Weekly newsletter

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Weekly newsletter

  1. 1. 1 Top Headlines Skype co-founders music streaming venture Rdio acquires Dhingana. Silk and jewellery retailer Kalyan Group in talks with top PE firms to raise up to $250M. Sequent Scientific plans to sell specialty chemicals business. Wholesale inflation eases to 9-month low of 4.68% in February. Classifieds site Quikr raises $90M led by Swedish investment firm Kinnevik. DataRPM secures $5.1M in Series A led by InterWest Partners. Fairbridge Capital injecting $82M more in Thomas Cook. IOC to buy 10% stake in Petronas' LNG export project in British Columbia Inside The Story Skype co-founders music streaming venture Rdio acquires Dhingana San Francisco-based digital music service Rdio has acquired Dhingana, an India- and US-based social music streaming service, which was apparently shut down last month. The transaction details of the deal are not disclosed but the deal paves the way for Rdio to enter India with Dhingana’s catalogue of music.As per the deal, Dhingana founders Snehal Shinde and Swapnil Shinde will join the executive team at Rdio and will work towards its expansion efforts.Rdio has a subscription- based revenue model as it competes with global rivals like Spotify and Pandora. Rdio’s proposed plans would mark the entry of first large
  2. 2. 2 Global player in the Indian music streaming space, a market where Spotify and Pandora are not available as yet. Silk and jewellery retailer Kalyan Group in talks with top PE firms to raise up to $250M. Indian silk and jewellery retailer Kalyan Group is holding separate talks with Blackstone, TPG Capital Management and Temasek Holdings to sell a minority stake for $200-$250 million, two sources with direct knowledge of the matter told Reuters.The sources said the talks with the private equity firms were ongoing, and no decisions had been made as to the exact amount of the stake sale.When contacted, Ramesh Kalyanaraman, executive director of Kalyan Group, told Reuters the company is in talks with various investors, but declined to name them or provide details. Sequent Scientific plans to sell specialty chemicals business. Custom research and manufacturing services provider Sequent Scientific Ltd plans to sell its specialty chemicals business on a slump sale basis, as per a stock market disclosure.Bangalore-headquartered Sequent, a fully integrated pharmaceutical company, seek to develop products and services that meet the requirements of industries like pharmaceuticals, agro-chemicals, plastics and personal care (cosmetics). It operates in three segments: pharmaceuticals, speciality chemicals and analytical services.The pharmaceuticals segment comprises human and animal active pharmaceutical ingredients (APIs), veterinary formulations and contract research and manufacturing services (CRAMS) and the company's APIs in human health sector include Albendazole, Lumefantrine, Midazolam, Artesunate, Efavirenz, Frusemide and Miconazole Nitrate.
  3. 3. 3 Wholesale inflation eases to 9-month low of 4.68% in February India's wholesale price-based inflation eased to a nine-month low in February as food and fuel prices moderated, raising expectations that the Reserve Bank of India (RBI) would leave interest rates unchanged at its policy review next month.The wholesale price index (WPI), long regarded as India's main inflation measure, rose 4.68 per cent last month, data showed on Friday, compared with a 4.99 per cent jump forecast by economists in a Reuters poll.A 10 per cent drop in wholesale vegetable prices from January helped overall inflation ease for the third straight month. Classifieds site Quikr raises $90M led by Swedish investment firm Kinnevik. Classifieds site Quikr.com, owned and operated by Mumbai-based Quikr India Pvt Ltd, has raised $90 million (Rs 550 crore) in its sixth round of funding, led by Swedish investment firm Investment AB Kinnevik. Quikr India is in turn owned by a Mauritius-based parent, which has attracted the VC investment.This round of funding will enable Quikr to continue to grow its business while staying focused on aspects that are important from a long-term perspective. “Kinnevik brings a great understanding of the classifieds model as an investor and its experience in other markets will be very valuable to us as we continue to build our business,” said Pranay Chulet, founder and CEO of Quikr.
  4. 4. 4 DataRPM secures $5.1M in Series A led by InterWest Partners DataRPM, a Big Data analytics startup selling business intelligence software, has secured $5.1 million in a Series A round of funding from US-based investor InterWest Partners with participation of existing investor CIT Gap Funds.Ruban Phukan, co-founder and chief product officer of DataRPM, said the deal is for a minority stake without disclosing the valuation.The firm was started two years ago by Shyamantak Gautam, Sundeep Sanghavi and Phukan.Major chunk of the funding will go into sales and marketing efforts besides R&D activities. Also, the company is planning to double up the employee strength from the current 25 over the next three months.DataRPM is headquartered in the US and has its R&D centre in Bangalore. Fairbridge Capital injecting $82M more in Thomas Cook. Fairbridge Capital (Mauritius) Ltd, an affiliate of Canada's investment firm Fairfax Financial Holdings Limited, is investing additional Rs 500 crore ($82 million) in tour operator Thomas Cook (India) Ltd through a preferential allotment, according to a disclosure on BSE.Presently, Fairbridge Capital owns a controlling 74.96 per cent equity stake in Thomas Cook. It is picking 62,50,000 compulsorily convertible preference shares (CCPS) of Rs 10 each at a price of Rs 800 per share convertible into 6,25,00,000 equity shares of the company having face value of Re 1 per share.Fairbridge Capital acquired 77 per cent in Thomas Cook (India) from its UK-based parent for $171 million in 2012 and hiked its stake to over 87 per cent stake through the open offer. It later diluted its holding to 75 per cent through an institutional placement programme (IPP) to meet the regulatory requirement of minimum public shareholding.
  5. 5. 5 IOC to buy 10% stake in Petronas' LNG export project in British Columbia India's largest oil refiner Indian Oil Corp Ltd (IOC) has agreed to acquire Malaysian firm Petronas's 10 per cent equity stake in a shale-gas assets and liquefied- natural-gas (LNG) project in British Columbia, according to a stock market disclosure. Financial details of the deal are not disclosed.Last month Petronas said it has agreed to sell a 25 per cent stake in its Canadian shale gas assets to an Indian company and an Asian gas buyer. It had not named the buyers but media reports had said the Indian firm is IOC.IOC has entered into a transaction agreement with Progress Energy Canada Ltd, Pacific NorthWest LNG Ltd and Petroliam Nasional Berhad to acquire 10 per cent equity stake in Progress Energy's LNG-destined natural gas reserves and in the proposed PNW LNG export facility on Canada's West Coast, the disclosure said.

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