RP-Sanjiv Goenka Group close to making three acquisitions

Kolkata-based RP-Sanjiv Goenka Group is in the final stage of negotiations to clinch three different acquisitions in the media, retail and technology sectors by the end of next month, according to a report in Business Standard citing the group chairman Sanjiv Goenka.

Goenka, who successfully bid for the Pune franchise of the Indian Premier League (IPL) through the group company New Rising, told the paper that the company is trying to close the deal in technology domain through the group firm Firstsource Solutions Ltd.

The group had acquired a controlling stake in public listed BPO firm Firstsource Solutions through a mix of subscription to fresh issue of shares and stake purchase from existing investors including Singapore’s sovereign wealth fund Temasek in 2012.

After this acquisition, Firstsource Solutions made a strategic investment in Bangalore-based in analytics company NanoBi.

"Dialogue is on for an acquisition by Firstsource; we hope it will happen in January," he said, without divulging details on other acquisitions. He, however, said the media acquisition target has a bouquet of offerings and the “biggest thing” will be the digital platform it is looking at.

In the retail sector, it already runs Spencer's.

Recently, RP-Sanjiv Goenka group won the Pune franchise of the IPL, replacing the suspended Chennai Super Kings.

New Rising will pay the Board of Control for Cricket in India (BCCI), which runs the IPL, Rs 16 crore for the next two years.

Goenka also owns the football franchise Atletico de Kolkata, part of IMG-Reliance's Indian Super League, which has completed two seasons so far.

The group is looking to augment its presence through a mix of organic and inorganic routes and diversification is expected to play a vital role. 

Earlier this year, the group decided to enter real estate business. It is now planning to develop a retail and residential project in Haldia.

"We are about to sign a deal for another property that could be used for commercial or retail in central Kolkata. It will happen over the next few days," Goenka told the newspaper.

With assets close to Rs 31,000 crore, the RP-Sanjiv Goenka Group has interests across diverse business sectors. It has employee strength of more than 50,000. Over the next five years, the group is expected to invest more than $3 billion across its various business projects, according to the information available on its website.

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