By
Grapevine: JSW to buy Chettinad Builders; Flipkart may partner PharmEasy
Photo Credit: Thinkstock

Sajjan Jindal-led JSW Group’s port operating unit JSW Infrastructure Ltd is buying Chennai-based Chettinad Builders Pvt Ltd for up to Rs 1,000 crore ($133.6 million), The Hindu BusinessLine said.

The deal will give JSW Infrastructure control over a 10 million tonne (mt) capacity common user coal handling terminal and a 2 mt capacity multi-cargo terminal also at Kamarajar Port along with a 10 mt capacity common user coal terminal at New Mangalore Port Trust.

The Chettinad International Coal Terminal shares 52.52% of its annual revenue with government-owned Kamarajar Port, while the Chettinad International Bulk Terminal shares 36%.

The Chettinad Mangalore Coal Terminal shares 31% revenue annually with government-owned New Mangalore Port Trust.

Meanwhile, following the footsteps of Amazon India, Walmart-owned Flipkart is looking to enter the e-pharmacy space, two people aware of the matter told The Times of India.

Apart from building its own team internally for the e-pharmacy business, Flipkart is in early-stage partnership talks with PharmEasy, the people added.

Mumbai-based PharmEasy is said to be in advanced discussions to acquire Bengaluru-based rival Medlife.

Amazon rolled out its pharmacy services last week in Bengaluru, All India Organisation of Chemists and Druggists had sent a letter to Amazon founder Jeff Bezos, saying the launch was illegal. 

Also, Serum Institute of India is looking to raise up to $1 billion (Rs 7,476 crore) for Covid-19 vaccine development and is in talks with several private equity investors including Blackstone and KKR along with philanthropists and social venture funds, two people aware of the matter told The Economic Times.

Serum Institute of India, privately owned by Cyrus Poonawalla, plans to float a special purpose vehicle (SPV) to raise the funds for its vaccine candidates, the report said. It expects to close the fundraising by September.

Serum Institute of India received $150 million earlier this month from the Bill & Melinda Gates Foundation for development and distribution of the AstraZeneca-Oxford University vaccine candidate.

Leave Your Comment(s)