Billionaire Anil Agarwal-led Vedanta group has widened its net to borrow from credit funds such as Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments, The Economic Times reported, citing people familiar with the matter.
This development comes as banks are talking tough on a $1 billion loan to the mines and minerals giant amid a tightening credit market, they said.
The pricing being offered by the banks is 300 basis points above the expected rate, they added.
Mahindra's renewables biz
Mahindra Susten, the renewables energy platform of the Mahindra Group, has started the process to launch an infrastructure investment trust (InvIT). Kotak Mahindra, Axis and Avendus Capital have been mandated to run the process, The Economic Times reported, citing people in the know.
Mahindra Susten's businesses comprise the group's renewable engineering, procurement and construction (EPC) unit (with more than 4 GW of capacity constructed) as well as an independent power production (IPP) unit with around 1.54 GW of operational solar plants.
Sterlite JV's transmission projects
Sterlite Power and its joint venture (JV) partner AMP Capital have received bids from three prospective buyers - IndiGrid, Torrent Power and Edelweiss infrastructure fund - for its two power transmission assets worth Rs 3,500-4,000 crore on enterprise value basis, according to Economic Times.
The two transmission projects are likely to fetch about Rs 1,000 crore, they said.
Sterlite Power and AMP Capital came together in December 2020 to set up a platform, committing to invest $300 million to develop transmission assets worth about $1 billion.
Household consumer products firm Cello World has initiated preliminary steps to float an initial public offer (IPO) via which the firm plans to raise between Rs 2,000-2,500 crore, multiple industry sources with knowledge of the matter told Moneycontrol.
The Mumbai-based firm which competes with the likes of Milton, La Opala and Borosil, is backed by ICICI Venture, the alternative investment arm of ICICI Bank.
Bengaluru-based retail tech startup Dukaan has laid off at least 60-80 employees this week, Financial Express reported, citing two people aware of the matter.
The layoffs have affected multiple departments, including sales, business development and operations, the sources confirmed to FE.
This is the second round of layoffs at the startup. It had laid off around 23 employees in September last year. At that time, the company said since it was shifting its focus from small kiranas to direct-to-consumer (D2C) brands and small and medium businesses (SMBs), it had to shed a few roles.