Three years after JSW Steel-BPSL deal, uncertainty still looms large

Nearly three years after the acquisition of Bhushan Power and Steel (BPSL) by JSW Steel, uncertainty still looms over complete transfer of asset on a clean slate as assured under Insolvency and Bankruptcy Code (IBC).The National Company Law Tribunal (NCLT) approved the ₹19,350-crore bid of JSW Steel in September 2019. However, the Enforcement Directorate had issued a provisional order of attachment of BPSL’s assets in October 2019 and objected to the applicability of Section 32A of the insolvency law to the JSW-BPSL deal. Section 32A of IBC provides immunity to Corporate Debtor for the offence committed prior to insolvency proceedings.However, NCLAT gave its final approval, including the immunity sought by JSW Steel against the investigation being carried against BPSL’s erstwhile promoters, in February 2020. The ED and BPSL’s erstwhile promoters moved the Supreme Court against NCLAT order. Accepting the petitions, the Apex Court allowed the lenders to implement the approved resolution plan with a condition that the assets will be transferred back to the lenders if the verdict goes against them. In March 2021, JSW Steel paid ₹19,350 crore and took control of the asset. Despite the looming uncertainty, BPSL has registered a net profit of ₹260 crore on a turnover of ₹5,030 crore in the December quarter.A JSW Group spokesperson said the company implemented the resolution plan in line with the terms of the approved resolution plan and has taken over control of BPSL and there is no legal impediment as on date. Given the favourable judgment by the NCLAT and certain other judgments of the Supreme Court, JSW Steel firmly believes that it has a good case on merits, he added. Durgesh Khanapurkar, Partner, Desai & Diwanji, said one can never rule out the risk of litigation especially in circumstances where laws are continuously evolving. In the BPSL case, he said the NCLT, NCLAT and the Supreme Court have acted swiftly in protecting the interests of the resolution applicant (JSW Steel) and have ensured that the plan is implemented. Further, even the legislature has introduced Section 32A of the IBC in an attempt to provide assets on a clean slate to resolution applicants, he added. Jayesh H, Co-founder, Juris Corp Advocates and Solicitors, said the Law enacted by the Parliament required admission or disposal within specified timelines, but the Supreme Court held this as discretionary and not mandatory. “This was the beginning of the slippery slope which got further worsened by the sanctity of the bidding process not being respected by the Committee of Creditors and the SC by allowing new bidders at a late stage and allowing a losing bidder to revise the bid after the winning bid being discovered as per the bidding process,” he added. Nakul Sachdeva, Partner, Luthra and Luthra Law Offices India, said though delays on account of attachments by various authorities including the ED deters the Resolution Process of a company, the legislature has been proactive in bringing about amendments to overcome such hurdles.  

Smith (DS) PLC Had a Continued Resilient Performance

DS Smith said that trading has been resilient in a challenging market and that its performance for the rest of the year is in line with management expectations. The London-listed packaging company said Wednesday that like-for-like corrugated box volume performance for the period since Nov. 1 has continued to improve compared with the first half of the fiscal year, with flat like-for-like volumes. North America and Eastern Europe saw good growth in the quarter, offset by a weaker performance in Northern Europe, DS Smith said. It added that focus remains on resilient pricing, operational efficiency and tight cost control with anticipated containerboard price increases expected to be reflected in ongoing packaging prices. The company didn't provide any update on the Mondi takeover approach. On Feb. 8 DS Smith said that it had received a highly preliminary expression of interest from larger peer Mondi over a possible offer, but that no proposal had been received at that stage. Mondi subsequently confirmed that it was considering an all-share merger with DS Smith. Any deal would create a company worth 10.525 billion pounds ($13.37 billion) based on each company's current market values. Mondi has until March 7 to either make a formal offer or walk away under U.K. Takeover Panel rules.  

