K2 Global plans to increase its stake in Indian companies Paytm and Saavn, while Syndicate bank has put up for sale GVK’s Tamil Nadu SEZ.
K2 Global looks to hike stake in Paytm, Saavn
K2 Global, an investment backed by Indian and Asian billionaires, plans to increase its stake in Indian digital wallets firm Paytm and music streaming firm Saavn, according to a Press Trust of India report.
“We are looking to invest more in Paytm and Saavn,” said the Singapore-based investor Ozi Amanant, who leads K2 Global, which has acquired stakes in Paytm and Saavn over in about two years.
Founded in 2015 by general partner Minal Hasan and Ozi Amanat, K2 Global aims to fill the missing link between two dominating geographic markets. Based in Silicon Valley and Singapore, K2 Global invests in technology companies in the Internet and software sectors, with a concentration on solutions in the mobile, e-commerce, fintech, AR/VR, artificial intelligence, autonomous vehicles, and machine learning realms.
According to the news report, the company is raising another round of 284 million Singapore dollars, following on to the recently closed 257 million Singapore dollars .
“We have a target to raise 1 billion Singapore dollars in the next two years for investments,” Amanat said.
Syndicate Bank puts GVK’s Tamil Nadu SEZ up for sale
GVK owes Rs 175 crore to the state-run lender, which has issued a notice for e-auction of the 2,500 acres of SEZ land for the second time. No bidders had responded to the first auction notice, dated January 6. The fresh e-auction is scheduled on March 27.
“As we could not get a response from the potential bidders to the earlier e-auction, we have issued newspaper advertisements with a fresh auction schedule this time in Mumbai city, in addition to Hyderabad and Chennai,” P Veera Reddy, chief manager of the corporate branch of the bank, told the news paper.
According to a GVK spokesperson quoted in the report, the company had been negotiating with the bank and the entire Rs 175 crore would be settled in the next few weeks. “As we will be repaying the loan in the next few weeks, we hope the bank will not go ahead with the auction,” the spokesperson said.