Axis to increase stake in Max Life

Max Life (ML) is a subsidiary of Max Financial Services Limited (MFSL). ML is currently 87% owned by MFSL and 13% by the Axis group. In 2021, Axis Bank had announced the deal for the acquisition of a stake in ML The lender then through its entities, had collectively acquired a 12.99% stake in Max … Read more

Jio Financial partners with Blackrock

Jio Financial Services Ltd (JFSL), the demerged financial lending arm of Reliance Industries Ltd, and BlackRock, the world’s largest asset manager, have joined hands to set up an asset management company. It’s a 50:50 JV with both partners planning to invest $150 million each in the JV Jio BlackRock will bring BlackRock’s deep expertise and … Read more

M&M buys into RBL

In a sudden announcement, M&M has informed to have acquired 3.53% stake into RBL Bank. Stake has been acquired from secondary market at a total value of Rs 417 cr. Average acquisition price is estimated at around Rs 199 per share as against RBL’s current trading price of Rs 239/ share. M&M has informed that … Read more

Sheela Foam announces two strategic investments

1. 94.66% acquisition of established competitor mattress company ‘Kurlon‘ Cash consideration of Rs 2,035 cr implying a valuation of Rs 2,150 cr Transaction to be completed by November 30, 2023 Kurlon’s revenues: FY 2019-20: Rs 995.56 cr FY 2020-21: Rs 767.25 cr FY 2021-22: Rs 808.80 cr FY 2022-23: awaited EBITDA margins have declined from … Read more

Havells forays into contract manufacturing

The CMD has shared the following – Havells India is going to venture into electronic manufacturing service (EMS) or contract manufacturing space for appliances such as air-conditioners and washing machines to cater to the increasing demand of global brands to have an Indian manufacturing base (and hence reduce dependence on China). On a pilot basis, … Read more

Bajaj Auto applies for new NBFC

Bajaj Auto (BAL) has sought RBI approval for setting up a new NBFC. The application is currently under consideration by the regulator. The proposed NBFC is for captive financing of Company’s two wheelers and three wheelers. Currently more than 40% of BAL’s vehicles get financed by Bajaj Finance (BFL, the group company), which in turn … Read more

After JioPhone, Reliance launches cheaper JioBharat phones

In 2020, Jio had partnered with Google to develop an ultra-affordable Android-based smartphone to address the mass Indian market that couldn’t shift to smartphone ecosystem due to the unaffordability. The result JioPhone next that was finally launched last year albeit at a higher price then what was planned initially. Result – muted response and hence … Read more

Narayana eyes insurance

Narayana Hrudayalaya (NH) is in discussions with the regulator (IRDAI) to get into the health insurance business. The plan is to sell a bundled health insurance package that proposes to offer comprehensive care from outpatient consultations to ordering medicines, to health check-ups, diet, physiotherapy and surgeries. In an interview to ET, Viren Shetty, executive vice-chairman … Read more