Mahanagar Gas (MGL) is acquiring 100% of Unison Enviro Private Limited (UEPL). UEPL incorporated in December 2015, is a subsidiary of Ashoka Buildcon. The Company has been supported by Morgan Stanley India Infrastructure fund since pre revenue days. It has been granted authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) to develop City Gas … Read more
Zomato Gold is a periodic subscription based membership, whereby the subscribing customers get significant discounts and free deliveries from the member restaurants. Initially, it was mainly available on offline eating. However, later Zomato extended it to deliveries and that’s when member restaurants put up a significant protest because of which the scheme was altogether stopped … Read more
Vedanta has approved the sale of it’s international Zinc assets in South Africa and Namibia to it’s subsidiary Hindustan Zinc (HZL). The transaction is valued at $2.98 bn (approx Rs 25,000 cr) It’s an all-cash deal, which would be completed in a phased manner over 18 months Valuations are estimated at 14.9x FY 24 EV/EBITDA. … Read more
Poonawalla Fincorp (PFL) is selling 100% of it’s housing subsidiary Poonawalla Housing Finance Limited (PHFL) to TPG. Consideration is Rs 3,900 cr PHFL reported financials for FY 22 Revenues of Rs 470 cr Net Worth at Rs 1082 crore Above implies a valuation of 8.3x on trailing revenues and 3.6x on Net Worth. (This is … Read more
United Spirits Limited (USL), a subsidiary of British alcohol major Diageo, has been strategically reviewing it’s Popular brand portfolio since February 2021. The review is a part of it’s strategy to increase profit by focusing on the premium brands. It has now announced the following deal with Inbrew Beverages Private Limited (“Inbrew”)- Sale of 32 … Read more
This is what some investors had wanted and that’s exactly what Varroc Engineering Ltd (VEL) has decided. Key announcements – VEL has entered into a definitive agreement with Compagnie Plastic Omnium SE, France to divest its 4-Wheeler lighting business in the Americas and Europe Agreed consideration is an Enterprise Value of EUR 600 mn (approx … Read more
The bid has been won by the consortium led by Bandhan Financial Holdings Limited (BFHL) and includes GIC and ChrysCapital. Key factual points on the acquisition –Â BFHL is the non-operative financial holding company of the Bandhan group. It is the promoter of Bandhan bank and currently owns ~40% stake in the Bank. IDFC mutual … Read more
TTK Healthcare (TTKH) has announced selling 100% of it’s human pharma division to Miransa Limited, an affiliate of Advent International (a major private equity investor). Key points to note – Division is being sold off to BSV Pharma Private Limited – a new entity in which 74% will be held by Miransa and balance 26% … Read more
L&T Finance Holdings (LTFH) as part of the restructuring and consolidation has decided to move out of the wholesale business and focus exclusively on the retail lending. Key points to note – Retail lending for the Company consists of farm equipment, 2 wheelers, consumer loans, micro loans and home loans/ LAP. Wholesale lending comprises of … Read more