Deals Buzz: Five bidders including JSW for Usha Martin’s steel business

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Five bidders including JSW for Usha Martin’s steel business

Five companies have expressed interest in buying Usha Martin’s steel business, Business Standard reported. The five — JSW Steel, Tata Steel, Liberty House, Kalyani and Vedanta — have signed non-disclosure agreements (NDAs) in this regard, while they do their due-diligence. Once the offers are made, it would be evaluated by an independent committee set up by Usha Martin’s board of directors. Mint reported in June that Usha Martin’s board approved the sale of the steel business, aimed at reducing debt. Usha Martin was earlier looking to sell its wire and wire ropes business. However, a change in market conditions prompted the company to look at sale of the steel business. Read more

IF&FS shareholders ask for turnaround plan before bailout talks

Key shareholders of cash-starved Infrastructure Leasing and Financial Services Ltd (IL&FS) have asked the management to table a comprehensive turnaround and deleveraging plan, before talks of a potential bailout can be initiated, Mint reported, citing two people directly aware of the development. Mint reported on 7 September that the company failed to raise Rs 3000-4000 crore from its shareholders, after defaulting on a short-term loan. “Assets, including several completed projects of IL&FS Maritime Infrastructure Co. Ltd. (IMICL), sale of land parcels held by Hill County Properties Ltd (HCPL), a stake sale in IL&FS Securities Services Ltd and the sale of certain assets of IL&FS Transportation Networks Ltd maybe put on the block over the next six months,” the first person added. Read more

Cognizant buys Advanced Technology Group

IT-services provider Cognizant said it bought Advanced Technology Group for an undisclosed amount to expand its consulting capabilities on the Salesforce platform, the second such deal in as many months, The Economic Times reported. In August it had agreed to buy SaaSFocus, a digital consultancy focus on the SalesForce platform. ATG was founded in 2000 and has delivery centres in Kansas, Missouri, Ohio and Montana and counts IBM, Subaru and CenturyLink as clients. The company will become part of Cognizant’s Enterprise Application Services practice. Read more

TPG, ChrysCapital, others may invest up to Rs 600 crore in Ess Kay Fincorp

Private equity majors TPG, ChrysCapital, Creador Capital and Goldman Sachs are vying to invest up to ₹600 crore for a significant minority stake in Jaipur-based Ess Kay Fincorp Ltd, Mint reported. This is in line with trends from a half-yearly report by consultancy EY, which said that financial services saw more deals than any other sector, with 74 deals worth $4.1 billion. Read more

Baring PE in talks to buy 26% stake in Lakshmi Vilas Bank

Baring Private Equity Asia is in talks with Lakshmi Vilas Bank to buy at least a 26% stake in the Chennai-based private lender, Mint reported. Lakshmi Vilas Bank is keen to sell as much as 51% if permitted by the Reserve Bank of India (RBI) but bad loans may cloud a potential deal as Baring wants to value the lender at about $400 million, a far cry from Lakshmi Vilas Bank’s expectation of $1 billion. Read more

Livspace raises $70 million from TPG, Goldman Sachs

Online home design startup Livspace has raised $70 million in a funding round led by private equity firm TPG Capital and Goldman Sachs as it seeks to expand to new cities, open a large number of stores and accelerate sales growth. The company’s existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures also participated in the round. Livspace, which has raised $105 million in funding so far, will use the fresh capital primarily to grow sales faster. The company is now targeting monthly gross sales of $11-12 million by March 2019, up from roughly $7 million currently.

source: livemint


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