ACQUISITION

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• How Mukesh Ambani & Family are navigating change at India's biggest firm

  The past year has marked RIL's foray into finance and its plan to dominate the media and entertainment as it heads towards merging its media business with Walt Disney. It is already India's largest retail and digital player. As India is on track to become the world's third-largest economy, RIL Chairman Mukesh Ambani believes his company too can rise globally to be among the top 10 global conglomerates. This rise will come from the transformation of the company through digital, retail and green energy businesses.

  

• CCI approves Punjab State Power Corp’s takeover of GVK Energy arm

  The anti-trust regulator said PSPCL, a fully owned undertaking of the Punjab government, intends to take over GVK Power (Goindwal Sahib), which has been undergoing an insolvency resolution process. PSPCL has reportedly offered Rs 1,400 crore to lenders for the acquisition of the GVK power unit. This is the first such takeover of a private electricity generator by a state-run distribution company.

  

• CCI clears IndusInd International Holdings Ltd-Reliance Capital deal

  In July, Hinduja group-owned IndusInd International Holdings (IIHL), the promoter of IndusInd Bank, announced a USD 1.5-billion capital-raising plan to fund the proposed acquisition of Reliance Capital and increase its stake in the lender. The board of the Mauritius-registered IIHL also decided to increase its holding in Reliance Capital to 26 per cent from the present 15 per cent.

  

• Biocon weighs sale of $1.5 billion generic API business

  The Kiran Mazumdar-Shaw helmed company made a huge bet on biosimilars by acquiring a portfolio of drugs from global drug major Viatris for $3.34 billion in November last year. That deal was funded by debt taken both by Biocon Ltd and its biosimilars arm Biocon Biologics. Biocon Biologics took loans of $1.2 billion to fund the acquisition.

  

• Uniqus buys Goodera's global ESG biz, aims $20 mn revenue from acquisition by FY28

  Uniqus Consultech, a recent entrant in accounting and ESG consulting, has acquired Goodera's global ESG business, unveiling the rebranded ESG UniVerse. The strategic move aims for global ESG market leadership and a $20 million product within 5 years.

  

• CCI clears Bharti Group's 49 pc stake buy in Bharti AXA Life Insurance

  "CCI approves acquisition of approx 49 per cent shareholding of Bharti AXA LifeInsurance Co. Ltd. by BhartiLife Ventures Pvt Ltd from AXA India Holdings & acquisition of approx 48.54 per cent shareholding of Bharti Management Services Ltd by BhartiEnterprises Ltd. from Societe Beaujon," according to a post by CCI on social media platform X on Tuesday.

  

• Foreign assets a tricky terrain in ITR

  Many were, and some still are, oblivious of the price of not disclosing overseas stock options which have been vested but not exercised, ongoing retirement schemes like 401(k) in the US, and beneficial interests in offshore companies.

  

• Wipro’s $1 billion AI play will be self-financed: CEO Thierry Delaporte

  In an interview with ET’s Sai Ishwarbharath and Surabhi Agarwal, he said Wipro is betting big on artificial intelligence.

  

• Adani Group looks to rope in more lenders to refinance $3.8 billion

  The Adani Group is seeking to refinance $3.8bn of loans taken to acquire cement assets and has reportedly started discussions with "at least" five additional international banks to expand its group of lenders. The majority of Adani's existing lenders, consisting of Barclays, Deutsche Bank and Standard Chartered, are anticipated to participate in the refinancing, with the group due to begin meeting with potential new lenders.

  

• India GDP crosses $3.5 tn in 2022; bureaucracy in decision making may reduce attractiveness as FDI destination: Moody's

  "India's higher bureaucracy in decision-making will reduce its attractiveness as a destination for foreign direct investment (FDI), especially when competing with other developing economies in the region, such as Indonesia and Vietnam," Moody's Investors Service said.

  

• Reliance Retail enters into joint venture for toy manufacturing with Haryana-based firm

  The brand currently owns iconic British toy brand Hamleys and home-grown toy brand Rowan. Reliance Retail has entered into a joint venture with Sonipat, Haryana-based Circle E Retail to vertically integrate its toy business.