C.E. Info Systems (MapmyIndia) has made some surprise announcements. Rohan Verma, the CEO and Executive Director of the Company is stepping down from the CEO position to float a new B2C Venture He however, will continue to the Non-Executive Director of MapmyIndia MapmyIndia will provide the following support to the new B2C Venture by Rohan … Read more
The co-branded card partnership has been one of the most successful and in running for 8 years. Existing portfolio of 3.4 mn co-brand credit cards issued till date will continue to operate as usual without any change Upon renewal, these cards will be reissued as RBL Bank branded credit cards Reason for termination Not immediately … Read more
Sona BLW Precision Forgings (Sona) has entered into an agreement to acquire the Railway Equipment Division (RED) of Escorts Kubota (Escorts). RED of Escorts is a leading supplier of critical components for Railways, such as brakes and suspension systems for various rolling stocks. The division reported revenues of Rs 950 cr in FY 24. In … Read more
As part of the strategic partnership with Apple, Airtel has announced shutting it’s music service Wynk. The Wynk users will transition to Apple Music with preferential offers and pricing. Wynk is estimated to have more than 100 mn users This number is based on app downloads and hence may be grossly over stated. Paid users … Read more
Reshuffling of businesses continue at Zomato. After announcing the purchase of Paytm’s ticketing business, the Company has now shut down inter-city delivery service ‘Legends’ The service was suspended in April this year and was relaunched in July. The Company then had tweaked the model to deliver pre-stocked items from other cities with a shorter delivery … Read more
Zomato in a bid to further strengthen it’s going-out segment has agreed to buy Paytm’s movie and event ticketing business. Deal is an all cash deal for Rs 2,048 cr Paytm has said that it had built it’s movie ticketing business from the ground up and acquired Insider and TicketNew for Rs 268 crore between … Read more
Eris is acquiring Dermatology and Nephrology branded formulations business units of Biocon Biologics (BBL), a subsidiary of Biocon Limited. The transaction is a Slump Sale Revenues of the acquired businesses for FY 2022-23 was Rs. 90 Cr and Net Worth was Rs. 25 Cr as at March 31, 2023 Transaction value is Rs 366 cr, … Read more
Glenmark Pharma (GPL) is selling 75% stake in Glenmark Life Sciences (GLS) to Nirma. GPL currently holds 82.84% in GLS. Post transaction it would be left with 7.84%. The transaction has been agreed at Rs 615/ share implying an equity valuation of Rs 7,535 cr for GLS. GPL will get Rs 5,651.5 cr for 75% … Read more
HDFC to comply with the RBI requirements for merger with HDFC Bank has divested out of the education subsidiary, HDFC Credila Financial Services. It is selling approx 90% of Credila to a private equity consortium comprising Barings and ChrysCapital Stake is being sold for a consideration of Rs 9,060 cr valuing the business at about … Read more