India Digest: Reliance to buy Milkbasket; Fairfax eyes exit from Seven Islands

Photo: Pixabay

After a few months of negotiations, Reliance is finally close to acquiring subscription-based milk delivery startup Milkbasket. Separately, Fairfax-backed Seven Islands Shipping Ltd has filed draft red herring prospectus with SEBI for an initial public offering (IPO).

Reliance close to acquiring Milkbasket

Reliance Industries Ltd is close to acquiring subscription-based milk delivery startup Milkbasket for about $40-43 million, Entrackr reported.

The talks between the two have been on for a while and have now reached the last stage of negotiations. Reliance already offered a term sheet early this month and the transaction could be announced soon, the report said quoting a source.

Last month, Kalaari Capital had reportedly sold its entire stake in Milkbasket to Mahendra Nahata-led MN Televentures.

Fairfax to partially exit from Seven Islands via IPO

Canadian billionaire Prem Watsa-led Fairfax-backed Seven Islands Shipping Ltd has filed draft red herring prospectus with SEBI to raise Rs 600 crore through an initial public offering (IPO).

The IPO will mainly consist of a primary issuance of shares by Seven Islands and a secondary sale of shares by its existing shareholders and Fairfax India. Seven Islands may raise up to Rs4,000 million by issuing fresh equity shares, Fairfax India said in a statement.

Fairfax India currently owns 27.78 million equity shares of Seven Islands, representing a 48.5% equity interest on a fully-diluted basis.

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.