India Digest: Tata to sell design unit; Laureate biz on block; SB Energy eyes Essel project

Tata logos are seen at their flagship showroom before the announcement of their Q3 results in Mumbai February 14, 2013. REUTERS/Vivek Prakash/Files

Tata Motors has held talks with software giant TCS to sell its automobile and aerospace unit, Tata Technologies, while Laureate Education is looking to sell its India business worth Rs 2,500 crore. Meanwhile, SB Energy is close to investing in a 500-megawatt solar power plant being developed by Essel Group.

Tata Motors in talks to sell design unit

After failed talks with US private equity firm Warburg Pincus, Tata Motors has held talks with software giant TCS to sell its automobile and aerospace unit, Tata Technologies (Tata Tech), reported The Times of India.

Tata Motors wants to exit Tata Tech as it no longer fits into its business play.

Warburg Pincus was to invest $360 million (Rs 2,300 crore) for a 43 per cent stake in Tata Technologies. But the two parties mutually called off the deal earlier this year. At that time, Tata Motors said it will continue to explore strategic options to sell its stake in Tata Technologies.

Tata Motors owns 70.4 per cent of Tata Tech while the balance 28 per cent is held by affiliates of the Tata Group and employees of Tata Tech. The Singapore-based firm clocked a profit of Rs 246 crore on sales of Rs 2,691 crore in FY18.

Laureate Education to sell India biz

Baltimore-based Laureate Education, the world’s largest for-profit higher education company, is looking to sell its India business, including Pearl Academy of fashion, design and media, reported The Economic Times.

The India business, which is estimated to be worth Rs 2,500 crore, also comprises University of Petroleum and Energy Studies (UPES) in Dehradun that offers courses across disciplines including engineering, business and law. The education group has roped in consulting firm EY to advise on the sale, the report said.

Laureate has reportedly not been able to realise the returns it was expecting from the India business as Pearl Academy and UPES are run by education societies that are not-for-profit institutions.

SoftBank’s energy arm eyes Essel project

SoftBank-backed SB Energy is close to investing in a 500-megawatt solar power plant being developed by Essel Group in Rajasthan, reported The Economic Times.

Essel Group is in the early stages of developing a solar power park in Rajasthan with a total capacity of 750 MW.

SB Energy is a joint venture of SoftBank, Bharti Enterprises and Taiwan’s Foxconn Technologies. The company has pledged to invest $20 billion to set up 20 gigawatts of solar power capacity in India.

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.