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<ul><li><keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="261" meta.entityid="Tata Electronics">Tata Electronics</keyword> has reportedly closed a deal to acquire a majority stake in Pegatron’s iPhone plant in India.</li><li>The Pegatron plant has a production capacity of five million iPhones annually.</li><li>This will be the company’s third iPhone manufacturing plant in India.</li></ul> Tata Electronics continues to strengthen its smartphone manufacturing business in India as it has reportedly sealed a deal to acquire a majority stake in Taiwanese contract manufacturer Pegatron iPhone plant in India. Earlier reports had revealed that Pegatron is in talks with Tata to sell its Chennai plant as part of Cupertino tech giant Apple’s strategy to diversify manufacturing outside of China amid geopolitical tensions between Beijing and Washington. <div type="Article" hostid="261" msid="113204340" title="iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900" mstype="2" mssubtype="0"></div> According to a<a href="https://www.reuters.com/markets/deals/tata-seals-deal-with-pegatron-iphone-plant-indias-tamil-nadu-sources-say-2024-11-17/"> report</a> by Reuters, Tata has agreed to acquire a 60% stake in a new joint venture with Pegatron that will see the Indian conglomerate oversee the day-to-day operations while Pegatron offers technical support, as per two sources familiar with the deal. The financial details of the deal have not been made public and the two companies reportedly plan on filing for approval from the Competition Commission of India (CCI) soon. <h2>Tata’s iPhone production in India to get a boost</h2>Tata already operates an iPhone assembly plant in Karnataka, which it acquired from Taiwanese giant Wistron last year. The company is building a second plant in Hosur, Tamil Nadu. The new plant as part of its partnership will give a boost to Tata’s iPhone production capabilities and make it the only company manufacturing iPhones in India apart from Foxconn. <div type="Article" hostid="261" msid="113203568" title="iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900" mstype="2" mssubtype="0"></div> The Pegatron facility has around 10,000 employees and has the capacity to manufacture five million iPhones annually. India, which contributed to around 12 to 14% of total iPhone shipments in 2023 is expected to contribute around 20 to 25% of shipments this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Tata to buy a majority stake in Pegatron's iPhone plant in India

<ul><li>Indian conglomerate <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> is reportedly looking to acquire a majority stake in <keyword id="19923299" type="General" weightage="20" keywordseo="Vivo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Vivo India" meta.hostid="261" meta.entityid="Vivo India">Vivo India</keyword>.</li><li>Vivo India is the Indian unit of Chinese smartphone maker Vivo.</li><li>This comes amid a government push to involve a domestic company in operations.</li></ul>Tata Group is reportedly looking to acquire a majority stake in smartphone maker Vivo India. The Chinese smartphone maker has been looking to partner with domestic companies amid a push from the Indian government to involve an Indian company in its manufacturing and distribution operations. According to a<a href="https://www.moneycontrol.com/news/telecom/exclusive-tata-group-eyes-majority-stake-in-vivo-india-unit-bhagwati-buys-greater-noida-factory-12748428.html"> report</a> by Moneycontrol, Tata Group and Vivo are currently in an advanced stage of discussions. “The discussions have reached an advanced stage where talks began around valuations. Vivo has been seeking a higher valuation than what Tatas are offering. The Tatas are interested in the deal, but nothing has been finalised yet,” a source familiar with the matter told Moneycontrol. The Indian government reportedly wants an Indian company to have a stake of at least 51% in the joint venture with a Chinese smartphone maker, along with local leadership. <cmsannotation type="cmsannotation" annotationid="ED action against Vivo" comment="subhead" text="ED action against Vivo">ED action against Vivo</cmsannotation> Vivo has been under the Indian government’s scanner and was even<a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms"> raided</a> by the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) in July 2022. The ED had claimed that Vivo had transferred ₹62,476 crore to its parent company in China over a five-year period to avoid paying taxes in the country. The agency had also accused the company of violating the Prevention of Money Laundering Act (PMLA). <cmsannotation type="cmsannotation" annotationid="Bhagwati Products take over Vivo’s factory" comment="subhead" text="Bhagwati Products take over Vivo’s factory">Bhagwati Products take over Vivo’s factory</cmsannotation> In yet another push to involve an Indian company in its operations, Vivo’s 14-acre manufacturing factory in Greater Noida has been taken over by Bhagwati Products (Micromax). The company has reportedly started hiring staff and will contract-manufacture smartphones for Vivo. Bhagwati Products has formed a joint venture with original design manufacturer (ODM) Huaqin Technology and this JV is awaiting government approval. Vivo will continue to manufacture from its new 170-acre factory in Greater Noida. <cmsannotation type="cmsannotation" annotationid="Tata Group’s push in smartphone manufacturing" comment="subhead" text="Tata Group’s push in smartphone manufacturing">Tata Group’s push in smartphone manufacturing</cmsannotation> This is not the first time the Tata Group is looking at manufacturing smartphones. Tata Group in 2023 acquired Wistron’s operations in India for $125 million, making it the first Indian company to manufacture Apple iPhones. There have been reports that the company is also in talks with Pegatron, another iPhone maker to acquire a majority stake. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms">BMW R 1300 GS superbike launched in India at ₹20.95 lakh</a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms">Samsung Galaxy Z Fold 6 will reportedly get a $100 price bump</a>

