Morning Tidings

Tag: acquire

  • Quess Corp to acquire 30% stake in Konct from Tata Sons for ₹ 208 crore

    Quess Corp to acquire 30% stake in Konct from Tata Sons for ₹ 208 crore

    In November 2017 Quess acquired 51% Conneqt and increased its stake in Conneqt from 51% to 70% in May 2019 through an infusion of primary capital.

    Business services platform Quiet Corp said on Friday that it will hold the remaining 30% equity stake of Tata Sons from Tata Sons. Will buy for 208 crores.

    In November 2017 Quess acquired 51% Conneqt and increased its stake in Conneqt in May 2019 to 51% to 70% through infusion of primary capital, which was later used to acquire Allsec Technologies, CLM and HRO service provider Was done

    The combined strength of Konset and Allsec will give Quess a greater foundation to expand its CLM and BPM capabilities with an emphasis on digital services and international expansion, Quess said in a statement.

    Suraj Moraje, Group CEO and Managing Director of Quess Corp, said, “The consolidation of our holdings in CONCAT will further accelerate CONCAT’s transition to non-voice services, as there will be a commercial benefit from the virtual tailwinds of virtualization, digitization, and automation.” ‘

    Conneqt is a customer life cycle management (CLM) and BPM services firm that operates 21 distribution centers and employs over 29,000 people.

    With this transaction, Konkat will become a wholly owned subsidiary of Quess.

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  • BYJU’S to acquire Sky in $ 1-bn ‘strategic’ deal

    BYJU’S to acquire Sky in $ 1-bn ‘strategic’ deal

    Edtech platform BYJU’S entered into a strategic partnership with the test preparation services firm Aakash Educational Services Limited (AESL) on Monday, which subsequently acquired about $ 1 billion.

    The company declined to reveal details about the valuation and other financial statements. Private equity major Blackstone-supported AESL currently runs 215 testing centers offering students medical and engineering entrance exams, school / board exams, Kishore Vigyan Protsahan Yojana (KVPY), National Talent Search Examination (NTSE), Olympiad and other foundation level Prepares for exams. , BYJU’S said in a statement.

    “The future of learning is hybrid and it is the association [with Aakash] BYJU’S said “offline and online learning will bring together the best,” Byju Raveendran, founder, and CEO. “Epidemics have brought to the forefront the importance of a mixed form of learning,” he said.

    AESL MD Aakash Chaudhary said that this partnership will bring together Akash’s erudition expertise in the pre-segment with BYJU’s content and tech capabilities along with BYJU’s content and tech versions.

    Following the acquisition, Aakash will continue to operate as a separate entity and its founders – Jessie Chaudhary and Aakash Chaudhary – along with PE partner Blackstone, will become shareholders in BYJU’S.

    Blackstone acquired a 37.5% stake in Aakash in 2019 for approximately $ 183 million.

  • Quess Corp to acquire 30% stake in Konct from Tata Sons for ₹ 208 crore

    Piramal Pharma to acquire 100% stake in Heramo Pharma

    Piramal Pharma Limited (PPL) has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Private Limited. According to the top official, upfront payment of ₹ 775 crore and achievement of milestones.

    The acquisition will be funded through domestic borrowing.

    Hemmo will remain part of PPL’s ​​Contract Development and Manufacturing Organization (CDMO), Piramal Pharma Solutions (PPS) and is expected to boost its capabilities and position as a leading CDMO.

    “Hemomo is one of the few pure-play synthetic synthetic peptide API manufacturers in the global market,” PPL said.

    “With the addition of Hemmo’s capabilities, PPS will gain access to the growing peptide API market and increase its ability to provide integrated services to its customers globally.”

    Nandini Piramal, Chairperson, Nandini Piramal said, “Hemmo has demonstrated a superb quality track record to replicate excellence and potential.”

    “Once in the PPL family, this will be another example of a niche offering to attract and delight customers. This is the third pharma acquisition in this financial year, and another example of the implementation of our profitable growth strategy. “

    The acquisition is expected to add more than 250 PPS, including many scientists holding doctoral degrees and a quality team of over 60. The acquisition agreement is subject to customary regulatory closing conditions.

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  • Quess Corp to acquire 30% stake in Konct from Tata Sons for ₹ 208 crore

    Adani Transmission to acquire Essel’s project for Rs 3,370 crore

    Adani Transmission Limited (ATL) has signed definitive agreements with Essel Infra Projects Limited (EIL) for the acquisition of Warora-Kurnool Transmission Limited (WKTL) at an enterprise valuation of ₹ 3,370 crore.

    Regulatory approval has already been received by ATL from the Central Electricity Regulatory Commission for the replacement of the original awardee in the contract. ATL said in a statement, consent to the transaction and other necessary regulatory approvals will be obtained before closing the transaction.

    With this acquisition, ATL’s cumulative network will reach 17,200 ckt km, of which 12,350 ckt km is already operational and 4,850 ckt km (including this property) is in various stages of execution.

    Anil Sardana, MD and CEO of Adani Transmission Ltd said, “The acquisition of WKTL will strengthen ATL’s all-India presence, further strengthening its position as the largest private sector transmission company in India.”

