India Digest: Zee Entertainment, GVK Airport Developers, Jaypee Infra stake sale


Technology giant Apple and Mukesh Ambani-led Reliance Industries are also said to be eying Zee Entertainment’s stake.

General Atlantic may sell stake in Indian analytics firm Mu Sigma to Carlyle, KKR

The stake is expected to be valued at at least $200 million, given that Mu Sigma entered the coveted unicorn club when Mastercard invested $45 million in February 2013.

India: ArcelorMittal looks to purchase another piece of Essar empire

ArcelorMittal has bid 48 billion rupees ($673 million) to acquire Essar’s 1200 MW power plant in central India, one of the most prized assets in the group’s power portfolio.

Fortis fraud may exceed $280m, says India’s fraud investigation office

Sebi has already passed an order against Fortis to recover ₹500 crore from the Singh brothers for funds diverted to the promoter and promoter-related entities in December.

India: Jet Airways may raise $560m via rights issue if Etihad open offer fails

The decision to raise funds through rights issues comes after the domestic lenders decided to convert existing debt into 114 million shares at a consideration of ₹1 according to Reserve Bank of India (RBI) norms.

India: Emami divests 10% stake to PremjiInvest, others for $222m

The stake sale proceeds will reduce promoter debt which stood at Rs 284 crore as of December 2018.

India Dealbook: Intel acqui-hires Ineda; Cipla picks Wellthy stake; Grasim buys KPR unit

As part of the deal, around 100 graphics engineers of Ineda Systems will join Intel.

India: Pickyourtrail bags $3m from Freshwork co-founder, others

After getting more than 10,000 travellers on board, the Chennai-based start-up will use “a major chunk of this fund” for brand building.

India Digest: DHFL, Ayana, Vodafone Idea tower assets stake sale in news

EverSource Capital is looking to invest around $100 million in Ayana Renewable Power, which operates in India and South Asian markets.

Paytm sees its losses more than double in 2019-20

Paytm’s growing losses were attributed to the parent’s emphasis on aggressive expansion to take on bigger rivals in the e-commerce space such as Amazon and Walmart-Flipkart.