Tata Group reportedly looking to acquire a majority stake in Vivo India

<ul class="summary-list"><li>Private equity is sharing profits with employees to boost returns.</li><li>Earlier this year, <keyword id="20144468" type="General" weightage="100" keywordseo="blackstone" source="keywords">Blackstone</keyword> rolled out an ownership plan for employees of HVAC company <keyword id="23252568" type="General" weightage="20" keywordseo="copeland" source="keywords">Copeland</keyword>.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/private-equity-investment">private-equity industry</a> is famous for taking control of companies to maximize returns for investors. But when a firm exits a deal, employees are often left with nothing but a new owner. The newest rage in <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-private-equity-woes-debt-stock-market-interest-rates-2023-12">private equity</a> seeks to flip that model on its head by offering employees equity on top of their regular salaries. By giving employees a share of potential profits, the thinking goes, everyone is incentivized to meet the goals required to sell the company or take it public through an IPO, which could lead to a larger return faster. But how do these programs work? Which employees stand to gain? How much money might they make? <a target="_blank" class="" href="https://www.businessinsider.com/how-to-succeed-at-blackstone-schwarzman-gray-career-advice-2024-8">Blackstone</a> discussed these and other questions at a September event at its New York City headquarters, and Business Insider was on hand to take notes. The topic of discussion was an employee-ownership program <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-stock-price-private-equity-steve-schwarzman-kkr-apollo-2024-5">Blackstone recently rolled out at Copeland</a>, one of the largest manufacturers of compressors used in heating and cooling applications like HVAC and refrigeration. Copeland's CEO said that the program, which doled out stock to some 18,000 employees, was one of the largest for any private-equity-owned company and that it had already helpedboost employee engagement. Here's a look at Blackstone's employee-ownership program at Copeland, including how it works and why employee ownership isspreading like wildfire at private-equity-owned companies. <h2>The rollout</h2>Blackstone acquired Copeland in May 2023 in a deal that valued it at $14 billion. Copeland had previously been a unit of publicly traded Emerson Climate Technology but was spun out as part of the sale to Blackstone. In May 2024, Blackstone rolled out an employee-ownership program to Copeland's 18,000 employees — the first of a larger initiative to start offering stock to employees of any new US-based company controls, according to a Blackstone memo to investors obtained by BI. At a careers event at Blackstone's headquarters in September, Copeland's CEO, <keyword id="23618352" type="General" weightage="20" keywordseo="ross-shuster" source="keywords">Ross Shuster</keyword>, said the HVAC company's employee-ownership program's 18,000 employees are spread across 43 countries, creating logistical challenges. "So as we were looking at deploying this, we were stewarding the team, talking to unions and works councils, and making sure we didn't inadvertently trigger a tax consequence for someone with a grant," he said. <div type="image" title="Many employees sitting in a cafeteria, with a sign that says Copeland Cafe, as they are spoken to by a man on the stage." height="432" width="768" msid="114324041" hostid="261"></div><h2>Inside the plan</h2>The biggest challenge, <keyword id="23618349" type="General" weightage="20" keywordseo="shuster" source="keywords">Shuster</keyword> said, was making sure that all 18,000 employees understood the model. To do that, Copeland shut down all of its plants one day so that every employee could watch a roughly half-hour video explaining the program, dubbed in eight languages, followed by additional communications to employees. Copeland's employees learned that they stand to receive a cash bonus payment or stock grant from the company when Blackstone sells the company or brings it public — as long as they're still employed at the firm. The size of any individual employee's stake will depend on several factors, including their rank, their tenure at the company, and most importantly, the overall success of the deal. Success in<a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8"> private equity</a> is often evaluated by how much money a deal generates compared to the initial investment. The higher the multiple on invested capital, the higher the payout. The video, Shuster said, explained how to value a company and technical concepts like EBITDA, valuation, and cash flow. It also spoke to employees about how they, personally, might play a role in generating a bigger return. "How do you impact those things if you're in procurement? How do you impact cost and cashflow through contractual terms," Shuster said. "If you're on the production floor, how do you have an impact on customer satisfaction and productivity." Copeland's Chief Human Resources Officer <keyword id="23618351" type="General" weightage="20" keywordseo="stuart-dalgleish" source="keywords">Stuart Dalgleish</keyword> said that after the rollout, 56% of the firm's employees said they understood the program — a number that Shuster said was "as expected for a program of this nature," and that they are focused on increasing it over time. <div type="image" title="Three men in business suits sit on a couch with an audience in the foreground and text in the back that reads Blackstone Career Pathways 2024 Summit" height="5760" width="8640" msid="114324040" hostid="261"></div><h2>Early signs of success</h2>Despite the program's recent launch, Copeland is already seeing results. The company's employee engagement results went from the 25th percentile at the time Copeland was carved out from Emerson Electric to the 90th percentile in the span of a year, which Dalgleish said is "an incredibly rare feat to which this program contributed." Speaking at the Blackstone event in Manhattan, Shuster said that a supervisor told him that the program had completely changed his conversations with direct reports. The supervisor said conversations are now more of "an open discussion." He went on to explain: "These are the great things we're doing in the business to make a better company, and we're all going to win from this. These are the things that aren't going so well, and we've got to improve on." "The discussion is different when you're talking to individuals who don't have a financial stake," Shuster added. Employees are also starting to ask more financial questions, Shuster said. "I got questions at the level that I would expect to get from the board coming from production," Shuster said. "That's the culture you want to build." <h2>Why now?