India Digest: ADIA to back UPL’s Arysta buy; Google accelerator; LIC-IDBI update

A pedestrian looks up while walking past a Bharti Airtel Ltd. store in Mumbai, India, on Saturday, April 21, 2018. Photographer: Dhiraj Singh/Bloomberg

Abu Dhabi Investment Authority is set to invest $1 billion to acquire a 20 per cent stake in UPL Corporation while Life Insurance Corporation of India will make an open offer to minority shareholders of IDBI Bank in which it proposes to acquire up to 51 per cent equity. Separately, Google announced Launchpad Accelerator India targeting startups in machine learning and artificial intelligence.

ADIA to back UPL for Arysta buy

Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is set to invest $1 billion to acquire a 20 per cent stake in UPL Corporation, the Mauritius-based arm of India-listed UPL Ltd. UPL, in turn, will use the stake sale proceeds to acquire Platform Specialty Products Corp’s agricultural pesticides business called Arysta Life-Science for $4.3 billion, said an Economic Times report quoting sources. The remaining $3.3 billion is being arranged from Asian and European banks.

LIC to make open offer to IDBI

Life Insurance Corporation of India (LIC) will make an open offer to minority shareholders of IDBI Bank in which it proposes to acquire up to 51 per cent equity, PTI reported. The state-owned life insurer will approach market regulator SEBI after getting approval from its board for acquiring stake in the state-owned bank, in which it currently owns 8 per cent. Insurance regulator IRDAI has already approved the stake purchase in a deal worth over Rs 10,000-13,000 crore.

Google’s Launchpad Accelerator for AI, ML startups

Global tech giant Google on Tuesday announced Launchpad Accelerator India, a new comprehensive mentorship programme tailored exclusively for Indian startups using machine learning (ML) and artificial intelligence (AI).

The three-month accelerator programme has been designed to grow the AI and ML ecosystem in India by helping startups build scalable solutions problems specific to the country.

The selected 8-10 startups will get Google’s mentorship and $100,000 Google credits. Applications for the first class are now open until July 31 and the first class will start in September 2018.