In the latest M&A deals, Dvara KGFS has acquired microfinance institution Varam Capital while Tata Sponge Iron has completed the acquisition of Usha Martin’s steel business. In another deal, Tech Mahindra said it is acquiring an 18.1 per cent stake in both Infotek Software and Systems (ISS) and Vitaran Electronics while Netcore Solutions has acquired artificial intelligence (AI) chatbot startup Quinto.ai.
Dvara KGFS buys Varam Capital
Following the acquisition, Varam Capital’s customers and its digital capabilities would be transferred to Dvara to enhance the ability of combined business to grow profitably and serve remote rural customers, according to a statement. Through Varam’s acquisition, Dvara KGFS intends to consolidate its presence in Tamil Nadu and enter the Chhattisgarh market. Varam currently operates 28 branches in 12 districts in Tamil Nadu and Chattisgarh and has a customer base of about 1.28 lakh customers.
Tata Sponge completes steel business acquisition
“The company has completed the acquisition of steel business undertaking including captive power plants, pursuant to a cash consideration payable to UML of Rs4,094 crore, which is subject to further hold backs of Rs640 crore, pending transfer of some of the assets including mines and certain land parcels,” it said in a regulatory filing. Tata Steel had signed a definitive agreement with UML in September last year to acquire its steel business.
Tech Mahindra buys 18% stake in Infotek, Vitaran
Tech Mahindra intends to leverage the presence of the companies in the radio-frequency identification (RFID) space in building a strong footprint in the asset monitoring, tracking and automated billing solutions space, it said. The investment will also help expand the tech firm’s portfolio for smart city projects.
Netcore acquires chatbot startup Quinto.ai
The deal gives Netcore access to Quinto’s conversational AI-powered chatbot engine and its employees. Quinto co-founder Hrishikesh Rajpathak has joined Netcore as Chief Data Scientist and will lead its machine learning and conversation analytics initiatives. The deal was managed by investment bank Equirus Capital through its Propeluss unit.