India Digest: Gionee to sell arm; Generali to up stake in JVs; Piramal exits unit; UltraTech to raise $1.3b

China’s Gionee is selling its India operations to Gionee India minority shareholder Arvind R Vohra and the promoters of handset maker Karbonn Mobile while Italy’s Generali is increasing its stake in insurance JVs with India’s Future Group. In another M&A deal, Piramal Enterprises is divesting its entire stake in its subsidiary Piramal Imaging SA (PISA) to UK’s Alliance Medical Acquisitionco. Meanwhile, UltraTech Cement is planning to raise Rs 9,000 crore via an issue of redeemable, non-convertible debentures on a private placement basis.