Deals Buzz: P&G to acquire Merck India business for Rs1,300 crore
Mint brings to you your daily dose of top deals reported by newsrooms across the country.
NCLT puts ArcelorMittal, Numetal back in the race for Essar Steel
The fight for control of bankrupt Essar Steel Ltd took an unexpected turn with the Ahmedabad bench of the insolvency court setting aside the resolution professional’s decision to disqualify Numetal Mauritius and ArcelorMittal from the first round of bidding, reports Mint. Read more
Fortis Healthcare to consider only binding bids for hospital biz
The board of Fortis Healthcare Ltd on Thursday announced the appointment of an advisory committee headed by former PwC India chairman Deepak Kapoor to evaluate binding bids received for the healthcare chain, reports Mint.
In a regulatory filing, Fortis Healthcare said it has received a notice from a group of shareholders including National Westminster Bank Plc and East Bridge Capital Master Fund seeking removal of four directors from the board. Read more
CureFit in talks to raise $75 million in funding
Healthcare and fitness start-up CureFit Healthcare Pvt. Ltd is in talks to raise $75 million from new and existing investors to expand its fitness and food verticals and enter new businesses, reports Mint citing three people familiar with the matter.
CureFit’s existing investors Accel Partners, IDG Ventures, Kalaari Capital, and UC-RNT Fund are keen to fund a majority of the proposed new round, the report said. Read more
Chai Point raises $20 million in Series C funding from Paragon Partners, others
Mountain Trails Foods Pvt. Ltd, which owns the Chai Point chain of tea and snacks stores, has raised $20 million in a Series C funding round led by new investor and private equity firm Paragon Partners.
Mint had on 8 April reported that Chai Point was in advanced discussions to raise $20 million from Paragon Partners and all its existing investors. Read more
Ambit CEO Ashok Wadhwa to buy QInvest stake in the group
Qatar-based QInvest will sell its 26% stake in Ambit Group to Ashok Wadhwa, group chief executive officer (CEO) of Ambit Holdings, as the investment group is looking for an exit, Mint reports.
In another development, Ambit Capital chief executive officer Saurabh Mukherjea has decided to leave the company to start his own business, the report said. Read more
P&G to acquire Merck India business for Rs1,300 crore
Procter & Gamble Co. will buy a majority stake in Merck Ltd, the Indian publicly traded unit of the German drug maker, for Rs1,289.88 crore, as part of a global transaction to acquire Merck KGaA’s international consumer health business for $4.2 billion, reports Mint.
In India, Merck’s consumer health business is one of the largest in supplying vitamins, minerals and supplements, with products such as Neurobion, Polybion and Evion. Read more
Liberty House may be left out of bidding for bankrupt companies
Liberty House, the London-headquartered metals group owned by UK-based businessman Sanjeev Gupta, may be excluded from bidding for companies undergoing insolvency resolution after being barred from making offers for ABG Shipyard two days ago over a loan default, reports The Economic Times citing people aware of the matter. Read more
Schneider-Temasek may announce a deal to buy L&T’s electric & automation business
The consortium of Schneider Electric of France and Singapore’s Temasek Holdings has resumed negotiations to acquire Larsen & Toubro’s electrical and automation business. An announcement is imminent and may be made by this month end, reports ET citing people aware of the developments. Read more
Last year in November, Mint reported that Schneider Electric SE has emerged as the top bidder to acquire Larsen and Toubro Ltd’s (L&T’s) electric and automation division, citing people familiar with the matter.