Grapevine: Google eyes Twitter-backed ShareChat; Apollo Global joins fray for BPCL
Photo Credit: Reuters

Google is in preliminary talks to acquire Twitter-backed regional language social media platform ShareChat at a valuation of over a billion dollars (Rs 7,395 crore), The Economic Times said, citing two people privy to the development.

The term sheet has been signed and a due diligence exercise is underway, the people said.

“ShareChat founders may retain a small stake post the deal while all the other existing investors will exit,” one of the persons said.

In September, ShareChat raised $40 million to boost short video platform Moj.

Meanwhile, Apollo Global Management has submitted an expression of interest for the government’s 53% stake in Bharat Petroleum Corp Ltd (BPCL) in a bid to compete with Anil Agarwal’s Vedanta that has also confirmed its participation at this stage, The Economic Times said.

Apollo is likely to partner with a global energy major ahead of its final offer, people aware of the development told The Economic Times

Government officials handling the sale said that they had got up to four global funds and a major foreign company in the bidding process.

In another development, green energy majors Goldman Sachs-backed ReNew Power and ADIA-backed Greenko Energy are among 10 companies that have shown interest in buying Chandigarh’s electricity distribution company (discom), Mint said citing two people aware of the development.

Other interested players include Tata Power, CESC Ltd, Torrent Power, Adani Group, NTPC Ltd, GMR Group, India Power Corporation Ltd, and Sterlite Power. 

The Chandigarh discom sale also marks the start of India’s efforts to privatise discoms of its Union Territories as part of its next-generation power-sector reforms.

A pre-bid meeting has been called on 1 December for the Chandigarh discom and the last date of bid submission is 30 December. 

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