Sumeet's Feed
Jul 27, 2015

RBS in talks to sell Indian private banking unit to Sanctum Wealth

MUMBAI (Reuters) – Royal Bank of Scotland Group Plc (RBS.L: Quote, Profile, Research, Stock Buzz) is in talks to sell its Indian private banking business to Sanctum Wealth Management, a firm set up by its local private banking business head Shiv Gupta, a spokeswoman for the bank said on Monday.

Switzerland’s Union Bancaire Privee said in March it was buying the overseas business of British wealth manager Coutts from RBS, as part of the bank’s drive to pull back from foreign markets and focus on UK retail and commercial banking.

Jul 16, 2015

JSW shelves plan to buy cricket team, cites graft-hit IPL’s “negative aura”

MUMBAI (Reuters) – JSW Group, an $11 billion conglomerate with interests ranging from steel to power, is shelving plans to buy a cricket team in the money-spinning Indian Premier League (IPL), citing the “negative aura” of the corruption-hit competition.

Domestic media had reported that JSW, controlled by billionaire Sajjan Jindal, was in talks with British beverages group Diageo Plc (DGE.L: Quote, Profile, Research, Stock Buzz) to buy United Spirits Ltd’s (UNSP.NS: Quote, Profile, Research, Stock Buzz) stake in the Royal Challengers Bangalore cricket club in a $100 million deal. Some of India’s biggest companies have invested in the IPL.

Jul 16, 2015

India’s JSW shelves plan to buy cricket team, cites graft-hit IPL’s “negative aura”

MUMBAI, July 16 (Reuters) – India’s JSW Group, an $11 billion conglomerate with interests ranging from steel to power, is shelving plans to buy a cricket team in the money-spinning Indian Premier League (IPL), citing the “negative aura” of the corruption-hit competition.

Domestic media had reported that JSW, controlled by billionaire Sajjan Jindal, was in talks with British beverages group Diageo Plc to buy United Spirits Ltd’s stake in the Royal Challengers Bangalore cricket club in a $100 million deal. Some of India’s biggest companies have invested in the IPL.

May 10, 2015

Late to the party, global banks try to muscle into India’s start-up boom

MUMBAI, May 11 (Reuters) – Global investment banks are
scrambling to get a piece of the action from India’s booming
technology start-ups, having missed out on the initial flurry of
deal-making to their better-connected but much smaller domestic
rivals.

Banks including Goldman Sachs Group Inc, Citigroup
and Morgan Stanley are looking to hire more bankers
in India and are now regularly attending “bake-offs” to pitch
for advisory roles on deals, according to several banking
industry sources.

May 8, 2015

Alibaba in talks to buy $1.2 billion stake in India phone maker Micromax: sources

MUMBAI (Reuters) – Alibaba Group Holding (BABA.N: Quote, Profile, Research, Stock Buzz) is in talks with India’s Micromax Informatics (IPO-MINF.NS: Quote, Profile, Research, Stock Buzz) to buy an about 20 percent stake in the smartphone maker, helping the Chinese e-commerce giant expand in one of the world’s fastest growing markets for the devices, several people with direct knowledge of the matter said.

The deal, if completed, would see Alibaba investing as much as $1.2 billion in Micromax, the second-largest smartphone brand in India by sales, at up to $6 billion, two of the people said. India is the world’s third largest smartphone market and was the fastest growing in the Asia Pacific region in the third quarter of last year, according to industry research firm International Data Corporation.

May 8, 2015

Alibaba in talks to buy $1.2 billion stake in Micromax – sources

MUMBAI (Reuters) – Alibaba Group Holding (BABA.N: Quote, Profile, Research, Stock Buzz) is in talks with Micromax Informatics to buy an about 20 percent stake in the smartphone maker, helping the Chinese e-commerce giant expand in one of the world’s fastest growing markets for the devices, several people with direct knowledge of the matter said.

The deal, if completed, would see Alibaba investing as much as $1.2 billion in Micromax, the second-largest smartphone brand in India by sales, at up to $6 billion, two of the people said. India is the world’s third largest smartphone market and was the fastest growing in the Asia Pacific region in the third quarter of last year, according to industry research firm International Data Corporation.

May 8, 2015

Alibaba in talks to buy $1.2 bln stake in India phone maker Micromax-sources

MUMBAI, May 8 (Reuters) – Alibaba Group Holding is
in talks with India’s Micromax Informatics (IPO-MINF.NS: Quote, Profile, Research, Stock Buzz) to buy
an about 20 percent stake in the smartphone maker, helping the
Chinese e-commerce giant expand in one of the world’s fastest
growing markets for the devices, several people with direct
knowledge of the matter said.

The deal, if completed, would see Alibaba investing as much
as $1.2 billion in Micromax, the second-largest smartphone brand
in India by sales, at up to $6 billion, two of the people said.
India is the world’s third largest smartphone market and was the
fastest growing in the Asia Pacific region in the third quarter
of last year, according to industry research firm International
Data Corporation.

May 6, 2015

In buoyant Asia markets, block trade surge delivers Goldman windfall

HONG KONG/MUMBAI, May 7 (Reuters) – As investors tap into rising
Asia Pacific stock markets to sell assets in waves of block
trades, Goldman Sachs’ dominance of such deals has
already brought more in fees in 2015 than in the previous two
years combined.

As shares climb, private equity firms and others looking for
quick off-market investment exits have lifted Asia block trades
to nearly $21 billion so far this year, on track to beat 2012′s
record $57 billion. Goldman has cornered more than half of Asia
Pacific’s 2015 block deals, booking $112 million in estimated
fees from firms like Japan’s Daiichi Sankyo and Chevron
, according to Thomson Reuters/Freeman Consulting data –
more than similar-deal fees for 2013 and 2014 combined.

Apr 28, 2015

Sun Pharma, not sated by Ranbaxy deal, may spend up to $7 bln on M&A -bankers

MUMBAI, April 28 (Reuters) – India’s Sun Pharmaceuticals
Industries Ltd, emboldened by its takeover of domestic
rival Ranbaxy Laboratories, is willing to spend as much as $7
billion on further acquisitions, bankers familiar with the
generic drugmaker’s strategy said.

The just completed Ranbaxy deal, its biggest to date at $3.2
billion, has given India’s biggest drugmaker sufficient scale in
generics and emerging markets to think about its next step –
beefing up expertise in higher margin products and gaining a
bigger global presence.

Apr 27, 2015

United Spirits moves to oust chairman Vijay Mallya after audit

MUMBAI (Reuters) – The board of United Spirits Ltd, majority-owned by Britain’s Diageo Plc, has begun a procedure to remove its chairman and former owner Vijay Mallya due to alleged financial irregularities in the company.

Mallya has denied the allegations and said in a statement to Reuters on Monday he would not resign as chairman.