India Digest: JSW’s acquisition of GMR Kamalanga on hold; Future Group seeks buyers for logistics biz

India gate, New Delhi, India. Photo: Pixabay

Talks of a proposed acquisition of GMR Kamalanga Energy Ltd by Sajjan Jindal-led JSW Energy has been put on the backburner in the wake of the COVID-19 outbreak. In a separate development, Kishore Biyani-founded Future Group has roped in investment bank Ambit to seek buyers for its logistics business, according to media reports.

JSW’s acquisition of GMR power project put on hold

Talks of a proposed acquisition of GMR Kamalanga Energy Ltd by Sajjan Jindal-led JSW Energy has been put on the backburner in the wake of the COVID-19 outbreak, per a report by VC Circle.

JSW Energy was looking to acquire the debt-laden company from GMR Energy for Rs 5,321 crore.

The companies had entered into an agreement in February.

The acquisition would have helped JSW Energy to ramp up its total installed power generation capacity to 5,609 megawatt, the report further added.

Future Group seeks buyers for logistics biz

Kishore Biyani-founded Future Group has roped in investment bank Ambit to seek buyers for its logistics business, according to media reports.

Biyani and his family reportedly hold as much as 47.89 per cent stake in Future Supply Chain.

Future Supply Chain Solutions Ltd is amongst the largest organised third-party supply chain and logistics service providers in the country.

It offers automated and IT-enabled warehousing, distribution and other logistics solutions to customers and caters to sectors such as retail, food and beverage, fashion and apparel, and FMCG, among others.

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.