South African media and technology conglomerate Naspers has sold its majority stake in B2B travel platform Travel Boutique Online (TBO), marking its second strong exit in India in the last three months. While the terms of the transaction were not disclosed, sources have told ET that Naspers, which h...

Sekura Energy Ltd, backed by Edelweiss Infrastructure Yield Plus (EIYP) fund, will acquire two operating power transmission assets from Essel Infraprojects Ltd- namely Darbhanga-Motihari Transmission Limited and NRSS XXXI (B) Transmission Limited. Sekura is also set to acquire Warora-Kurnool Transmi...

Teva Pharmaceutical Industries has announced that Teva and the Procter & Gamble Company [NYSE: PG] have agreed to terminate the PGT Healthcare partnership that the two companies established in 2011 to market OTC (Over The Counter) medicines. The separation is planned to take effect July 1, 2018...

Redkite Capital Private Limited (Redkite Capital) and SSG’s India Opportunities III Pte Limited (SSG), a SEBI registered Foreign Portfolio Investor, acquired a controlling stake in Tourism Finance Corporation of India (TFCI), a listed Non-banking Financial Company (NBFC), according to a SEBI filing ...

Aircel’s lenders are said to have approved a proposal of takeover from UV Asset Reconstruction Company (UVARCL), ending a year-long debt resolution process that was the first of its kind in the telecom sector. While the bankrupt operator may have narrowly escaped liquidation, its financial creditors...

GMR Infrastructure said a consortium comprising the Tata Group, an affiliate of Singapore sovereign wealth fund GIC and Hong Kong-based SSG Capital Management would invest Rs 8,000 crore ($1.16 billion) in its airports unit. GMR will use the entire fund to bring down its debt to Rs 12,000 crore from...

JSW Steel Tuesday went procedurally a step closer to acquiring an asset in bankruptcy-induced ownership change after the administrator overseeing the sale of Bhushan Power and Steel issued a letter of intent (LoI) in favour of India’s biggest maker of the alloy. JSW Steel had made a Rs 19,650-crore ...

India Resurgence Fund, a joint venture between Piramal Enterprises Ltd and Bain Capital Credit, on Monday said it has invested $156 million in the marine chemicals business of Chennai-based Archean Group. The investment proceeds will be used to repay debt, offer capital investment to optimize output...

In a major move by consultancies in the global legal markets, Big 4 consultant EY has gobbled up legal process outsourcer (LPO) Pangea3 from Thomson Reuters, which had bought the then-India-headquartered LPO in 2010 for up to $40m from its founders.

The Ahmedabad bench of the National Company Law Tribunal has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd. The tribunal’s approval for the mega deal has come 583 days after it started the insolvency proceedings, instead of the mandated 2...

AGS Transact Technologies Ltd’s promoters will buy back shares from private equity investors TPG Growth and Actis as the payments solution provider’s initial public offering (IPO) plans continue to be on the backburner, two people aware of the development said. — Mint Veritas Legal advised TPG STAR ...

Cyril Amarchand Mangaldas has hired Khaitan & Co real estate partner Abhishek Sharma to co-head its real estate practice from Mumbai.

Mahindra Partners, the investment arm of automobiles-to-information technology conglomerate Mahindra Group, has invested Rs 206.5 crore in specialty eye care chain Centre for Sight, with the transaction also giving Matrix Partners a complete exit from its decade-long investment in the company. — The...

“Vodafone Idea Ltd, India’s largest telecommunications company by subscribers, is selling $3.6 billion worth of shares in a rights issue at a discount of about 60 percent, which will more than triple its outstanding shares,” reported Reuters . S&R Associates advised the issuer, Vodafone Idea Li...

“Powered by the business of Dena Bank and Vijaya Bank, Bank of Baroda will become larger than ICICI Bank from 1 April following completion of the amalgamation process of three state-run banks. After State Bank of India (SBI) and HDFC Bank, with businesses of ₹ 45.85 trillion and ₹ 15.8 trillion resp...

Sterling & Wilson Private Limited, “SWPL has agreed to acquire 100% of share capital of Unitech Power Transmission Ltd, a wholly owned subsidiary of Unitech Ltd, according to reports . Cyril Amarchand Mangaldas advised Sterling & Wilson Private Limited led by a team of partner Santosh Jana...

“INTERCONTINENTAL HOTELS Group (IHG) has signed a management agreement with Indroyal Hospitality Services Pvt Ltd for Crowne Plaza Amaravati. The 300 rooms hotel will be the first IHG hotel in the city and is expected to be operational by 2024,” reported Businessworld . Cyril Amarchand Mangaldas adv...

“The Weir Group PLC (‘Weir’ or ‘The Group’) is pleased to announce that it has entered into an agreement to sell its Flow Control division to First Reserve, a leading global private equity investment firm focused exclusively on energy, for an Enterprise Value of £275m,” reported the company . Cyril ...

Scheme of arrangement among ABB India Limited, ABB Power Products and Systems India Limited (a wholly owned subsidiary of ABB India) (APPSIL) and their respective shareholders and creditors for the demerger of ABB India’s power grids business to APPSIL. Post sanction of the scheme of arrangement by ...

“Varian and Tata Trusts Sign Framework Agreement for Advanced Cancer Care Solutions to Address Growing Need in India” reported Varian about the “three-year agreement is focused on world-class cancer care delivery through the installation of radiation therapy treatment systems across India where Vari...