CIEL invests in Courseplay amid IPO preparations

CIEL Group, a Chennai-based HR solutions provider, has acquired 51 per cent stake in Mumbai-based Courseplay, a global learning experience platform, for $2 million. This is CIELs fifth investment since December 2022, said K Pandiarajan, Executive Chairperson. As part of the deal, CIEL has acquired some shares from Courseplay Founder and CEO Arjun Gupta and IPV, a collective of angel investors. Gupta will continue to hold an entrepreneurial position in the organisation and remain CEO, he said. CIEL plans to strengthen its HRTech offering through the integration of Courseplay with its platforms like ProSculpt, HfactoR, Jombay and CielJobs. “Through these acquisitions, we remain a confederation of entrepreneurs with one or more people joining us as entrepreneurs,” he told newspersons on Tuesday. CIEL serves nearly 460 companies across industry sectors for temporary staffing needs and talent hunts for permanent positions in 2,600 companies. The first acquisition, in December 2022, was the ₹25-crore purchase of 76 per cent in Jombay, a ‘talent assessment and development platform’ start-up, which will contribute ₹9 crore to this year’s EBIDTA. The next two acquisitions were companies set up by Pandiarajan himself — Ma Foi Strategy (strategic advisory mainly to MSMEs) and Ma Foi Education (skill development). The fourth acquisition, announced in November 2023, was that of Aargee Staffing Services Pvt Ltd, funded by a combination of cash and share swap.  

BluPine Energy acquires 369 MW solar power assets from Acme Group

BluPine Energy on Monday said it has acquired power assets worth 369 megawatts (MW) of solar capacity from the Acme Group, taking its total renewable energy (RE) capacity to 2.4 gigawatts (GW). The assets are spread across 14 special purpose vehicles (SPVs) in Uttarakhand, Punjab and Karnataka. BluPine Energy aims to expand its portfolio to 4GW of solar and wind power as well as hybrid assets, complemented with battery energy storage (BES) in the next five years. Speaking to businessline, BluPine Energy CEO Neerav Nanavaty said: “By integrating these assets into its portfolio, BluPine reinforces its position as a significant player in the country’s rapidly evolving renewable energy landscape. The assets, strategically located across Uttarakhand, Punjab, and Karnataka, provide BluPine Energy a diversified geographical presence. “With this acquisition, we are now present in 10 states, enabling them to bolster their renewable energy capacities and helping them meet their respective renewable purchase obligations.” Abhishek Bansal, Partner, Energy Infrastructure at Actis, said the fund has an excellent track record in the Indian energy sector, having previously built and then sold two leading independent power producers in the country. “We’re leveraging this experience to rapidly scale BluPine Energy and build it into a pillar of the Indian renewables sector. The platform has an important role to play in accelerating India’s energy transition, driving sustainability and a positive social impact,” he added. Acme Group Chairman, Manoj Upadhyay, said: “This is our second successful collaboration with them. We relied on the expertise of Actis platform for this asset sale. At Acme Group, we continue to strengthen our presence in the renewable energy space, while simultaneously expanding the asset base.” On integration of the recently acquired assets, Nanavaty said: “Leveraging our operational proficiency, the integration process will ensure a smooth transition, with operations set to commence seamlessly from Day 1 of acquisition. In ensuring a smooth handover, the teams are implementing and streamlining various activities to enhance the safety and integrity of the assets. In parallel, we have also commenced optimisation initiatives across the portfolio.” When asked whether the company will go in for more acquisitions to scale up, he said the focus is on greenfield execution to build the pipeline BluPine has won, both on the utility scale and commercial and industrial (C&I) projects. “Having said that, we will continue to explore one-off acquisition opportunities if they seem compelling -– from a strategic alignment, quality of construction, and value perspective,” Nanavaty added.  

