KKR acquires Ramky Enviro

Thursday 16th August 2018 03:26 EDT
 

Private equity giant KKR & Co will acquire 60% stake in Hyderabad-based Ramky Enviro Engineers, an environmental services company, for $530 million. The primary cash infusion into the company and purchase of shares from existing stakeholders valued the company at $925 million. KKR will be investing from the $9.3-billion Asia fund that it raised earlier this year. The deal is the largest foreign investor action - and the first private equity buyout - in India’s fledgling environmental services sector, bolstered by the government’s initiatives in urban waste management and sanitation infrastructure. Ramky’s services includes the management, collection, transport and processing of hazardous, municipal, biomedical and e-waste, as well as the recycling of paper, plastic and chemicals.

Flipkart-Walmart deal approved

The Competition Commission of India (CCI) has cleared the proposed acquisition of e-tailer Flipkart by global retailer Walmart. The Bentonville-headquartered company had announced in May that it would acquire 77% stake in Flipkart for $16 billion. The deal is likely to bolster Flipkart’s product portfolio and help Walmart take the battle to US retailer Amazon in India’s booming e-commerce market. While Flipkart’s strength lies in selling consumer electronics like smartphones, Walmart’s entry would enable it to crack the promising online grocery market in India.

India's industrial growth surges to 5-month high

India's industrial output growth rose to a five-month high in June, powered by manufacturing, mining, electricity, capital goods and consumer durables sectors. The surge ignited hopes of a sustained revival in the crucial segment in the coming months. Official data showed industrial output in June grew an annual 7%, accelerating from previous month’s upwardly revised 3.9% and a contraction of 0.3% in the year-earlier month. The growth in April-June quarter was 5.2% compared with 1.9% expansion in the same period last year.

RBI to pay £5 bn as dividend to govt for FY18

The Reserve Bank of India (RBI) has decided to pay a sum of £5 billion as dividend to the government in line with the Union Budget provisions, enabling the Centre to stick to the fiscal roadmap. The RBI has paid a dividend that is about 63 per cent higher when compared to the previous year (2016-17). As on June 2017, the RBI made a dividend payout of £3.06 billion. Earlier in March, the RBI paid an interim dividend of £1 billion. As per the budget estimate, the government projected to collect £5.48 billion as dividend or surplus of RBI, nationalised banks and financial institutions. The government realised £5.16 billion under this head in the previous fiscal.

Bhushan Steel’s ex-MD Neeraj Singhal arrested

The Serious Fraud Investigation Office (SFIO) arrested Neeraj Singhal, the erstwhile promoter and managing director of Bhushan Steel, for allegedly diverting loans accessed from banks. The arrest comes amid indications that the crackdown against corporate fraud may have entered a crucial phase. Singhal, who was remanded in judicial custody till August 14 after being produced in court, is accused of using a complex web of transactions to divert and siphon off funds. SFIO said it opted to invoke the power to arrest for the first time “based on the material in its possession which has revealed that Neeraj Singhal is guilty of indulging in serious corporate fraud punishable under Section 447 of the Companies Act, 2013”.


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