a release. Pricol manufactures automobile components for OEMs, Tier-1 and replacement markets across India and globally. Deals beyond a certain threshold require approval from the regulator CCI.

A-I, Vistara merger in progress, awaiting approvals: Singapore Airlines

Singapore Airlines on Tuesday said the proposed merger of Air India and Vistara is in progress, and is awaiting foreign direct investment and other regulatory approvals. Vistara is a joint venture between Singapore Airlines and Tata Group. The merger of Vistara with Air India under a deal, wherein Singapore Airlines will acquire a 25.1 per cent stake in Air India, was announced in November 2022. While announcing its December quarter results, Singapore Airlines said the merger will bolster its presence in India, strengthen its multi-hub strategy, and allow it to continue participating directly in this large and fast-growing aviation market. "The proposed merger of Air India and Vistara is in progress, pending foreign direct investment and other regulatory approvals. When completed, it will give SIA (Singapore Airlines) a 25.1 per cent stake in an enlarged Air India Group with a significant presence in all key Indian airline market segments," the release said. In January, Vistara CEO

NCLT allows Tata Steel's proposal to withdraw merger with TRF Ltd

The NCLT has approved Tata Steel's proposal to withdraw merger with TRF Ltd, according to an exchange filing. On February 7, Tata Steel had said that its board has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance. "We would like to inform that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated February 8, 2024, has allowed the withdrawal of the scheme," the steel major said in the filing. Tata Steel had earlier announced the amalgamation of nine of its strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, S & T Mining Company. As per Tata Steel, TRF Ltd is in the business of undertaking turnkey projects of material handling for the infrastructure sector such as power and ports and the industrial sector such as steel plants, cement, fertilisers and mining. TRF is ...

Zee Entertainment reaches out to Sony to revive terminated merger

Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, Since the matter is subjudice we have no comments to offer. Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. The ball is in Sony's court. They need to respond if the deal has to be revived, the source said. The development comes amidst the two parties filing cases again

72% fewer Indian fintech startups incorporated in 2023 than in 2021: Report

There have been around 30 acquisition deals in the Indian fintech space in 2023 and 20 out of these were done by large companies with over 1,000 employees or funding of over $50 million

Max Healthcare acquires Nagpur-based Alexis Hospital for Rs 412 crore

Max Healthcare Institute on Friday said it has acquired Nagpur-based Alexis Multi-Speciality Hospital Pvt Ltd for Rs 412 crore. The 200-bed hospital is set up on a land parcel of 2-acre at Mankapur, north of Nagpur. The facility has potential to increase its bed capacity from 200 operational beds to 340 beds after necessary regulatory approvals. "The acquisition of Alexis Hospital is in line with our vision to expand our footprint in tier-2 cities with abundance of clinical talent and developed private healthcare infrastructure," Max Healthcare Institute Chairman and Managing Director Abhay Soi said. Alexis Hospital acquisition will strengthen company's presence in Maharashtra region, he added. Shares of Max Healthcare were trading at a loss of 0.42 per cent at Rs 866.4 apiece on the BSE.

ZEEL spent Rs 366 crore on compliances for its now-failed merger with Sony

Zee Entertainment Enterprises Ltd (ZEEL) spent Rs 366.59 crore on compliances till September 2023 for its now-failed merger with Sony, which called off the deal on Monday. The company had spent Rs 176.20 crore in the financial year that ended in March 2023. Besides, it spent Rs 190.39 crore in the first six months of the current fiscal, according to a regulatory filing by the Subhash Chandra family-promoted media entity. After signing an agreement, ZEEL was racing to receive a series of regulatory clearances from SEBI, CCI, ROC, etc. It also got a go-ahead from the National Company Law Tribunal after receiving approvals from shareholders and creditors and closed all formalities for the merger. However, Sony Group Corp on Monday called off the USD 10 billion merger of its India unit with Zee Entertainment, following a stalemate over who will lead the merged entity, besides not satisfying other conditions for the merger. It sent a termination notice to Zee on the deal, which was ...