Advertisement rates may see correction following Disney-Reliance merger

While the Disney-Reliance  merger will rejig ad rates, experts are unsure if this is necessarily a bad thing. Advertisers are worried that the merged-co would rack up ad rates indiscriminately, especially as they wield a monopoly in live sports and linear programming. However, others argue that this is necessary course correction as far as pricing is concerned. Especially as the current ad rates are deemed too low to recover content costs for broadcasters and streaming firms.  Right after the merger was announced, a report by UBS predicted that ad rates will rise by 20-25 per cent across the board. “Bargaining power of the broadcasters (now fewer and larger) would increase at the cost of the advertisers. There would also likely be some rationalization in content costs as well, leading to industry-level margin improvement,” analysts at UBS said in a note. Reacting to the merger, international advertising firm dentsu emphasised the need for 2-3 strong players in the media market to keep ad rates in check. “For the advertising and marketing sector, this presents a dual prospect of opportunities and challenges. On the positive side, it unlocks fresh possibilities for crafting and deploying innovative and compelling campaigns across an extensive and diverse portfolio of channels and platforms, providing us with extensive reach. However, it also heightens competition and enhances the negotiating power of the newly merged entity, enabling it to exert greater control over pricing and inventory. I hope that in the coming years, the merger achieves a balanced outcome. It’s crucial to maintain two or three major players in the market to foster a healthy and competitive environment, which ultimately should serve the end consumer,”  Harsha Razdan, CEO, South Asia, dentsu, explained. On the streaming front, a Disney-Reliance merged co might not necessarily wield a definitive monopoly, as Netflix and Amazon Prime will be able to hold their own against the merged entity. But the same cannot be said about live sports and linear programming according to Santosh N, Managing Partner at D&P Advisory. “Ad rates will certainly go up for sports and linear TV, but that might not necessarily be a bad thing. Moreover, Disney-Reliance cannot increase the rates indiscriminately, especially because advertisers will simply opt out, given that they have many alternative mediums for advertising.”  

Acquisitions still on the radar, says Suven Executive Chairman

Acquisitions continue to be on the radar for Suven Pharmaceuticals, that has just announced its proposed merger with Cohance Lifesciences. The private equity-driven company is scouting for technologies and companies to add to its strengths as a CDMO (contract development and manufacturing organisation), Annaswamy Vaidheesh, Suven Executive Chairman, told businessline. It is a global business with international clientele and the company continues to look for technologies, in India or overseas, he said. Suven Pharmaceuticals and Cohance Lifesciences had announced, late on Thursday, a proposed scheme of amalgamation to merge both companies – a transaction that is expected to be sealed in 12-15 months. Once complete, private equity firm Advent would own about 66.7 per cent and the rest being with public shareholders. In fact, Advent International had (in December 2022) agreed to acquire a 50.1 per cent stake in Suven Pharmaceuticals from the Jasti family for ₹6,313 crore — one of the largest pharma deals in recent years. This was Advent’s fourth. In November 2022, Cohance Lifesciences (wholly-owned by Advent) was formed by bringing together three Advent portfolio companies — RA Chem Pharma, ZCL Chemicals and Avra Laboratories. While regulatory and shareholder approvals are awaited, Vaidheesh said he did not expect rationalising of the multiple manufacturing facilities between the different companies. Each production site has its particular role to play, and is mapped to international customers, he explained. On the research front though, he said the research and development sites will see consolidation into one site at Genome Valley. And common functions like Finance and Human Resources could also be “leveraged”, he said, indicating some reorganisation. The combined entity will have 12 manufacturing facliities, including Suven’s five and Cohance’s seven. The final entity would have five research centres, including a single facility from Suven. While Suven’s revenues for the year ended March 2023 stood at ₹1,340 crore, the merged entity is pegged at ₹2,677 crore. On the company’s final employee strength, he said, it was too soon to comment, on any change in workforce as the merger process takes time and needed to be analysed. The combined entity will, once approved, will have three growth engines — pharma CDMO, speciality chemicals CDMO, and APIs (active pharmaceutical ingredients). Cohance shareholders will be issued 11 equity shares of Suven for every 295 equity shares held in Cohance.  

Uday Shankar to be VC of merged Reliance-Disney media business: Report

Former Walt Disney executive Uday Shankar will be named as vice chairman of the board following a merger between the India media assets of Reliance Industries and Disney, two sources familiar with the matter told Reuters.Reliance and Disney are expected to make a formal announcement on Wednesday after signing a binding pact. Shankar is set to take a stake of around 9% in the new merged entity, Reuters reported in February. Reliance and Disney each have a streaming service and 120 television channels between them and the deal is expected to strengthen Reliance's hold over India's $28 billion media and entertainment market.Reuters on Tuesday reported that the new entity is likely to have Nita Ambani, wife of Indian billionaire Mukesh Ambani, as chair of the board.  

