Mint brings to you your daily dose of top deals reported by newsrooms across the country.
JSW Group in talks with China’s Zhejiang Geely for electric vehicles
JSW Group is in talks with China’s Zhejiang Geely Holding Group Co. for a partnership to make electric vehicles (EVs), reports Mint. The proposed equal joint venture with a planned investment of around $1 billion will look at manufacturing premium electric vehicles, batteries and also setting up charging infrastructure, said three people aware of the Indian conglomerate’s plans, who spoke on the condition of anonymity. Read more
Canada’s CDPQ, Allianz invest in Kedaara Capital’s $750 million fund
Private equity (PE) firm Kedaara Capital Advisors Ltd, co-founded by PE veteran Manish Kejriwal, has hit its hard cap of $750 million for its second fund, reports Mint, citing two people aware of the development. The PE firm was initially planning to raise around $600-650 million for its second fund, Mint reported first in November 2016. The second fund has seen new investors such as Canadian pension fund CDPQ and insurance major Allianz, while Ontario Teachers again participated in the fund. Read more
Furtados School of Music looks to raise $2.5 million to expand business
Furtados School of Music, a music education firm, is looking to raise up to $2.5 million to expand business, reports Mint, citing a senior company executive. Furtados School of Music, which is backed by the over 150-year-old musical instrument retail chain Furtados, was founded in 2011 by Tanuja Gomes and Dharini Upadhyaya, who previously worked in the banking and financial services sector. Read more
Country Garden in talks to buy controlling stake in Wadhwa Group project
Country Garden Holdings Co. Ltd, China’s third largest builder by sales, is in talks with Mumbai-based Wadhwa Group to buy a majority stake in its upcoming 450-acre residential township at Panvel in Navi Mumbai, reports Mint, citing two people aware of the development. If signed, this would be the Hong Kong Stock Exchange-listed company’s first Indian investment. Read more
Former Qualcomm Ventures executive plans $50 million Silicon Valley-based fund
The former head of the Indian fund of venture capital firm Qualcomm Ventures, Karthee Madasamy, may soon launch a new $40-50 million fund based out of Silicon Valley to invest in early-stage technology start-ups, reports Mint, citing three people familiar with the plans. Madasamy, who stepped down from Qualcomm Ventures earlier this year to pursue other opportunities, is in the process of finalizing the structure of the new fund and is expected to launch it over the coming days and weeks. Read more
Janalakshmi Financial Services raises Rs1,030 crore from TPG, Treeline and new investors
Janalakshmi Financial Services, the country’s largest microfinance company in loan outstanding, has raised Rs1,030 crore of equity from existing shareholder TPG and Treeline Investment Management in the run up to its transition into a small finance bank, reports Economic Times. Read more
Religare gets shareholders’ nod to invest Rs500 crore in arm
Religare Enterprises shareholders have approved a proposal to invest up to Rs500 crore in its arm Religare Capital Markets for repaying debt related to Mauritius business, and capital needs of India business, reports PTI.
The shareholders have given their approval to an ordinary resolution through postal ballot, the company said in a regulatory filing. Read more
Morgan Stanley to make first close of $400-500 million next month
Morgan Stanley is set to make a first close of $400-500 million for its maiden $1 billion India-dedicated infrastructure fund next month, as the Wall Street giant looks to create a more focused local approach to reap the benefits of an expected boom in the core infrastructure space in the country, reports Economic Times. Read more
IndusInd Bank, Bharat Financial Inclusion to start merger talks
One of India’s oldest microfinance firms Bharat Financial Inclusion Ltd and Hinduja Group-backed private sector lender IndusInd Bank Ltd on Monday announced they will start talks for a merger, something that could help the former bring down credit costs and the latter offer a bouquet of retail loans, reports Mint. Read more
Credit Suisse arm invests in Sapience Analytics
Credit Suisse Asset Management’s NEXT Investors has invested an undisclosed amount in Pune-based product company Sapience Analytics, reports Times of India.
With this investment, Indian Angel Network, the startup’s earliest investor, will get an exit, giving NEXT a majority stake in the company. Founded in 2009 by Shirish Deodhar, Swati Deodhar, Madhukar Bhatia and Hemant Joshi, Sapience Analytics is a people analytics solutions company which has over 70 customers across the globe. Read more