Grapevine: InterGlobe looks to buy Burger King India; Shunwei may bet on Yulu
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Rahul Bhatia-controlled InterGlobe group is in the final stage of talks to acquire the India franchise of fast-food restaurant chain Burger King from private equity firm Everstone Capital, a media report said.

The deal value could be around Rs 1,400 crore ($205 million), The Economic Times reported, citing two people directly aware of the matter.

Two US-based buyout firms and a local private equity fund were previously interested in the deal but have backed out because of a valuation mismatch, the report said.

The development comes at a time when Bhatia is locked in a dispute with Rakesh Gangwal over their flagship airline IndiGo.

Everstone had teamed up with Burger King Corporation in 2013 to operate the India business of the fast-food chain. Burger King India operates 140 outlets.

In another development, Mint reported that Bengaluru-based bicycle and electric-scooter rental startup Yulu Bikes Pvt. Ltd may raise up to Rs 100 crore in a Series A round from China's Shunwei Capital, the venture capital arm of Xiaomi, as well as former InMobi chief business officer Atul Satija.

Citing three people aware of the development, the report said that Yulu has already received commitments from existing investor Blume Ventures and some individual investors.

The round may value the company around Rs 400 crore, the report said.

Yulu was started in 2017 by Amit Gupta, a co-founder of mobile advertising technology unicorn InMobi. Last year, it raised venture capital from Blume Ventures, Wavemaker Partners and 3one4 Capital

The startup’s angel investors include Girish Mathrubootham, founder of cloud-based customer engagement platform Freshworks Inc; and former Google executive Amit Singhal. 

Meanwhile, Canadian investment firm Brookfield Asset Management Inc. is looking to buy a majority stake in debt-laden Suzlon Energy Ltd, Bloomberg reported, citing people familiar with the matter.

Brookfield plans to first buy new shares from the Indian wind-turbine maker and then make an open offer to existing shareholders, the report said.

Suzlon owes about Rs 11,000 crore to its creditors. The report said Brookfield plans to make a one-time loan settlement offer that involves lenders led by State Bank of India to take a hair-cut of up to 50%. 

For Brookfield, a deal would expand its presence in India where it has invested or has expressed interest in a range of sectors including infrastructure, hospitality, real estate and renewable energy.

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