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 $9 million from Sequoia and Moscow-based venture firm Ru-net, started by Russian billionaire Leonid Boguslavsky. It also operates nine Freecultr-branded brick-and-mortar stores in the National Capital Region, Mumbai, Dehradun, Lucknow and Bengaluru.
UAE-based billionaire in talks to acquire healthcare units in Delhi, Mumbai
Abu Dhabi-based VPS Healthcare, which runs Burjeel Hospital in Abu Dhabi and Oman, is in talks with Mumbai-based Dr LH Hiranandani Hospital and New Delhi-based Rockland Hospitals Ltd to acquire some of their units.
“We are in talks with RHL for acquisition of their three hospitals in New Delhi. We are also negotiating with LH Hiranandani for acquisition of one of their hospitals in Mumbai,” SK Abdulla, CEO of Lakeshore Hospital, Kochi, part of VPS Healthcare, told The Times of India.
VPS Healthcare, owned by radiologist-turned-entrepreneur billionaire Shamsheer Vayalil, son-in-law of India-born Middle East tycoon MA Yusuf Ali, recently agreed to acquire a controlling stake in Lakeshore Hospital, a 350-bed multi-specialty service provider in Kochi. The hospital has been rebranded as VPS Lakeshore.
RHL has three operational hospitals in the National Capital Region with a planned capacity of 800 beds.Reliance
Reliance Asset Reconstruction Company may float fund for NPAs
Reliance Asset Reconstruction Company (RARC), which is 49% owned by Anil Ambani-controlled Reliance Capital, is looking to acquire stressed loans of large firms for resolution, after establishing its business in retail and small and medium enterprise (SME) bad loans.
The asset reconstruction company is also planning to float a stressed asset fund in partnership with international investors, reports Business Standard.
Sam Ghosh, executive director and group CEO of Reliance Capital, said in the report that the resolution of retail and SME loans would happen in 12 months and big-ticket loans three to four years.
RARC has assets under management of Rs 1,254 crore ($ 193 million), according to its website. Its shareholders or sponsers include Corporation Bnk, Indian Bank, GIC of India, Dacecroft and Blue Ridge.
Metropolitan Stock Exchange to raise funds for clearing corporation
Metropolitan Stock Exchange Of India Ltd (MSEI), formerly known as MCX-SX, is planning to raise capital to meet regulatory capital requirements for the exchange’s clearing corporation Metropolitan Clearing Corp of India Ltd.
“The capital raising exercise is on and we have appointed merchant bankers,” Udai Kumar, managing director and chief executive of MSEI, told the Mint.
MSEI needs to meet the Rs 100 crore capital requirement set for its clearing corporation by the capital markets regulator Securities and Exchange Board of India in September 2014.
Last year, MSEI had raised about Rs 75 crore through a rights issue, less than the company’s targeted amount of Rs 118.34 crore. The capital watchdog had directed the company to meet the target of minimum networth of Rs 100 crore by October 2015. This deadline was later extended to March 2016.
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