Kotak Mahindra Bank Ltd has submitted a binding offer to buy a stake in Multi Commodity Exchange of India Ltd (MCX) from its troubled parent Financial Technologies (India) Ltd (FTIL), two people aware of the development said. The bids come ahead of a 24 May board meeting of FTIL to take stock of the stake sale. Kotak has been seen as a frontrunner to buy a stake in MCX ever since the commodities market regulator Forward Markets Commission on 6 May issued new ownership rules for commodity exchanges. In addition to the binding bid received from Kotak, a second binding bid has been received from a consortium including the Chicago Mercantile Exchange (CME), Tata Capital, Warburg Pincus and the London Mercantile Exchange (LME), one of the two persons cited above said. (Live Mint)

Citic Telecom in talks to buy Reliance Communications' undersea cable business: Chinese firm Citic Telecom is in discussions with Reliance Communications to buy a significant stake in its sub-marine cable business, Global Cloud Xchange, sources said. "RCom have had discussions with various players. Citic is one of them. Whenever and with whomsoever the deal is crystallised, proceeds will be used to lower debt," an industry source said. Sources said RCom has set a target to raise over INR 6,000 crore ($1.02 billion) from sale of Global Cloud Xchange (GCX), formerly Reliance Globalcomm business. RCoM has rebranded Reliance Globalcomm in March as Global Cloud Xchange. (Economic Times)

Qatar Airways may invest in SpiceJet: West Asian airline Qatar Airways is likely to invest in India’s second largest low fare airline by passengers carried SpiceJet Ltd by purchasing its parking slots overseas. The state-run Qatar Investment Promotion Authority are likely to meet the top brass of SpiceJet shortly, citing unnamed sources. “A team of officials from Qatar Investment Promotion Authority is scheduled to meet the SpiceJet management in a day or two to discuss investment plans of Qatar Airlines,” In August 2013, SpiceJet started fresh talks with private equity funds, an Oman-based sovereign wealth fund and foreign airlines from West Asia, as well as an Indian conglomerate, for selling a minority stake to fund expansion plans. (Live Mint) 

We're looking at acquiring hospitals in Bangalore and Hyderabad: Azad Moopen: Aster DM Healthcare, a Dubai-based healthcare service provider, has prepared expansion plans in India, West Asia and Africa. The company is in the process of acquiring hospitals in Bangalore, Hyderabad and Mumbai. The Bangalore announcement is in the final stages and will be disclosed soon. It is also all set to go for an IPO next year and will list on London and Indian stock exchange to raise $200-$250 million (INR 1,165 crore – INR 1,457 crore). (Business Standard) 

Carrefour ropes in KPMG to help it sell India assets: Carrefour SA has hired KPMG to facilitate sale of its assets in India, confirming the French retailer's wariness about pursuing non-core wholesale cash-and-carry business in the country. The retailer has been sounding out potential buyers for its India assets in recent weeks and has hawked its business to various local retailers, a person with direct knowledge of the situation said. The person quoted earlier said, "Carrefour is pulling out of the country not because of cacophony of anti-foreign investments in multi-brand retailing from the BJP-led government, but due to lack of support and will from its headquarters that considers India as a 'bad option'." (Economic Times) 

Courtesy: VCCEdge

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