India Digest: Lemon Tree, Baring PE Asia, Reliance Industries in M&A news

Visual from Lemon Tree Hotels website

In the latest M&A deals, Lemon Tree Hotels Limited has acquired Berggruen Hotels, which owns Keys Hotels, while Reliance Industries has increased its shareholding in SkyTran Inc. Separately, Baring PE Asia has emerged as the sole bidder for the acquisition of a controlling stake in Can Fin Homes.

Lemon Tree buys Berggruen Hotels

Lemon Tree Hotels Limited has acquired Berggruen Hotels, which owns Keys Hotels, it said in an announcement. With the acquisition of Keys Hotels, Lemon Tree has expanded its operating portfolio to 75 hotels with ~7650 rooms across 43 cities.

Lemon Tree Hotels including Keys hotels are located across India, in metro regions, including
the NCR, Bengaluru, Hyderabad and Chennai, as well as tier I and tier II cities such as Pune,
Ahmedabad, Chandigarh, Jaipur, Indore, Aurangabad, Mumbai, Kolkatta, Udaipur,
Vishakhapatnam, Kochi, Ludhiana and Thiruvananthapuram.

Reliance Industries increases SkyTran stake

Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly owned subsidiary of Reliance Industries Ltd, has increased its shareholding in SkyTran Inc. to 17.37 per cent on a fully diluted basis, it announced last week.

RIHL had picked up a 12.7 per cent stake in SkyTran in October last year, with an option to further invest an amount up to $25 million in convertible notes.

Baring PE Asia emerges as sole bidder for Can Fin

Baring PE Asia has emerged as the sole bidder for the acquisition of a controlling stake in Can Fin Homes, the housing finance subsidiary of state-run Canara Bank.

According to a report in The Economic Times, two other contenders – Aditya Birla Capital and Warburg Pincus, withdrew just ahead of the bidding deadline on Thursday.

In September, Canara Bank had sought expressions of interest from prospective buyers for a 30 per cent stake in Can Fin Homes Ltd. According to a September report in Mint, the bank had received 12 expressions of interest.

 

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.