    “This strategic completion of the South 765 kV interconnector with substations in South India complements ATL’s presence in all regions of the West Country,” he said.

    Warora-Kurnool Transmission Ltd will develop, operate and maintain transmission lines totaling 1,750 ckt km. The 765 kV inter-state transmission line link connects Warora-Warangal and Chilakaluripeta-Hyderabad-Kurnool with a new 765/400 kV sub-station in Warangal. The project was built through a competitive bidding process on its own, operation, maintenance basis.

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  • Adani Ports to acquire additional 58.1% stake in Gangavaram Port

    Adani Ports to acquire additional 58.1% stake in Gangavaram Port

    Adani Ports and Special Economic Zone (APSEZ) has announced that it will buy a 58.1% stake held by DVS Raju and ₹ 3,604 crore in Gangavaram Port Limited (GPL). The deal is subject to regulatory approval.

    Earlier this month, APSEZ announced the acquisition of a 31.5% stake in Warburg Pincus in the GPL. With this acquisition, APSEZ will hold an 89.6% stake in GPL, which has port operations in Andhra Pradesh.

    Located close to Vizag Port, GPL is the second largest non-major port in Andhra Pradesh with a 64-MMT capacity and has been set up under a concession from the Government of Andhra Pradesh (GoAP), spanning 2059.

    It is an all-weather, deep water, multi-purpose port capable of handling fully laden super cape-sized vessels up to 200 m DWT.

    Currently, GPL operates nine berths and has approximately 1,800 acres of land. APSEZ said in a statement that with a master plan capacity of 250 MMTPA with 31 berths, the GPL has sufficient headroom.

    The GPL handles a diverse mix of dry and bulk commodities, including coal, iron ore, fertilizer, limestone, bauxite, sugar, alumina, and steel. The GPL is a gateway to an interior area spanning eight states in eastern, southern and central India.

    “GPL will benefit from APSEZ’s pan-India footprint, logistics integration, customer-centric philosophy, operational efficiency and a strong balance sheet.

    In FY20, GPL had a cargo volume of 34.5 MMT, revenue of ₹ 1,082 crore, EBITDA of% 634 crore (margin of 59%) and PAT of ₹ 516 crore.

    GPL is debt free, with a cash balance of more than ₹ 500 crore.

    The company has a paid-up share capital of 51.7 crore shares, of which 58.1% is held by Mr. Raju and family (promoter) and 10.4% is with GoAP. The remaining 31.5%, which was held by Warburg Pincus, has been sold to APSEZ.

    ‘Tremendous addition’

    “The acquisition of GPL is another enhancement of our vision to capitalize on an expanding logistics network impact that generates more value as we expand,” said Karan Adani, CEO and full-time director of APSEZ.

    “Every additional node we are able to add to our network allows us to provide a greater level of integrated and enhanced solutions to our customers. In this context, GPL is a tremendous addition to our portfolio.

    “We will now be able to tap on the respective handland, which is the fastest growing eastern region and brings logistic synergy APSEZ to the table, the GPL has the potential to become 250 MMT ports,” he said. This will undoubtedly help accelerate the industrialization of AP, ”said Mr. Adani.

    “Gangavaram’s location north of AP is a strategic complement to our recent acquisition of the Port of Krishnapatnam,” he continued.

    This is the second port acquisition in Andhra Pradesh by the Gujarat-based Adani Group, when it bought a controlling stake of ₹ 12,000 crore in Krishnapatnam Port. It is also developing a transshipment port at Vizhinjam in Kerala.

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  • Quess Corp to acquire 30% stake in Konct from Tata Sons for ₹ 208 crore

    Haldia’s ₹ 600 crore plan to acquire Nagarjuna has been approved

    Haldia Petrochemicals will acquire Nagarjuna Oil Corporation Limited (NOCL), as per the scheme of ₹ 600 crore approved by the National Company Law Tribunal, Chennai.

    According to the scheme, secured lenders would get ₹ 560 crore, or about 6% of their total filing claims ₹ 9,864.14 crore. Lenders include State Bank of India, IDBI Bank, Canara Bank and Syndicate Bank.

    The NCLT had ordered liquidation of the NOC, as there was no resolution of any kind. Later, Haldia presented a resolution plan under section 230 of the Companies Act. Section 230 is a mechanism to ensure the institutional settlement of disputes between creditors and the company. This ensures that the company has a chance to protect itself from bankruptcy or liquidation by entering into deals with at least a majority of creditors.

    Meanwhile, other claimants are unlikely to receive any amount for their claims, including statutory authority, insolvency and priority payments payable in accordance with Section 53 of the Bankruptcy Code 2016. Also the shareholders’ equity of 1800 crores is also erased.

    According to a source, banks have to recover ₹ 560 crore out of the principal amount of ₹ 2,200 crore, which is around 25%. Interest is high because the account was NPA long before it was sent to NCLT.

    In September 2019, Haldia Petrochemicals signed an MoU with the Government of Tamil Nadu to invest approximately ₹ 50,000 crore in Cuddalore district, by converting the NOCL facility into a refinery-cum-petrochemical complex.

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