Reliance Industries ‘categorically denies’ any interest in BT

Reliance Industries said it wants to ‘categorically deny’ any plans to bid for British wired services operator BT. “We categorically deny any intent to bid for the UK telecoms group, BT, formerly British Telecom, as reported in the article titled “Reliance Mulling Bid for UK’s Telco BT Group” published in The Economic Times dated November […]

LIC gets RBI nod to continue buying Kotak Mahindra Bank shares

Life Insurance Corporation of India, a government-controlled insurance company that has the highest share of the market in India, can continue to increase its stake in private lender Kotak Mahindra Bank, having got the nod from Reserve Bank of India to increase its stake to 9.99%. LIC has been increasing its stake in Kotak Mahindra […]

Polycab sells copper plant to Hindalco for Rs 168 cr plus debt

Polycab India Limited, one of the best performing mid-sized companies in India and a maker of electrical goods, said it has decided to sell its copper rod manufacturing business to metal refiner Hindalco Industries, part of the Aditya Birla group of companies. Polycab said it decided to take this step as Hindalco would be better […]

Reliance Industries’ purchase of polysilicon maker: A mega step to dominate Indian solar market

Reliance Industries has made a strategic acquisition in the form a Norway-based maker of solar-grade polysilicon at a cost $777 million (Rs 5,880 cr) from its Chinese owner. REC Solar Holdings has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules. The 25-year-old […]

Vakrangee to spin off IT business, listed separately

Vakrangee Ltd said it would spin off its IT services business into a separate, listed entity. The company’s mainstay business of franchising Vakrangee Kendras, as well as its BharatEasy app, will remain with the current listed entity known as Vakrangee Ltd. The company said it was doing so as both businesses have evolved into very […]

Sanofi sells India nutraceuticals unit to Kedaara-backed firm

The Indian unit of French pharmaceuticals maker Sanofi said it decided to sell its nutraceuticals business Universal Nutriscience Private Ltd for Rs 587.0 cr ($80 mln) plus debt-like obligations such as retirals and provisions for sales returns. Universal Nutriscience is a joint venture between Kedaara Capital Fund II LLP and Universal Medicare Private Limited. The […]

Matrimony.com buys Shaadisaga.com for Rs 11 cr

Matrimony.com, one of India’s top matchmaking service providers, has agreed to buy ShaadiSaga.com, a Delhi-based online wedding services marketplace, for Rs 11 cr in cash. Shaadisaga.com had revenue of Rs 2.11 cr for the year-ended March, down by about 45% from the previous year due to COVID-19. Shaadisaga.com works by helping couples getting married to […]

Airtel sells Tanzania towers for Rs 1,280 cr

Bharti Airtel said its Africa unit, Airtel Africa, has sold around 1,400 telecom towers in Tanzania to a joint venture company of SBA Communications Corp and Paradigm Infrastructure Ltd for $175 mn, or around Rs 1,280 cr. SBA Communications Corp is a leading global independent owner and operator of wireless communications infrastructure, while Paradigm is […]

Bharti Airtel raises $100 mn from Mastercard via Africa mobile money stake sale

Telecom operator Bharti Airtel said US-based payments processor Mastercard will invest $100 mln (Rs 730 cr) into its Africa mobile payments business. The announcement comes two weeks after TPG Group invested $200 mn in Airtel Money Africa. The latest agreement values Airtel Africa’s mobile money business at $2.65bn on a cash and debt free basis, […]

Gufic Lifesciences gets nod for injectables unit merger

Gufic Lifesciences Ltd, one of the oldest pharma companies in India, today said it has won the last pending regulatory approval for the amalgamation of its injectables unit with itself. It said it won approval from National Company Law Tribunal Mumbai for the merger last week. Since the transaction has a date of Jan 1, […]

Aditya Birla Fashion and Retail buys controlling stake in Sabyasachi

Aditya Birla Fashion and Retail has taken a controlling stake in designer brand Sabyasachi for Rs 398 cr, adding to its existing portfolio of brands that include Louis Philippe, Van Heusen, Allen Solly and Peter England. It will buy a 51% stake in the company founded by Sabyasachi Mukherjee in 1999. “Sabyasachi is India’s largest […]

Metropolis Healthcare buys Hitech Diagnostic for Rs 511 cr

Mumbai-based diagnostic services provider Metropolis Healthcare today announced that it has agreed to buy Chennai-based Hitech Diagnostic Center for a cash consideration of Rs 511 cr. Hitech promoters will invest in Metropolis as part of the deal. Metropolis did not specify the price at which it would allot the 4.95 lakh shares that it will […]

Bharti Infratel becomes Indus Tower on Friday

Bharti Infratel, the tower company spun out of Bharti Airtel, said it will change its name and ticker to Indus Tower on Friday, Dec 18. The name and stock ticker will come into effect on India’s major stock exchanges, including the NSE, on that day. The new ticker will be INDUSTOWER. The merger, originally designed […]