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Sony, Comcast vie for stake in Zee Entertainment; PSP, Ferrovial eye GVK Airport
Photo Credit: VCCircle

The promoters of Zee Entertainment Enterprises Ltd have shortlisted Japan’s Sony Corp, US cable services provider Comcast and Comcast-backed investment firm Atairos for stake sale talks, The Economic Times reported.

Tech giant Apple and homegrown conglomerate Reliance Industries Ltd have also been shortlisted, the report said, citing people aware of the development.

The report said Comcast and Atairos may jointly bid. The shortlisted companies have submitted non-binding bids, it added.

Zee Entertainment had said in November last year that the promoter Essel Group planned to sell up to half its stake in the company to a strategic partner.

Promoter group companies held a stake of 41.62% in Zee Entertainment at the end of December, stock-exchange data showed.

GVK Airport stake sale

Canadian pension fund PSP Investments, Spanish infrastructure company Ferrovial and sovereign wealth fund Abu Dhabi Investment Authority have placed final bids to pick up a stake in GVK Airport Holdings Pvt. Ltd, a wholly owned unit of GVK Power and Infrastructure Ltd, The Economic Times reported.

Citing people aware of the development, the report said GVK expects the airport company to be valued at Rs 11,200 crore. GVK will use the funds from the stake sale to pare debt.

GVK Airport holds 50.5% of Mumbai International Airport Ltd (MIAL), which is developing the Navi Mumbai airport. The other shareholders in the Mumbai airport operator are South Africa’s Bidvest Group (13.5%), Airports Company South Africa (10%) and Airports Authority of India (26%).

Bidvest and Airports Company of South Africa are also planning to sell their entire stake in MIAL, according to the report.

PayU-Capital Float

Naspers-owned online payments company PayU is in advanced negotiations to invest $100-150 million in digital lending platform Capital Float, which is run by Capfloat Financial Services Pvt. Ltd, The Economic Times reported.

Citing four people aware of the development, the report said PayU is looking to pick up a 25-30% stake in Capital Float in a deal that could value the company around $500 million.

Last year, e-commerce major Amazon India had invested $22 million (Rs 144 crore) in Capital Float. The other investors in the company include Ribbit Capital, SAIF Partners, Sequoia India, Creation Investments and Aspada.

PayU had earlier acquired online payments company Citrus Pay for $130 million (Rs 865 crore) in 2016.

General Atlantic-Mu Sigma

Private equity firm General Atlantic plans to sell its entire 20% stake in data analytics firm Mu Sigma, Mint reported.

Citing two people aware of the development, the report said General Atlantic is in separate talks with PE firms Carlyle Group and KKR to sell its stake in the company.

Last September, The Times of India had reported that Dhiraj Rajaram, founder of Mu Sigma, was planning to buy back shares held by General Atlantic and venture capital firm Sequoia Capital in the company.

Mu Sigma had raised $108 million in 2011 in an investment round led by General Atlantic.

Fortis fraud

An investigation conducted by the Serious Fraud Investigation Office (SFIO), part of the Ministry of Corporate affairs, has revealed that the alleged financial fraud at Fortis Healthcare Ltd could exceed Rs 2,000 crore , Mint reported, citing a government official it didn't name.

Six companies related to former Fortis promoters, Malvinder Singh and his brother Shivinder Singh, were used to divert funds to Gurinder Singh Dhillon, head of spiritual organisation Radha Soami Satsang Beas, and Sanjay Godhwani, a former associate of the siblings, the report said.

The six companies are Best Healthcare Pvt. Ltd, Devera Developers Pvt. Ltd, Fern Healthcare Pvt. Ltd, Modland Wears Pvt. Ltd, Adept Creations Pvt. Ltd and Green Line Buildwell Pvt. Ltd, according to the report.

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