While Flipkart is in talks to acquire an 8-10 per cent stake in Future Lifestyle, Adani Group is partnering with Doha-based Nebras Power to bid the assets of Equis Energy.
Flipkart in talks to pick up minority stake in Future Lifestyle
Close on the heels of Amazon picking up a stake in Shoppers Stop, rival Flipkart has reportedly begun discussions to acquire an 8-10 per cent stake in Future Lifestyle Fashions Ltd, the listed fashion arm of the Future Group.
According to a report in The Economic Times quoting sources, top management of both companies met last week in Mumbai to discuss a possible deal. The talks are likely to resume in the next few days after Diwali.
Last month, Amazon had announced the acquisition of 5 per cent equity in Shoppers Stop for $27 million.
Future Lifestyle is one of the largest branded apparel retailers in India. It also owns department stores such as Central and Brand Factory and niche formats like Planet Sports.
Adani partners with Nebras Power to bid for Equis Energy assets
As per the sources quoted in the report, Adani is teaming up with Doha-based Nebras Power for the assets of Equis Energy, which has put its entire portfolio valued at about $5 billion up for sale.
Nebras Power is looking to buy Equis’ remaining assets in the Philippines, Japan, Thailand, Indonesia, Australia and Taiwan.
Many global firms have entered into partnerships to bid for Equis’ assets. These alliances include Royal Dutch Shell and Japan’s Softbank; Orix Corporation in Japan and Dutch pension fund APG; and US-based PE fund I Squared Capital, Thailand’s Electricity Generation Plc and Japan’s Mitsubishi, among others.