</h2>This wasn't Blackstone's first employee-ownership deal. The firm has implemented employee ownership at <a target="_blank" href="http://Ancestry.com">Ancestry.com</a> and <a target="_blank" class="" href="https://www.businessinsider.com/theme-parks-dynamic-pricing-legoland-madame-tussauds-merlin-entertainments-2024-3">theme-park operator</a> Merlin Entertainment, among others. The 2005 Merlin Entertainment initiative created 2,000 employee-owners when Blackstone took the company public in 2012, a number that's since grown to 5,000. But Joe Baratta, global head of private equity at Blackstone, said the time had come to be much more "intentional and systematic" across the private-equity group's operations. <div type="image" title="Man in suit in front of brown background" height="3510" width="2700" msid="114324038" hostid="261"></div>Across the industry, high interest rates have squeezed returns and exit opportunities. As a result, firms have been searching for novel ways to create more value by <a target="_blank" href="https://www.businessinsider.com/portfolio-operations-jobs-rising-stars-of-private-equity-2024-8">drilling down on company operations</a>. Employee ownership offers yet another way to create value by aligning investors, employees, and the portfolio company. "This is the right thing to do for our 18,000 colleagues, but it is also an investment for business," Copeland's Shuster said. "And with any investment, there is also an expected return on that investment." Blackstone's current initiative, which grew out of a talent development and employee engagement program called<a target="_blank" href="https://www.businessinsider.com/blackstone-career-pathways-training-internships-data-center-talent-portfolio-companies-2024-9"> Career Pathways</a>, comes amid an industry-wide push led by <keyword id="19924483" type="General" weightage="20" keywordseo="kkr" source="keywords">KKR</keyword>. KKR drastically expanded its <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#alissa-song-31-kkr-1">employee-ownership program</a> after seeing outsized returns at garage-door manufacturer CHI Overhead Doors in 2015. The firm has since awarded billions of dollars of equity to over 120,000 nonsenior management employees across more than 55 portfolio companies. KKR's global cohead of private equity, Pete Stavros, also helped found the nonprofit Organizing Works to encourage the adoption of this model across the private equity industry and beyond. A KKR spokesperson said the company's portfolio currently boasts nearly 100,000 employee-owners, and its single-largest program has 20,000 people enrolled. "This has become an industry-wide movement," the spokesperson said. <h2>The payouts</h2>Blackstone didn't specify the size of the stakes granted to Copeland's employees, but payouts have been substantial in some well-publicized deals at other firms. When <a target="_blank" class="" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#alissa-song-31-kkr-1">KKR launched its employee-ownership program</a> at CHI, the firm told employees that if KKR hit its goals, employees could earn about a year's salary, KKR's Stavros recently told NPR's "<keyword id="23618350" type="General" weightage="20" keywordseo="ted-radio-hour" source="keywords">Ted Radio Hour</keyword>." The CHI deal eventually led to a return of 10 times the firm's initial investment, one of KKR's best-performing deals of all time, resulting in average payouts of $175,000 for "frontline" factory workers. The longest-tenured employees ended up with much more, or six and a half times their annual income. "We had factory floor workers make half a million dollars," Stavros said. "Some truck drivers made $800,000." One factory worker, Josh Ryan, told NPR that he was able to start college funds for all four of his children, renovate his family's house, and pay down some of his mortgage. KKR's September sale of GeoStabilization International to Leonard Green &amp; Partners led to a five times return on investment, resulting in a <a target="_blank" class="" href="https://www.businessinsider.com/workers-kkr-company-geostabilization-payouts-private-equity-ownership-works-2024-9">$75 million equity payout</a> being shared among the company's non-management employees. The company's longest-tenured hourly employees will receive at least $325,000 in cash payouts when the deal is finalized. Such payouts may prove the exception, however. The amount any one employee might receive is determined by far more than the size of the return, including how much equity is put aside for workers and the number of employees splitting that money. A KKR spokesperson told BI that payouts across their portfolio so far have averaged about a year's worth of pay, with more tenured employees earning more than that. When setting up an employee-ownership plan, the firm typically aims for payouts equal to nine months' salary with a minimum goal of six-months' worth of pay. Copeland executives are hopeful that its program will have a major impact on the firm's 18,000 employees. "I really want to get to a point where, through the benefits of the program, people can maybe put their kids through school, or they might put a deposit on a house purchase," Dalgleish said. KKR has a stake in Business Insider's parent company, Axel Springer. Correction: October 18, 2024 — An earlier version of this article said Copeland was the largest employee-shareholder program for a private-equity-owned company. It is one of the largest.

