India Digest: Adani Ports, Digit, Reliance Infra in M&A; NBCC sells office space

Visual from Adani Ports website

In the latest M&A deals, Adani Ports and Special Economic Zone Ltd has signed an agreement to acquire 97 per cent stake in Marine Infrastructure Developers Pvt. Ltd while Fairfax Financial Holdings unit Digit Insurance has fully acquired privately owned reinsurer ITI Reinsurance from Fortune Financial Services. In other updates, MERC has approved the proposed stake sale of Reliance Infrastructure’s integrated Mumbai power business to Adani Transmission Ltd and state-owned NBCC has sold nearly 28,000 sq ft office space at Okhla in the national capital to Balmer Lawrie & Co.

Adani Ports acquires Kattupalli Port

Adani Ports and Special Economic Zone Ltd. (APSEZ) on Thursday announced that it has executed a share purchase agreement with Larsen and Toubro Ltd. (L&T) to acquire 97 per cent stake in Marine Infrastructure Developers Pvt. Ltd. (MIDPL), the developer and operator of Kattupalli Port near Chennai, for 1,950 crore. While Rs 388 crore is the consideration for the acquisition of shares, the balance Rs 1,562 crore is towards the settlement of liabilities of MIDPL, APSEZ said in a BSE filing.The acquisition will enable the company to develop container terminal operation to increase market share and provide container, bulk terminal operation, and marine services. Going forward,  APSEZ plans to transform Kattupalli into a multi-commodity port to handle cargoes such as containers, automobiles, break bulk, general cargo, liquid cargo and project cargo. The deal is expected to complete in a week. MIDPL clocked revenues of Rs 98.64 crore in the fiscal year ended March 31, 2017.

Fairfax arm acquires ITI Reinsurance

India-born Canadian billionaire Prem Watsa-led Fairfax Financial Holdings unit Digit Insurance has acquired privately owned reinsurer ITI Reinsurance from Fortune Financial Services, an associate of Sun Pharma’s Dilip Shanghvi, for about Rs 500 crore, The Economic Times reported. ITI Reinsurance got a licence in December 2016 and has a capital base of Rs 500 crore. Digit had already applied for a reinsurance license under the name of ValueAttics Re in India, which will now be withdrawn with the acquisition. The holding company Digit Info Works will hold 100 per cent of the reinsurance company.

MERC approves Reliance Infra-Adani deal

The Maharashtra Electricity Regulatory Commission (MERC) has approved the proposed stake sale of Reliance Infrastructure’s integrated Mumbai power business to Adani Transmission Ltd (ATL) estimated at Rs 18,800 crore. The deal between the two was signed in December last year. The transaction is expected to be closed in July 2018, Reliance Infra said in BSE filing on Thursday. Reliance Infrastructure has already received the approval of Competition Commission of India (CCI) and its share-holders for the deal, it said. Reliance Infrastructure Ltd. and ATL had signed definitive binding agreement for the stake sale in December 2017.

NBCC sells Okhla office space

State-owned NBCC on Thursday said it has sold nearly 28,000 sq ft office space at Okhla in the national capital to Balmer Lawrie & Co for Rs 83.3 crore. The profit margin available to NBCC against this deal will be about Rs 55 crore, NBCC said in a BSE filing. NBCC (India), a navratna enterprise under the Ministry of Housing and Urban Affairs, present areas of operations are categorised into three main segments — project management consultancy (PMC), real estate and EPC contracting. With consolidated revenue of Rs 6,401 crore, NBCC has been growing with a consistent upward trajectory of 20 per cent CAGR in the past five years.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.