India Digest: Bharti Enterprises bids for OneWeb; IDBI Bank to sell 27% in insurance JV

Sunil Bharti Mittal, billionaire, chairman and chief executive officer of Bharti Enterprises Ltd., gestures as he speaks during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 20, 2016. Photographer: Jason Alden/Bloomberg via Getty Images

Sunil Mittal-led Bharti Enterprises Ltd has made a bid to invest in London-based satellite startup OneWeb with backing from the UK government. In another development, IDBI Bank has approved the sale of its 27 per cent stake in IDBI Federal Life Insurance.

Bharti Enterprises bids for OneWeb

Indian tycoon Sunil Mittal-led telecom company Bharti Enterprises Ltd has made a bid to invest in London-based satellite startup OneWeb with backing from the UK government, Bloomberg reported on Tuesday.

The UK government plans to commit around $500 million alongside other investors to OneWeb as part of the company’s Chapter 11 bankruptcy proceedings. Some Chinese and Canadian investors reportedly, too, have shown interest in the offer. The company collapsed in March after talks with its biggest shareholder SoftBank for a $2-billion financing round fell apart.

Bharti invested in OneWeb in 2015, along with Sir Richard Branson’s Virgin Group, Qualcomm and Airbus. OneWeb raised $1.25 billion in March last year led by SoftBank Group Corp., Grupo Salinas, Qualcomm Technologies Inc. and the Government of Rwanda, bringing its total investment to $3.4 billion.

IDBI Bank okays sale of 27% stake in insurance JV

IDBI Bank has approved the sale of its 27 per cent stake in IDBI Federal Life Insurance to the two joint venture partners, Belgian insurance company Ageas Insurance and Federal Bank, for Rs 595 crore.

At present, IDBI Bank holds a 48 per cent stake in IDBI Federal Life Insurance while Kerala-based Federal Bank and Ageas own 26 per cent each.

As part of the agreement, Ageas will acquire a 23 per cent stake in the insurance joint venture, while Federal Bank will buy 4 per cent. After the stake sale, Ageas’ stake in IDBI Federal Life Insurance will increase to 49 per cent, Federal Bank will own 30 per cent stake, while the remaining 21 per cent will be held by the IDBI Bank.

 

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.