How Blackstone made 18,000 workers owners of their HVAC company 

<ul class="summary-list"><li>KKR is in talks to acquire adtech firm Integral Ad Science, sources told Business Insider.</li><li>IAS appointed investment bank Jefferies to explore options after receiving takeover interest.</li></ul>Private equity firm KKR is in talks to acquire the publicly listed adtech company Integral Ad Science, three people familiar with the process said.It couldn't be immediately determined whether the discussions were at an advanced stage, and the plans could change.One of those people and an additional source said other potential acquirers had also expressed an interest in IAS but didn't offer further information. All of the people asked for anonymity to protect their business relationships; their identities are known to Business Insider.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-25/integral-ad-science-is-said-to-explore-potential-sale?embedded-checkout=true">Bloomberg</a> reported last month that IAS had appointed the investment bank Jefferies to explore its options after receiving takeover interest. IAS shares popped more than 10% on the news at the time.KKR and IAS declined to comment.Founded in the US in 2009, IAS offers technology that advertisers use to measure the quality and performance of their ads and to help them avoid their campaigns appearing next to unseemly content. It also offers solutions to publishers that help them verify that their ads are viewable, fraud-free, and placed in suitable environments for brands.IAS has recently signed new or expanded partnerships with major tech companies like Google, Amazon, and Reddit. In its second quarter, the company grew revenue by 14% to $129 million and raised its full-year guidance. IAS is due to report its third-quarter earnings on November 12.A take-private deal by a private equity firm like KKR could help IAS grow further without the quarterly Wall Street scrutiny. IAS was previously private equity-owned after Vista Equity Partners acquired it in 2018. Vista retains a more than 40% stake in IAS, which went public in 2021.KKR already has an ad industry footprint. It has stakes in the public adtech company AppLovin, the corporate communications firm FGS Global, and the customer experience software provider Alchemer.(KKR was also a shareholder in Business Insider's parent company Axel Springer. In September, Axel Springer announced it would <a target="_blank" class="" href="https://www.axios.com/2024/09/19/axel-springer-kkr-break-up">separate</a> its media properties into a privately-owned company, while KKR retained the classifieds side of the business.)KKR has <a target="_blank" class="" href="https://ir.kkr.com/app/uploads/2024/10/KKR-Q324-Earnings-Release.pdf">over $600 billion</a> in assets under management.<a target="_blank" class="" href="https://www.businessinsider.com/private-equity-firms-investing-in-advertising-and-marketing-companies-2024-3#kkr-7">Ted Oberwager</a>, a partner at KKR who leads its gaming, entertainment, media, and sports verticals, told BI earlier this year that the firm was looking to invest in companies that had "great teams and leaders who can navigate the rapidly shifting advertising, marketing, and communications landscapes."IAS fiercely competes with ad verification rival DoubleVerify, which is larger in terms of annual revenue and has a market capitalization of $3.3 billion to IAS's $1.99 billion as of publication time.Both companies came under recent <a target="_blank" class="" href="https://www.businessinsider.com/doubleverify-integral-ad-science-face-fresh-brand-safety-scrutiny-2024-6">scrutiny</a> after a series of reports found their advertiser clients had run ads in <a target="_blank" class="" href="https://adalytics.io/blog/ai-brand-safety">unsavory</a> corners of the web, such as sites with graphically violent, racist, or pornographic content — despite using the companies' brand safety software. The companies have disputed those reports' methodologies and findings.Publishers have also <a target="_blank" class="" href="https://www.businessinsider.com/integral-ad-science-doubleverify-help-brands-avoid-coronavirus-news-2020-3">criticized</a> brand safety methods such as keyword blocking and exclusion lists — words that trigger ads to be blocked on a webpage — as blunt instruments that unfairly demonetize their content. IAS and DoubleVerify have said they have refined their brand safety tools by pushing further into areas like AI and other technologies that analyze the context and semantics of an article.

Private equity giant KKR is in talks to acquire the adtech company Integral Ad Science

In its latest report, US-based investor activist firm Hindenburg, lashed out at market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, alleging her and her husband, <keyword id="22743439" type="General" weightage="20" keywordseo="Dhaval-Buch" source="keywords">Dhaval Buch</keyword> of having stakes in the same offshore funds which had previously been utilised by Gautam Adani's brother, <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword>. Earlier last year, Hindenburg had come out with a report, arguing that the research firm had identified multiple instances where they had found that Adani Group was complicit in stock manipulation, and accounting frauds. The report mentioned around 38 Mauritius based shell entities which were directly controlled by Vinod Adani, or his associates, in addition to other suspected entities under his control, which were based out of Cyprus, the UAE, Singapore and Caribbean islands. It had also alleged that SEBI's distinct lack of regulatory action against the conglomerate, despite overwhelming evidence provided by them was disappointing. Now, in its latest report, it notes that "SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani". We decode all that you need to know about the <keyword id="22758620" type="General" weightage="100" keywordseo="Adani-Hindenburg-saga" source="keywords">Adani-Hindenburg saga</keyword>. <h2>What is Buch being accused of?</h2>Three major things, really. First, quoting various whistleblower documents, Hindenburg alleged that during her tenure as a whole-time member at SEBI between 2017 and 2022, Buch maintained a 100% stake in Singapore-based Agora Partners. Two weeks post her appointment as SEBI's chairperson in March 2022, Buch privately emailed the fund, asking them to transfer all her share's to her husband's name. Second, during her tenure, Madhabi's husband, Dhawal Buch had been appointed as senior advisor at <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>, a prominent global name in real estate and private equity. To this date, he maintains this position. Blackstone has, till date, sponsored three <keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword> in India, including Embassy Office Parks REIT, Mindspace REIT, and Nexus Select Trust. As such, this results in a massive conflict of interest. The <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg research</keyword> alleges that during Buch significantly altered regulations, in order to favor investments in REITs (real estate investment trusts). As the short seller noted, "Buch touted REITs as her favorite products for the future, and urged investors to look positively upon the asset class". But, as the firm highlights, she did not explicitly ever mention that her husband is associated with Blackstone, a company which stands to gain significantly from such investments. Thirdly, as Hindenburg research explains, Madhabi currently holds a 99% stake in Agora Advisory, an India-based consulting firm where her husband also serves as a director. Per reports, at the end of FY22, the firm's revenue stood at Rs 19.8 million, which is about 5 times her disclosed salary as a whole-time SEBI member. <h2>How has Buch retorted to each of these allegations? </h2>On first, Buch notes that investment in the fund cited by Hindenburg in its research had been made in 2015, when she held no public position of note, and was 2 years away from joining SEBI as a whole-time member. Moreover, the decision to invest in this fund was largely because Anil Ahuja, who was the erstwhile chief investing officer (CEO) of the fund, was a childhood friend of Dhaval Buch, apart from having a long career in investing, having worked with Citibank and JP Morgan. During this time, the fund did not invest in any bonds or shares issued by companies of Adani Group. On second, Buch made it clear that Dhaval was hired by Blackstone on account of his deep expertise in supply chain management. Once this happened, Blackstone was immediately added to Madhabi's recusal list. Additionally, regulatory decisions are not solely taken by the chairperson, but come into existence after intense public discussion. And thirdly, both Agora Advisory in India, and Agora Partners in Singapore were made dormant after Buch was appointed as SEBI chairperson. Per the joint statement issued by the Buchs, "These companies (and her shareholding in them) were explicitly part of her disclosures to SEBI." <h2>What kind of financial impact are we estimating? </h2>Stocks of Adani companies found themselves swimming in red today. Adani Ports dipped by 1.78%, while Adani Enterprises and ACC fell by over 1% each during trade today. Adani Total Gas plunged by over 3%, while Adani Wilmar also sunk by over 2%. With the shares cumulatively experiencing over 7% fall, estimates suggest that over Rs 53,000 crore worth of investor wealth was wiped off today. The news does not bode well for India's mutual fund companies, who have a total of Rs 41,814 crore on Adani companies. As for REITs, data from IRA (Indian REITs Association) suggests that there are, at present, four listed REITs on the Indian stock exchanges, collectively managing assets worth over ₹1,40,000 crores and serving more than 240,000 unitholders. "These REITs have distributed over ₹18,000 crores, with the market capitalization of this rapidly growing asset class reaching approximately ₹80,000 crores", the association notes. As the research firm disclosed, it made Rs 34 crores shorting (borrowing a stock who's value you anticipate will fall, and then sell it in markets to earn profits). According to media reports, about 111 mutual fund schemes have invested around Rs 14,000 crore in Adani Ports and SEZ. How has Hindenburg doubled down? In a fresh salvo, Hindenburg notes that this admission confirms that Madhabi and Dhaval Buch had indeed, "invested in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani, the brother of Gautam Adani". "She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director. SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Mrs. Buch was personally invested in, and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," the firm said. Another accusation that has gone the SEBI chairperson's way is that even while she was serving as SEBI chief, Buch continued to earn revenues from her active consulting firms, and also making deals under her husband's name all the while she served as SEBI's whole-time member. <h2>What's next? </h2>Taking note of Hindenburg's report, SEBI released a statement asking investors to "remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report", it said. "The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information", it continued.

