Ahmedabad-based apparel maker Arvind Ltd is looking to acquire Sequoia Capital-funded fashion and lifestyle portal Freecultr through its online arm Arvind Internet.
The textile-to-retail firm is carrying out due diligence and is likely to close the deal in coming months, reports The Economic Times.
Freecultr was founded in 2011 as an online fashion brand. The same year, it raised $4 million from Sequoia, followed by another $9 million from Sequoia and Moscow-based venture firm Ru-net, started by Russian billionaire Leonid Boguslavsky. It also operates nine Freecultr-branded brick-and-mortar stores in the National Capital Region, Mumbai, Dehradun, Lucknow and Bengaluru.
UAE-based billionaire in talks to acquire healthcare units in Delhi, Mumbai
Abu Dhabi-based VPS Healthcare, which runs Burjeel Hospital in Abu Dhabi and Oman, is in talks with Mumbai-based Dr LH Hiranandani Hospital and New Delhi-based Rockland Hospitals Ltd to acquire some of their units.
"We are in talks with RHL for acquisition of their three hospitals in New Delhi. We are also negotiating with LH Hiranandani for acquisition of one of their hospitals in Mumbai," SK Abdulla, CEO of Lakeshore Hospital, Kochi, part of VPS Healthcare, told The Times of India.
VPS Healthcare, owned by radiologist-turned-entrepreneur billionaire Shamsheer Vayalil, son-in-law of India-born Middle East tycoon MA Yusuf Ali, recently agreed to acquire a controlling stake in Lakeshore Hospital, a 350-bed multi-specialty service provider in Kochi. The hospital has been rebranded as VPS Lakeshore.
RHL has three operational hospitals in the National Capital Region with a planned capacity of 800 beds.Reliance
Reliance Asset Reconstruction Company may float fund for NPAs
Reliance Asset Reconstruction Company (RARC), which is 49% owned by Anil Ambani-controlled Reliance Capital, is looking to acquire stressed loans of large firms for resolution, after establishing its business in retail and small and medium enterprise (SME) bad loans.