Reliance, Disney sign $8.5 bn deal to form JV, to merge media ops in India

India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world's most populous nation.Reliance, led by Asia's richest man Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake. Disney will hold about 37%, the companies said in a joint statement.  For Disney, the merger follows its long-drawn struggle to arrest a user exodus from its bleeding India streaming business and financial strain caused by billions of dollars in Indian cricket rights payments, in another example how foreign businesses can struggle to grow in India.  The merger values the India business of the US entertainment giant at just around a quarter of the $15 billion valuation when Disney acquired it as part of its Fox deal in 2019, sources have said. The companies said the transaction values the merged venture at around $8.5 billion on a post-money basis. They did not explain how they arrived at such valuation. Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani eclipse rivals such as Japan's Sony, India's Zee Entertainment and Netflix in the country's $28 billion media and entertainment sector. Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of the combined entity, and former top Disney executive Uday Shankar would serve as vice chair.  "The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment," the companies said in a joint statement.  The deal comes when Disney is facing pressure globally to streamline its businesses. Bob Iger returned as Disney chief executive in November 2022, less than a year after he retired, and has since restructured the company to make the business more cost effective.     

Advertisement rates may see correction following Disney-Reliance merger

While the Disney-Reliance  merger will rejig ad rates, experts are unsure if this is necessarily a bad thing. Advertisers are worried that the merged-co would rack up ad rates indiscriminately, especially as they wield a monopoly in live sports and linear programming. However, others argue that this is necessary course correction as far as pricing is concerned. Especially as the current ad rates are deemed too low to recover content costs for broadcasters and streaming firms. Right after the merger was announced, a report by UBS predicted that ad rates will rise by 20-25 per cent across the board. “Bargaining power of the broadcasters (now fewer and larger) would increase at the cost of the advertisers. There would also likely be some rationalization in content costs as well, leading to industry-level margin improvement,” analysts at UBS said in a note. Reacting to the merger, international advertising firm dentsu emphasised the need for 2-3 strong players in the media market to keep ad rates in check. “For the advertising and marketing sector, this presents a dual prospect of opportunities and challenges. On the positive side, it unlocks fresh possibilities for crafting and deploying innovative and compelling campaigns across an extensive and diverse portfolio of channels and platforms, providing us with extensive reach. However, it also heightens competition and enhances the negotiating power of the newly merged entity, enabling it to exert greater control over pricing and inventory. I hope that in the coming years, the merger achieves a balanced outcome. It’s crucial to maintain two or three major players in the market to foster a healthy and competitive environment, which ultimately should serve the end consumer,”  Harsha Razdan, CEO, South Asia, dentsu, explained. On the streaming front, a Disney-Reliance merged co might not necessarily wield a definitive monopoly, as Netflix and Amazon Prime will be able to hold their own against the merged entity. But the same cannot be said about live sports and linear programming according to Santosh N, Managing Partner at D&P Advisory. “Ad rates will certainly go up for sports and linear TV, but that might not necessarily be a bad thing. Moreover, Disney-Reliance cannot increase the rates indiscriminately, especially because advertisers will simply opt out, given that they have many alternative mediums for advertising.” “The coming together of Reliance and Disney will create a very large and dominant player on the supply side. But we conveniently forget that the demand side has always had a very large and dominant Group M with a 50%+ market share. So a strong media entity will now balance the scales. Interesting times ahead!,” Sandeep Goyal, Chairman, Rediffusion, said.      

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Uday Shankar to be VC of merged Reliance-Disney media business: Report

Former Walt Disney executive Uday Shankar will be named as vice chairman of the board following a merger between the India media assets of Reliance Industries and Disney, two sources familiar with the matter told Reuters.Reliance and Disney are expected to make a formal announcement on Wednesday after signing a binding pact. Shankar is set to take a stake of around 9% in the new merged entity, Reuters reported in February. Reliance and Disney each have a streaming service and 120 television channels between them and the deal is expected to strengthen Reliance's hold over India's $28 billion media and entertainment market. Reuters on Tuesday reported that the new entity is likely to have Nita Ambani, wife of Indian billionaire Mukesh Ambani, as chair of the board.  