Adani Hindenburg case: All your questions answered

<keyword id="19943739" type="General" weightage="20" keywordseo="Ubisoft" source="keywords" meta.keywordsubtype="org" meta.entityname="Ubisoft" meta.hostid="261" meta.entityid="Ubisoft">Ubisoft</keyword>, the French gaming giant behind popular titles like Assassin’s Creed and Far Cry, has reacted to rumours of a possible buyout by <keyword id="20209720" type="General" weightage="20" keywordseo="PUBG" source="keywords">PUBG</keyword> maker <keyword id="19904584" type="General" weightage="100" keywordseo="Tencent" source="keywords" meta.keywordsubtype="org" meta.entityname="Tencent" meta.hostid="261" meta.entityid="Tencent">Tencent</keyword>. However, the company’s response, released in a cryptic statement on Monday, left fans and industry insiders with more questions than answers. A Bloomberg report had earlier said that Tencent might be exploring the possibility of teaming up with Ubisoft’s founding family, the Guillemots, to take the company private. Sources close to the situation had told the publication that talks were ongoing, with both parties consulting advisors. But for now, Ubisoft is keeping its cards close to its chest. According to a report in The Verge,Ubisoftsaid in a statement that it “regularly reviews all its strategic options in the interest of its stakeholders and will inform the market if and when appropriate.” The company also reiterated its commitment to its current strategy, which focuses on two key areas: Open World Adventures and GaaS-native (Games as a Service) experiences. And that was it—just a couple of lines, leaving the gaming community hungry for more details. <h2>The Guillemot-Tencent connection </h2> While nothing is confirmed, the possibility of Tencent teaming up with the <keyword id="23477147" type="General" weightage="20" keywordseo="Guillemot-family" source="keywords">Guillemot family</keyword> to buy Ubisoft makes a lot of sense. After all, Yves Guillemot, the current CEO, and his family have a deep, personal stake in the company, which they founded decades ago. Tencent, on the other hand, has a 10% stake in Ubisoft and also owns nearly half of <keyword id="23477148" type="General" weightage="20" keywordseo="Guillemot-Brothers-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Guillemot Brothers Ltd" meta.hostid="261" meta.entityid="Guillemot Brothers Ltd">Guillemot Brothers Ltd</keyword>, the family’s holding company. According to a report in wccftech, Tencent is interested in stabilising Ubisoft, which has had a rough few months. The company’s shares plunged by 19% last month, following disappointing sales of Star Wars Outlaws and delays to highly anticipated releases like Assassin’s Creed Shadows. For a company with Ubisoft’s pedigree, these setbacks have shaken investor confidence, and Tencent reportedly sees an opportunity to step in, boost its value, and potentially reshape the company’s future. <h2> </h2><h2>PUBG maker Tencent to acquire Ubisoft? Here is what the company says </h2> As mentioned already, if Tencent were to push forward with a buyout and take Ubisoft private, the move would not be all that surprising. There have been rumours for some time that Ubisoft has been considering such a step, especially as competition heats up in the gaming world and the company struggles to regain its footing. But going private could come with some major consequences. According to the wccftech report, a buyout could trigger significant changes at Ubisoft’s leadership level, including a new CEO and possible layoffs. The company has already seen its fair share of cuts recently, with layoffs hitting its IT and special effects teams, and more could be on the way if a takeover leads to restructuring. But for now, Ubisoft is staying tight-lipped. Fans, investors, and industry watchers will have to wait and watch for what comes next, especially with the company hinting that any updates will only come “if and when appropriate.” One thing’s for sure—whatever happens next, it’s likely to have a major impact on the future of the gaming giant.

