Two of the bidders for Tata Steel Ltd's Port Talbot and other UK steel plants may work together.
Liberty House and management buyout group Excalibur Steel will submit separate bids for Tata UK when the deadline closes on Monday but they are likely to say in bid documents that they are willing to form a partnership, the BBC reported.
Tata Steel put its UK steel assets up for sale earlier this year. Liberty, run by steel magnate Sanjeev Gupta, and Excalibur are the only two bidders from the UK steel industry. Investment firm Greybull, India's JSW Steel; China's Hebei Iron and Steel Group; and UK turnaround fund Endless are the other bidders.
Japan's Sumitomo may buy 44% stake in Excel Crop Care
Japanese conglomerate Sumitomo is in advanced talks to acquire a 44% stake in Mumbai-based pesticides and agrochemicals company Excel Crop Care for about Rs 1,200-1,300 crore, The Economic Times reported.
The stake is expected to be acquired from Excel promoters the Shroff family, which owns about 24.7% equity, and financial investors Ratnabali Capital Markets and Ranabali Investments, which together hold around 19% in the company,.
The proposed deal is expected to be signed in June, the report said. Australian crop protection and specialist seeds company Nufarm owns is likely to retain its 14% stake in Excel Crop Care, it said.
IL&FS to wind up its securities business
Infrastructure Leasing and Financial Services may wind up its securities business, IL&FS Broking Services, by mid-July and as it is not profitable, The Economic Times reported.
IL&FS had acquired a 76% stake in Avendus Securities in August 2013, which completely forms its equity broking business. The remaining 24% is with Avendus, which is unlikely to contest the winding down, the report said citing sources privy to the development.
Prior to this, IL&FS had a securities business that it sold to HSBC in 2008. However, the global financial services company wound up that business in October 2013.
ILF&S to list wind energy assets as InvIT
Infrastructure Leasing and Financial Services Ltd has started the process of listing its wind energy assets that fall under IL&FS Energy Development Co. Ltd (IEDCL) as an infrastructure investment trust (InvIT).
Through the listing, the company is looking to raise as much as Rs 2,000 crore, the Mint reported citing sources privy to the development. It has appointed two foreign investment banks to work for the listing and plans to use the capital for expansion.
IL&FS had started its energy business in 2008 through IEDCL with the objective to develop, own and operate power generation and power transmission assets in India and abroad.
Flipkart reshuffles top-level roles
Bangalore-headquartered online retailer Flipkart has reshuffled top-level management roles in its core marketplace business, as part of its efforts to improve its seller ecosystem, The Times of India reported.
The country's largest e-tailer has appointed Samardeep Subandh, who previously worked with Hindustan Unilever and Marico and joined Flipkart as marketing head in December last year, as head of categories, the report said.
Former MobileStore COO Ajay Veer Yadav has been appointed as VP of mobiles category and Anil Goteti, a company veteran who was heading the mobiles category at the e-tailer, will now head the marketplace platform, the report said.
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