Reliance, Disney sign $8.5 bn deal to form JV, to merge media ops in India

India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world's most populous nation.Reliance, led by Asia's richest man Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake. Disney will hold about 37%, the companies said in a joint statement. For Disney, the merger follows its long-drawn struggle to arrest a user exodus from its bleeding India streaming business and financial strain caused by billions of dollars in Indian cricket rights payments, in another example how foreign businesses can struggle to grow in India.  The merger values the India business of the US entertainment giant at just around a quarter of the $15 billion valuation when Disney acquired it as part of its Fox deal in 2019, sources have said.The companies said the transaction values the merged venture at around $8.5 billion on a post-money basis. They did not explain how they arrived at such valuation.  Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani eclipse rivals such as Japan's Sony, India's Zee Entertainment and Netflix in the country's $28 billion media and entertainment sector. Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of the combined entity, and former top Disney executive Uday Shankar would serve as vice chair.  "The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment," the companies said in a joint statement. The deal comes when Disney is facing pressure globally to streamline its businesses. Bob Iger returned as Disney chief executive in November 2022, less than a year after he retired, and has since restructured the company to make the business more cost effective.    

NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

National Company Law Tribunal has approved IndusInd International Holdings’ resolution proposal for the acquisition of Reliance Capital. The Hinduja Group company has been given 90 days to implement the resolution, subject to regulatory and other approvals.“The RBI and SEBI approvals are expected to come by next week or so but the IRDAI application is in the process of being filed and might take some time,” sources told businessline. The NCLT application was made by RCap administrator Nageswara Rao Y, who took charge of the company in November 2021 when RBI superseded the erstwhile board of directors and initiated insolvency proceedings against the company. The CoC was constituted in December 2021 and met a total of 49 times starting January 2022, before the final proposal was submitted to the NCLT for its approval. “The resolution plan provides for the implementation of the terms thereof within a period of 90 days from the approval of the Resolution Plan by the Adjudicating Authority and receipt of certified copy of the order approving the Resolution Plan,” the NCLT notice said, adding that the 90-day timeline may be extended if required. IndusInd International has submitted a proposal that includes upfront cash payment of ₹9,650 crore, accounting for 37.03 per cent of the initial amount claimed. The company has also proposed an amount net of ₹50 crore for the benefit of the CoC, which will be part of the upfront cash and an additional Rs 11 crore over and above the proposed amount. On successful completion of the resolution plan, the Hinduja Group will acquire majority shares in Reliance Capital and the company will cease to be listed on stock exchange. Existing shareholding of the company will be cancelled and new shares will be issued to the companies nominated by Hinduja Group. The proposed acquisition is now awaiting the approval of the RBI for Reliance Capital and Reliance Asset Reconstruction,  Company Limited, IRDAI for Reliance General Insurance and Reliance Nippon Life Insurance, CCI for the takeover, and SEBI for Reliance Securities and other entities. The deal is also subject to sale of shares of Reliance Home Finance held by Reliance Capital in the open market on various dates.      

AIUBEA’s General Secretary N Shankar

The merger of public sector banks signals the initial step towards privatization and potentially leads to its acquisition by foreign entities, according to N Shankar, the general secretary of the All India Union Bank Employees Association.Criticizing the lack of clarity in Parliament regarding the rationale behind these mergers, he said the amalgamation of public sector banks is driven by clear political agendas.  While labour unions are actively protesting against further mergers, the central government appears inclined to pursue its policies of merger, especially in the lead-up to the Lok Sabha elections, he said. Shankar was speaking at the inauguration of the 37th state conference of the Union Bank of India Employees Union in Kochi.The state conference gains significance as it is the first to be held post the merger of Union, Andhra, and Corporation Banks. C Ananthakrishnan, President of the Union Bank Employees Union (Kerala), presided over the conference. The conference’s delegate session highlighted the staffing challenges faced by bank branches across the country and criticized management’s reluctance to appoint sub-staff/part-time sweepers, despite government directives. B Ramprakash, general secretary, All Kerala Bank Employees Federation, inaugurated the session.Additionally, the escalating issue of non-performing assets, reaching ₹4.28 lakh crore, drew condemnation, with the delegate session accusing the central government of inaction. Amidst these challenges, the conference celebrated Union Bank of India’s achievement in surpassing its business target of ₹19 trillion and called for collective employee cooperation to achieve the ambitious goal of ₹21.5 trillion business by the end of the first quarter in March 2024.    