Tencent to acquire Ubisoft? Here is what the Assassin's Creed maker says

<ul class="summary-list"><li>Intel is looking for an investor to acquire a stake in its Altera subsidiary, CNBC reported.</li><li>The US tech giant is seeking a deal that values the programmable chip unit at around $17 billion.</li></ul>Tech giant Intel is seeking an investor for a stake in its Altera subsidiary, <a target="_blank" class="" href="https://www.cnbc.com/2024/10/18/intel-seeks-billions-for-minority-stake-in-altera-business-sources-say.html">CNBC reported late Thursday,</a> citing people familiar with the matter.Intel is seeking a deal that values Altera at around $17 billion, per CNBC. The US company is looking to raise several billion dollars for at least a minority stake in Altera, according to the network.Intel has told some investors this week that it would be possible to acquire a majority stake in Altera, according to CNBC.The news comes as US chip giant Intel faces <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">troubles</a> just as Washington is seeking to revitalize the country's chip industry for national security reasons.In March, President Joe Biden announced Intel would receive $8.5 billion in funding from the CHIPS Act. In September, Biden awarded another $3 billion to the company.However, <a target="_blank" class="" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Intel still faces business challenges</a> that include manufacturing delays and falling behind in the AI race. The company's <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/intc-stock">stock price</a> is down 55% this year to date.The <a target="_blank" rel=" nofollow" class="" href="https://www.wsj.com/business/deals/qualcomm-approached-intel-about-a-takeover-in-recent-days-fa114f9d">Wall Street Journal reported</a> in September that its competitor <a target="_blank" rel="" class="" href="https://www.businessinsider.com/qualcomm-intel-acquisition-chips-semiconductors-tsmc-2024-9">Qualcomm had approached Intel</a> about a takeover deal.Last month, Intel CEO Pat Gelsinger mentioned in a <a target="_blank" class="" href="https://www.intc.com/news-events/press-releases/detail/1710/a-message-from-intel-ceo-pat-gelsinger-to-employees">message to employees</a> that the company was looking to sell part of its stake in Altera to "carefully manage our cash as we meaningfully improve our balance sheet and liquidity."The sale of part of Intel's stake in Altera "has long been part of our strategy to generate proceeds for Intel on Altera's path to an IPO," Gelsinger said in his message.Intel's search for an investor in Altera comes in a big week for semiconductor companies. Dutch equipment maker <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">ASML</a> and Taiwanese chip giant <a target="_blank" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">TSMC</a> both reported quarterly earnings that showed <a target="_blank" class="" href="https://www.businessinsider.com/asml-tsmc-earnings-demand-ai-chips-2024-10">AI chip growth</a> in the short to medium term.Intel did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