Insurance sector may see further listing, M&A in coming months: Moody's

Having raised Rs 1,930 crore in FY23, the insurance sector may witness further capital transactions, including stock market listings and M&A, to improve the sector's capital adequacy and financial flexibility in the months ahead, a report said. Indian insurers' favourable growth prospects have encouraged the sector to raise capital, outweighing the adverse impact of their weak underwriting profitability, Moody's said in a report. In FY23, the sector's paid capital rose to Rs 75,300 crore from Rs 73,400 crore a year earlier, an increase of 2.6 per cent. "We expect more such transactions, as well as more merger and acquisition (M&A) deals and initial public offerings (IPOs), to improve the Indian insurance sector's capital adequacy and financial flexibility in the months ahead," it said. The report said foreign insurers would continue investing in the Indian insurance market and many foreign companies already present in the country through joint ventures could seek to increase ..

Tata Consumer Products plans Rs 3,500 cr rights issue for acquisitions

TCPL aims to diversify into high-margin, value-added food segments beyond commodities through its acquisitions of Capital Foods and Organic India, valued at Rs 7,000 crore

Sony Group continues talks on merger with Zee amid reports on disputes

Sony Group and Zee Entertainment have faced disputes over the choice of the merged unit's CEO. However, terms of the deal are expected to be clarified by January 21

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

Scania India announces partnership with Hyderabad-based PPS Motors

Scania Commercial Vehicles on Wednesday announced its exclusive partnership with Hyderabad-based PPS Motors, designating them as the sole representative for Scania's mining tippers in India. This collaboration ensures pan India coverage for sales and service of the company's vehicles, a release said here. Speaking about the collaboration, Johan P Schlyter, Managing Director, Scania Commercial Vehicles India Pvt Ltd said, "Through this agreement with PPS Motors, we have laid the foundation for an impactful alliance focused on our mining tippers segment in India. By leveraging our cutting-edge technology, we are optimistic about making a substantial contribution to India's efforts in reaching its net-zero emission goal." PPS Motors has established six regional warehouses across India, which have close proximity to the mining sites and are strategically connected to Scania's central warehouse in Nagpur, creating a robust hub-and-spoke model, the release said. Speaking about the ...

Edtech firm upGrad's revenue jumps 96% for FY23, Ebitda loss shrinks

Company says its learner base has crossed 10 million and paid learners have grown 54%

Tata Consumer to merge 3 subsidiaries to reduce compliance requirements

Tata Consumer Products Ltd said it would merge its three wholly-owned subsidiaries -- NourishCo Beverages, Tata SmartFoodz and Tata Consumer Soulfull -- to ensure "more effective utilisation of the resources" and reduce "compliance requirements". The board of the Tata group firm's FMCG arm on Tuesday approved the Scheme of Amalgamation of the three wholly-owned subsidiaries of the company, informed Tata Consumer Products Ltd (TCPL). The combined businesses will have "more effective utilisation of the resources of the said companies, reduction in overheads, costs and expenses, economies of scale, elimination of duplication of work and rationalisation and reduction of compliance requirements", said TCPL. "The scheme is proposed to the advantage of the transferor companies and the transferee company and will yield beneficial results for the shareholders, creditors, employees, and all concerned," said TCPL, which was earlier known as Tata Global Beverages Ltd. The scheme involves the .

Deal activities decline marginally to $13.37 billion in Sept quarter

Overall deal activity declined marginally to USD 13.369 billion across 302 transactions in the July-September period, a report said on Friday. There were 345 transactions involving USD 13.394 billion in the preceding April-June quarter, as per the report by consultancy firm Grant Thornton Bharat. As compared to the first three quarters of 2022, the first nine months of the current calendar year witnessed a 68 per cent decline by value at USD 36 billion and a 39 per cent decline in volume terms to 979 transactions, as per the report. In the September quarter, the decline was attributed to the private equity transactions nearly halving to USD 5.707 billion. Its partner Shanthi Vijeta noted that the near-term economic outlook for FY24 remains positive due to pro-growth policies, reduced inflation and higher infra spends, which will fuel deal activities going forward. There was a handsome increase in cross-border deals, with transactions of over USD 4.336 billion as against USD 203 ..

Draft merger rules: Mega global deals likely to come within CCI ambit

The CCI has invited stakeholders to submit written comments on the draft Combinations Regulations until 25 September

M&As likely to witness a strong comeback as PEs bet more cash in India

PE investors and promoter sales have largely dominated the equity sell-down activity over the last two years

NCLAT dismisses all challenges to AGI Greenpac's acquisition of HNG

In March 2023, the Competition Commission of India had granted approval to AGI Greenpac's takeover of HNG