Buyout Fund Riverside, European Retailers In Fray For Spykar – Global buyout fund Riverside and three European fashion retailers are in the fray to acquire India’s biggest home-grown denim brand Spykar Lifestyles after Avigo Capital, which controls about 60% stake in the company, renewed plans to sell the business. Lincoln International is advising the seller on the deal with an expected enterprise valuation of almost $100 million. The two-decade-old Spykar’s founder Prasad Pabrekar holds the remaining 40% stake with no immediate plans to exit. (Times of India)
H&M Looks For India Partner – Swedish fashion giant Hennes & Mauritz (H&M) may induct a local partner to enter India as policy flip-flops deter global brands from coming into the country with 100% ownership. H&M, which is the second-largest European apparel maker after Spanish behemoth Inditex Group, held talks recently with potential Indian partners. (Times of India)
L&T To Sell Stakes In Infrastructure Projects – Larsen & Toubro (L&T) plans to bring in partners in various infrastructure projects through sale of equity. It has built a significant portfolio of assets covering concessions, mainly in roads, ports, power generation and metro rail. L&T had also mulled sale of minority stake in L&T IDPL through placement of private equity, but now the plans have shifted to equity dilution in individual projects. (Business Standard)
Dalmia Bharat Acquires Sugar Mill In Maharashtra – Dalmia Bharat Sugar and Industries said it had acquired a sugar manufacturing plant near Kolhapur in Maharashtra for an undisclosed amount. The plant has a capacity of 2,500 tonnes cane crush a day. The deal will be subject to approval by existing lenders under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and other approvals. (Business Line)
BHEL Looks At Acquisitions In US, Europe – Looking to bolster its overseas foot prints, state-run Bharat Heavy Electricals (BHEL) is actively scouting for acquisition opportunities in Europe and the US. BHEL has said it is “actively pursuing acquisition opportunities in Europe and the USA” in the areas of core technologies in energy sector, including renewables, transportation and transmission. (Business Standard)
CCI Says Request For Nod To Aditya Birla-Pantaloon Deal Invalid – Competition Commission has termed as invalid an application seeking its approval for takeover of Future group’s Pantaloon brand business by Aditya Birla Nuvo, as the final deal was yet to be approved by the boards of the concerned companies. Aditya Birla Nuvo Ltd through a subsidiary has proposed to acquire a majority Pantaloon format business from Kishore Biyani-led Future group and the concerned parties had sought clearance from the Competition Commission of India (CCI) for the deal on July 16. (Economic Times)
George Soros Buys Manchester United Shares – Manchester United, the English soccer team, began its season on Monday with a 1-0 loss to Everton. But Manchester United, the newly public company, has received a big thumbs up from one of the world’s most famous investors. George Soros has taken a 7.85 per cent stake in the team, acquiring 3.1 million of the Class A shares. (Business Standard)
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