Intel is seeking an investor for a stake in its Altera chip unit, CNBC reports

<ul class="summary-list"><li>Saudi Arabia's Public Investment Fund, led by Crown Prince Mohammed Salman, is going global.</li><li>The sovereign wealth fund is investing in everything from Uber and Blackstone to Heathrow and LIV Golf.</li></ul>In the months before <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> celebrated his 30th birthday nearly a decade ago, the yet-to-be anointed Crown Prince of Saudi Arabia was gifted a vital key to unlocking the kingdom's future: full purview of its Public Investment Fund.Back in 2015, MBS became chairman of the sovereign wealth fund established in 1971 by a former king at a time when it was ready to be transformed. A slow-moving cog of the state no more, PIF was ready to become an investment juggernaut with global presence.It's a task the fast-rising royal hasn't shied away from. PIF, officially led by governor Yasir Al-Rumayyan, has been stepping up its mission to invest in high-profile assets globally in recent years to help fulfill its mission of reducing Saudi Arabia's economic dependence on oil.That mission, a fundamental part of <a target="_blank" class="" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">an ambitious program called Vision 2030</a> that MBS is in charge of, depends in part on how successful the PIF is in generating returns from its big bets overseas — and leveraging those bets to build hot new industries at home."MBS' personal ambition is very much to make Saudi Arabia a highly visible and internationally respected post-oil economy," Steffen Hertog, associate professor at the London School of Economics, told Business Insider. "The PIF is by far his most important vehicle in this endeavor."But as PIF spreads its wings, it is becoming increasingly unclear as to just how successful it stands to be beyond the Gulf.<h2 id="ab7cae77-96ba-4c12-be58-1085931cd388">Saudi Arabia goes global</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>A look at the <a target="_blank" class="" href="https://www.pif.gov.sa/en/our-investments/our-portfolio/#ourportfolio_e=0">PIF's portfolio</a> presents a show reel of some of the most prolific names in global business.In the tech sector, it has <a target="_blank" href="https://www.businessinsider.com/how-investment-in-uber-brought-saudi-prince-to-silicon-valley-2020-9">pumped $3.5 billion into Uber</a>, poured $45 billion into SoftBank's Vision Fund, taken a 60% stake in <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> rival Lucid, and become majority owner of augmented reality startup Magic Leap.Beyond that, it has pumped <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-pif-sports-influence-pga-liv-2023-6">billions of dollars into LIV Golf</a>, led a $415 million takeover of Newcastle United, backed up a Blackstone infrastructure fund with $20 billion and invested in Carnival, the world's biggest cruise operator. In June, PIF expanded its stake in London's Heathrow Airport.Figures published in July by <a target="_blank" href="https://globalswf.com/reports/2024gsr#market-update-1h-2024-1">GlobalSWF</a>, a data firm tracking sovereign-wealth-fund activity, found that PIF deployed more capital in the first half of 2024 than all other state-owned investors, which collectively invested close to $100 billion in the six-month period.According to LSE's Hertog, PIF's attraction to high-profile brands isn't just about making itself more visible to the West. "These for the most part are corporates active in sectors that the PIF and MBS see as key for Saudi Arabia's domestic economic diversification."To make these deals happen, the kingdom has been busy doing a lot of courting.In February, it backed a two-day conference in Miami, where the likes of Blackstone leader Stephen Schwarzman and Donald Trump's son-in-law Jared Kushner were <a target="_blank" class="" href="https://fii-institute.org/wp-content/uploads/2023/12/02.22_FII-PRIORITY-Miami-2nd-Edition-Program.pdf">billed as speakers.</a> In October, the kingdom will be prepared for the global elite to descend on capital city Riyadh for its "<a target="_blank" class="" href="https://www.businessinsider.com/saudi-business-conference-davos-in-desert-costs-15000-attend-2023-9">Davos in the desert</a>" investment conference.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>The event, which has previously attracted the likes of JP Morgan and BlackRock CEOs <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-career">Jamie Dimon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-ceo-larry-fink-net-worth-career-history">Larry Fink</a>, has proven controversial in the past. <a target="_blank" class="" href="https://www.businessinsider.com/biden-mbs-responsible-for-jamal-khashoggi-murder-2022-7">MBS's alleged role</a> in the murder of journalist Jamal Khashoggi in 2018, which he denies having involvement in, gave some dealmakers pause for thought.That said, the world's corporate elite appear to be looking past the incident as time passes — something the Saudis seem to be aware of. This year's theme, <a target="_blank" href="https://fii-institute.org/conference/fii8/">"Infinite Horizons,"</a> offers a nod to the global scope it has in mind for its future.For global companies, fund managers, and bankers, Saudi Arabia's wealth has been a big draw at a critical time. While other investors have exercised caution in the face of a higher interest rate environment, the kingdom has kept its money flowing.That's partly because the fund has set a target of $2 trillion in assets under management by the end of the decade, and is racing against the clock to meet the deadline for its ambitious Vision 2030 program.Saudi Arabia also finds itself l<a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vs-uae-middle-east-economic-power-supremacy-dubai-2023-9">ocked in a tense rivalry with other economic powerhouses</a> in the region such as the United Arab Emirates, where funds such as Mubadala and <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-ai-kingpin-g42-openai-china-2024-4">G42 have been busy securing their own big international deals</a>. Bragging rights are on the table.<h2 id="daf6e7aa-7788-42a8-84dd-cb066c69057e">Risky high-stakes game</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>However, while the Saudis prepare to continue flashing their cash abroad, the PIF faces some risks.For one, the fund has had to learn the hard reality of going big, as a number of its high-profile investments overseas have struggled financially. Earlier this month, for instance, <a target="_blank" class="" href="https://www.businessinsider.com/middle-east-funds-racing-rescue-investments-saudi-arabia-pif-mubadala-2024-8">PIF had to plug a funding gap for Lucid</a> by pumping in an extra $1.5 billion.The electric vehicle maker first <a target="_blank" href="https://lucidmotors.com/fr-ca/media-room/lucid-motors-executes-us1bn-investment-agreement-public-investment-fund-saudi-arabia">raised more than $1 billion from the Saudis in 2018</a> after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-blames-saudi-investor-backpedaling-taking-tesla-private-trial-2023-1">PIF's talks with Elon Musk to take Tesla private fell through</a>, but has struggled with a high burn rate and waning demand for EVs.PIF has also had to backstop another company. According to filings released in the UK this month, the fund has put $750 million into Magic Leap since the start of 2023, as it struggling to take its immersive reality headsets mainstream.For Hertog, though companies like Lucid have "fallen on hard times" — and other bets from PIF on the likes of the <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank Vision Fund</a> have "indeed not done well" — it is still too early to say how the overall performance will turn out. The fund did swing to an annual profit in 2023 following an $11 billion loss the previous year, Bloomberg reported, though many bets are still in their early days."There are inherent risks in investing in new sectors so what matters is not individual failures but the performance of the whole portfolio," Hertog said.PIF's tanglings with political figures are also raising concerns. Donald Trump's son-in-law Kushner, who started private equity firm Affinity Partners in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/jared-kushner-private-equity-firm-funding-from-saudi-arabia-report-2022-4">received a $2 billion commitment from PIF</a> for its debut fund, with that commitment now facing an investigation by Senate Finance Committee chair Sen. Ron Wyden.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>In <a target="_blank" class="" href="https://www.finance.senate.gov/chairmans-news/wyden-probes-kushner-firm-payments-from-gulf-states-potential-fara-loophole">a letter published in June</a>, the senator raised concerns that PIF and other Middle Eastern funds were "using payments to Affinity executives as a means to influence Kushner and other politically powerful individuals."For Abdullah Alaoudh, a director at the Middle East Democracy Center, it seems clear that buying "a lot of influence" — or "whitewashing" as he puts it — is a key part of the fund's dealmaking overseas. If potential partners can gloss over some of its more controversial activities, such as <a target="_blank" class="" href="https://www.businessinsider.com/biden-investigation-us-military-aid-saudi-arabia-massacre-migrants-yemen-2023-9">the Kingdom's war in Yemen</a>, it'll have an easier time seeing deals through.As Hertog notes, it's worth remembering that PIF's main priority remains its domestic portfolio. "While some domestic investments have been pruned, the fund's main ambition is domestic diversification," he said.Still, Saudi Arabia seems intent on making its mark on the global stage through the PIF. The world will be keeping watch.The PIF did not immediately respond to a request for comment from BI.

