Grapevine: ReNew mulls dual listing; Adani’s MIAL to buy airports

By Narinder Kapur

  • 26 Feb 2021
Grapevine: ReNew mulls dual listing; Adani’s MIAL to buy airports
Credit: Pixabay

Clean energy company ReNew Power Ventures Ltd is considering a listing in India, its managing director said, just two days after reports said that the Goldman Sachs-backed company had agreed to float itself in the United States.

In an interview with Mint, company chairman and MD Sumant Sinha said that while there is no requirement for the company to list itself in India, it may consider doing that in the “near future”.

On Wednesday, the company said it had agreed to list itself through a merger with a blank-cheque company in a move expected to value the combined entity at around $8 billion (around Rs 58,550 crore) on an enterprise basis. 


Meanwhile, the Adani Group is likely to make Mumbai International Airport Ltd (MIAL) the primary vehicle through which it will acquire airports in upcoming privatisation rounds, Business Standard reported.

The report comes even as the Airports Authority of India gets set to invite bids for six to 12 airports during the early part of the upcoming financial year.

Adani Group has started the process of shifting the headquarters of its airports business from Ahmedabad to Mumbai, and is reshuffling the top management at the division, the report said, citing sources aware of the developments.


The conglomerate has appointed former Allcargo Logistics CEO Prakash Tulsiani as the head of MIAL to replace Rajeev Jain. Earlier this year, the Adani Group had entered into an agreement with GVK and two South African companies to purchase a 74% stake in MIAL.

In a separate development, education-technology giant Byju’s is likely to close a deal to acquire exam and test preparation firm Aakash Educational Services by March, Business Standard reported on Friday.

The deal is expected to be valued at around $700-$800 million (around Rs 5,123.65-Rs 5,855.6 crore), the report said, citing sources aware of the acquisition negotiations.


A successful buy of the company will mark this acquisition as one of the largest deals in the education space. Byju’s has already made some acquisitions in the past. The company is currently valued at a reported $12 billion.

Meanwhile, the Burman family, who are the single-largest investors in Eveready Industries Ltd with a 20% stake, may assume joint promoter status in the company along with the Khaitan family, Mint reported.

The holding of the Khaitan family has fallen from 44.1% to 4.5% over the past two years as lenders sold pledged shares.


“If the Burmans and Khaitans become joint promoters and run the company together, a hostile takeover can be prevented,” said one of the sources cited by the report.

If the Burman family decides to assume joint promoter status in Eveready Industries, they will need to launch an open offer.

Separately, financial services firm Paytm and transport aggregator Ola (which itself runs a financial services division) have tied up with IndusInd Bank to apply for a New Umbrella Entity licence, The Economic Times reported.


If granted an NUE licence, the three entities will be able to set up a national payments network with capabilities and potential similar to the National Payments Corporation of India.

Non-banking company Centrum Finance and other fintech companies such as Zeta Pay and Electronic Payment and Services are also expected to be a part of this. 

Other companies that are reported to be in the fray for an NUE licence are Amazon along with ICICI Bank and Axis Bank, and two other consortiums led by the Tata Group and Infibeam Avenues.

Finally, The Economic Times reported that United States-based brewer Molson Coors has agreed to sell its Indian unit to the Singapore-based Inbrew Holdings.

As part of this deal, Inbrew Holdings will acquire Molson Coors’ Indian beer brand Thunderbolt along with selling and distribution rights of global brands such as Miller, Blue Moon, Carling, and Cobra.

The two companies did not disclose the financial details of the transaction. However, people aware of the developments have pegged it at around Rs 1,000 crore (around $135.59 million).

The acquisition will also include three manufacturing facilities with a total installed capacity of 16 million unit cases, the report said. 

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