Railways plans to take over debt-ridden RINL’s forged wheel plant

New Delhi, Feb 24 The Railways has emerged as the likely front-runner for takeover of the Rae Bareli forged wheel unit of Rashtriya Ispat Nigam Ltd (RINL), officials involved in discussions told businessline. While the Railways has agreed “in-principle” to take over the unit and ramp-up capacities, discussions are on regarding the “consideration” for such a “transfer”. The proposal is likely to be placed for Cabinet approval “soon”, officials across the two ministries said. There could be an outright purchase, or an outsourcing agreement (payment made depending on production basis), or “any other form of agreement, details of which are being finalised”. RINL’s forged wheel plant at Uttar Pradesh has already seen an investment of over Rs 2,250 crore. The plant has an installed capacity of 80,000 forged wheels annually, and was commissioned in 2021. Although initial orders for around 2,000 wheels was delivered in FY23, “the plant is unable to operate at full capacity for several reasons” it was noted at internal meetings across ministries. It was also held that the company does not have the requisite expertise to ensure profitability of operations there. The Railways internal projections state that it can take up production of 40,000 units in the first phase, and by 60,000 in phase two, with the excess stock being exported in future. A turnaround of the unit is also projected in the next few years. “It is a high-cost plant simply because the forged wheel unit is unable to produce more than 10,000 units annually (on a run-rate basis). But, as numbers increase, there will be economies of scale. Some investments could also happen in the coming days,” an official said. While piecemeal disinvestment of the forged wheel unit is expected to help bring down debt levels at RINL, which stood at Rs 20,400 crore in FY23 (as per the company’s annual report), a takeover by the Railways will help the Ministry bring down its annual import bill. Indian Railways has been importing various types of forged wheels required for locomotives and coaching stock (LHB) since the 1960s from the UK, the Czech Republic, Brazil, Romania, Japan, China, Ukraine and Russia. Due to the Russia-Ukraine crisis, all wheel import requirements are being met from China, sources said. In FY23, 80,000 wheels, estimated at Rs 520 crore, were imported from China & Russia, with the remaining 40,000 being sourced from SAIL, which supplies at an average rate of Rs 1,87,000 per tonne.  

Best Havells fans: Upgrade to modern models this summer with top 7 picks

As the mercury climbs and summer makes its presence felt, it's the opportune moment to consider upgrading your cooling solutions. Havells, a brand synonymous with reliability and quality, stands at the forefront of providing innovative air circulation options to beat the heat. With an extensive line-up that spans from classic ceiling fans to those equipped with remote controls, Havells fans caters to diverse preferences and needs, adding a contemporary flair to any space. This article will highlight the top seven Havells fans, carefully selected to enhance your home's comfort and style this summer. Whether you're drawn to the timeless elegance of traditional ceiling fans or seek the convenience and sophistication of remote-controlled models, Havells offers something for everyone. Dive into our selection to discover how you can bring a breath of fresh air into your home, combining functionality with aesthetic appeal. Havells fans not only promise efficient cooling, but also aim to complement your home decor, making them a smart addition to your summer readiness checklist. The Havells Ambrose Decorative BLDC ceiling fan combines elegance with functionality, making it a must-have for those seeking both style and energy efficiency. This 5-star rated fan is equipped with an energy-saving BLDC motor and comes with a remote control for convenience. Its ECO ACTIVE technology ensures lesser power consumption, while the built-in voltage stabilization guarantees consistent performance even at lower voltages. The wider blades offer better air delivery, and the RF type remote control operation enhances user experience with all-direction sensing. However, the premium features come at a higher price point, and the fan's decorative aspect might not blend with all interior designs.  

