Sajjan Jindal-led JSW Group has appointed Kaustubh Kulkarni as the head of its mergers and acquisitions team, Bloomberg reported.
Kulkarni, who had joined Standard Chartered Bank in January 2006 as its managing director and head of credit and investor sales, will also be leading JSW Steel’s strategic financing team, according to his LinkedIn profile.
The development comes on the back of JSW Group’s efforts to boost its steel-making arm through acquisitions of distressed mills in India.
D-Mart eyes Novotel Imagica
Supermarket chain D-Mart’s founder Radhakishan Damani has acquired five-start resort Novotel Imagica Khopoli from Adlabs Entertainment Ltd, The Economic Times reported.
The company was acquired the hotel assets through Bright Star Investments Pvt. Ltd, the Mumbai-based investment company controlled by the Damanis.
The hotel, adjacent to the Imagica theme park located off the Mumbai-Pune expressway at Khopoli, has an inventory of 116 rooms, while 171 more rooms are expected to be operational during the current fiscal, says the company’s annual report.
Adlabs chairman Manmohan Shetty told the financial daily that the company has signed a term sheet with Bright Star and is going through the process. “Theme park Imagica is the project. Within that project, only the hotel has been sold to reduce our debt,” he added.
In its most recent investor presentation, Adlabs had said that the management believes its core strength lies in operating and managing the parks business, while exploitation of surplus land and the hotel were its non-core businesses.
The company said that the board had approved the sale of Novotel Imagica, besides an 8.9 acre land parcel, for an overall consideration of Rs 212 crore.
Shopper Stop CEO
Retailer Shoppers Stop Ltd may hire the former chief executive officer of Dubai-based Majid Al Futtaim Fashion, Rajiv Suri, as its new chief executive, ET reported.
Since Salil Nair had stepped down as the CEO in January, the company did not have a chief executive.