Tata Steel, Vedanta eligible to bid for bankrupt Bhushan Steel, says NCLAT


Neeraj Singal had moved NCLAT questioning Tata Steel’s eligibility to bid for the company under Section 29(A) of the Insolvency and Bankruptcy Code (IBC).

MEP Infra to divest stakes in six projects to Cube Highways for $65m

MEP, which started out as a toll management company, entered the construction business with the six projects.

India: GIC-backed ShopClues raises $16m funding, scouts for buyer

ShopClues has held talks with Flipkart, Paytm Mall, Snapdeal and eBay Global for a potential merger.

India Digest: BLS E-Services acquires Starfin; DailyNinja buys 4amShop

The deal will see the exit of 4amShop founders and addition of its 2,000 customers to DailyNinja’s platform.

India Digest: Nexus leads $3m round in Quizizz; TransportEG gets $1.9m from IL&FS

The funding will support new products that help students master standards specific to their grade level, school, and state.

Former Carlyle exec-led Sanaka gets $100m from Woodman for maiden PE fund

Sanaka Capital Partners, founded by former Carlyle India executive Shankar Narayanan, is looking to raise a total of $300 million for the fund.

India: S Chand buys 51% stake in Chetana Publications for $8.5m

This investment is in line with the inorganic growth strategy of S Chand to expand its share in the K-12 content publishing market.

India: IFCI seeks buyer for its 4% stake in Clearing Corp

The move is part of the lender’s efforts to clean up its balance sheet, which recorded gross NPA of 40.9% as of 31 March 2018.

India: Paytm acquires savings management app Balance Tech

The acquisition will help Paytm enhance its user and merchant interface.

PE slump in India’s housing segment indicates weak investor interest

PE funding for residential real estate is down 34% year-on-year (y-o-y) in the quarter ending June 2018.