India M&A activity jumps 78% to touch $6.3 billion in January 2024

After hitting a three-year low in 2023, India-involvement announced M&A activity came back in January 2024, jumping 78 per cent in deal value to touch $ 6.3 billion ($ 3.6 billion), the latest LSEG Deals Intelligence data showed. Deal value in January 2024 was led by telecommunications, industrials and consumer staples. However, the number of M&A deals for the month under review saw a 48 per cent decline to 137 in January 2024 from 263 in January 2023. The latest M&A activity in value terms is a strong start since January 2022, when deal value had touched a four-year high of nearly $10 billion. M&A activity fell to a three-year low in 2023 at $83.8 billion in 2023, down 50.6 per cent from a year ago. In 2022, the total M&A activity stood at $169.70 billion and $123.14 billion in 2021. Elaine Tan, Senior Analyst at LSEG Deals Intelligence, said, “At least two deals above $ 1 billion from the telecommunications and infrastructure sectors kicked off the start of the year in 2024. This was unlike the start of 2023, where no deal above $ 1 billion was announced until the second quarter of 2023”. Despite uncertainty due to lingering macroeconomic and geopolitical challenges, several factors underline cautious optimism as one enters 2024, according to Tan. The expectations for lower interest rates in 2024, the use of M&A to accelerate the adoption of technology and technology-enabled processes, energy transition and decarbonisation, pressure to deploy capital, and corporate portfolio transformation to address supply chain and reduce reliance in one country are just some of the potential drivers that could drive activity in India, Tan added. “However, the upcoming elections in India as well as the US could still temper deal making in the short term”, Tan said. By value, India-involvement deals targeting telecommunications accounted for 39.7 per cent of the market share worth $ 2.5 billion in January 2024, up 697 percent from a year ago. Industrials captured a 20.6 per cent market share worth $ 1.4 billion, more than a five-fold increase compared to January 2023. In 2023, India-involvement M&A witnessed a record number of deals with more than 2600 transactions announced. This is the busiest annual period by number of announced deals involving India since records began in 1980, according to LSEG Deals Intelligence.  

UST acquires Australian process transformation company Leonardo

Digital transformation solutions company UST has acquired Leonardo, a business process improvement, automation, and integration services provider in the Australia and New Zealand (ANZ) region. This will help Leonardo expand its reach and enhance its service offerings by combining its process expertise with UST’s technology leadership, digital transformation capabilities, and global credentials. UST has served clients across industries in this market for eight years, providing solutions focused on customer experience and operating model design, product engineering and organisational efficiencies through process transformation, Gen AI and data services, SaaS, cloud, intelligent automation, and cyber security solutions. Leonardo strengthens the organisational efficiency offering by bringing on board its expertise, client references, and local partnerships, a UST spokesperson said. Headquartered in Melbourne, Leonardo’s 70+ team has a presence across key Australian cities and joins UST to strengthen the combined capability of delivering comprehensive digital solutions at scale throughout the ANZ region. A trusted partner of Red Hat, Software AG, Automation Anywhere, Workato, and UiPath, Leonardo has made a mark by driving comprehensive intelligent process improvements using cutting-edge technology. It traces its origins to a humble Brisbane home in 1999 and has since extended its presence across Melbourne, Sydney, and Perth. Stephen Chetcuti, Chief Executive Officer, Leonardo, said joining UST is a significant milestone. “Our partnership opens up a realm of new possibilities. It signifies our commitment to growing alongside our customers, providing them unparalleled digital solutions, and harnessing the power of AI to unlock new levels of productivity and insight into their business.”  

Capital One to Acquire Discover in $35.3 Billion Deal

Capital One announced Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States.Capital One announced on Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States. “A space that is already dominated by a relatively small number of megaplayers is about to get a little smaller,” said Matt Schulz, chief credit analyst at LendingTree. Capital One, with $479 billion in assets, is one of the nation’s largest banks, and it issues credit cards on networks run by Visa and Mastercard. Acquiring Discover will give it access to a credit card network of 305 million cardholders, adding to its base of more than 100 million customers. The country’s four major networks are American Express, Mastercard, Visa and Discover, which has far fewer cardholders than its competitors. But consumer advocates pushed back on the possible deal, saying it posed antitrust concerns. “It is very difficult to imagine how federal regulators could allow Capital One to buy Discover given the requirement that mergers benefit the public as well as insiders,” Jesse Van Tol, the chief executive of the National Community Reinvestment Coalition, said in a statement.