Saudi Arabia is on a high-stakes mission to buy the world 

<keyword id="4413029" type="General" weightage="20" keywordseo="Austin-Russell" source="Orion">Austin Russell</keyword>, 28-year-old Chairman and CEO of automotive technology company <keyword id="4413151" type="General" weightage="20" keywordseo="Luminar-Technologies" source="Orion">Luminar Technologies</keyword>, has acquired 82 per cent stake in Forbes Global Media Holdings, that published the Forbes magazine, in a deal that values the media house at nearly $800 million. According to a report in Wall Street Journal, Russell's stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014. Integrated Whale Media will retain a minority stake, according to the report late on Friday. Russell plans to serve as a visionary for Forbes brand and won't be involved in day-to-day operations, according to the statement. Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat. Russell will not be involved in day-to-day operations at Forbes, founded in 1917 by BC Forbes, and the publication plans to appoint a new board with US media, technology and artificial intelligence (AI) experts. Luminar Technologies currently has a $2.1 billion market cap. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel's Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. In Q1 2023, Luminar said it exceeded its revenue guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow. It posted revenue of $14.5 million, up 112 per cent year-over-year. Luminar expects at least 100 per cent revenue growth in 2023. "Luminar is firing on all cylinders and successfully proving our ability to execute, industrialise and capitalise on our business. Over the past quarter, leading automakers have continued to expand our technology across their vehicle lineups, betting on the future of their ADAS and autonomous roadmaps in partnership with Luminar," said Russell. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-sc-hints-at-granting-sebi-extension-on-probe-report-to-decide-on-may-15/articleshow/100185994.cms">Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15</a>

28-year-old billionaire Austin Russell acquires 82% stake in Forbes

Global VC firm <keyword id="48032" type="General" weightage="80" keywordseo="blackstone" source="Orion">Blackstone</keyword> on Monday reached a definitive agreement to sell its stake in the Kerala-based software-as-a-service (<keyword id="6395918" type="General" weightage="20" keywordseo="SaaS" source="Orion">SaaS</keyword>) provider <keyword id="95627" type="General" weightage="80" keywordseo="ibs-software" source="Orion">IBS Software</keyword> to global private equity firm Apax for $450 million. Following the transaction, Apax will partner closely with <keyword id="128946" type="General" weightage="100" keywordseo="ibs" source="Orion">IBS</keyword> Software's Founder and Executive Chairman, V.K. Mathews, who will remain the majority shareholder. Founded in 1997, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality, and logistics companies. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership position it to define the future of mission-critical technology for the travel industry. "This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax," said Mathews of IBS Software. The transaction is expected to close by the end of Q2 2023. Blackstone acquired about 40 per cent stake in IBS Software, from <keyword id="6375561" type="General" weightage="50" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword>, in 2015 for $170 million. "Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled," said Jason Wright, Partner, Apax. Amit Dixit, Head of Asia Private Equity, Blackstone added that they are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in travel and logistics. "IBS is already one of the largest enterprise SaaS companies out of India. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme," Dixit added. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/lowest-scores-in-ipl-history-rajasthan-royals-joins-the-list-with-59-runs/slidelist/100249661.cms">Lowest scores in IPL history – Rajasthan Royals joins the list with 59 runs</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

Blackstone sells stake worth $450 mn in Indian firm IBS Software to Apax

<ul><li><keyword id="7496523" type="General" weightage="100" keywordseo="guvi" source="Orion">GUVI</keyword> provides tailor-made courses for learners, universities and employers.</li><li>GUVI has upskilled more than 1.7 million students and professionals in the latest technology skills. </li><li>IT major HCL on Thursday said it has acquired a majority stake in GUVI. </li></ul> IT major HCL on Thursday said it has acquired a majority stake in vernacular edtech platform GUVI -- one of the few companies in India to partner with Elon Musk's 'OpenAI' initiative -- for an undisclosed sum. The IIT Madras and CIIE (IIM Ahmedabad) incubated startup offers technical courses such as web development, AI module, <keyword id="358506" type="General" weightage="50" keywordseo="sql" source="Orion">SQL</keyword> and various other courses created by industry experts in vernacular languages. "Through this investment, the aim is to address the critical technical skill-gap across enterprises," said Shikhar Malhotra, Director-HCL Corporation. "We are delighted to associate with GUVI to ensure that technology aspirants have ease-of-access to learning and upskilling via holistic courses in the native language they are comfortable conversing in," added Malhotra. Founded by Arun Prakash M, Sridevi M and <keyword id="8039585" type="General" weightage="50" keywordseo="sp-balamurugan" source="Orion">SP Balamurugan</keyword> in 2014, GUVI provides tailor-made courses for learners, universities and employers. GUVI offers computer programming courses in Hindi, Telugu, Malayalam, <keyword id="6356629" type="General" weightage="50" keywordseo="tamil" source="Orion">Tamil</keyword>, English and Arabic. "We believe this association will be a game-changer for the edtech space servicing audiences in their mother tongue. Also, leveraging HCL's global network, we are looking forward to empowering a large pool of professionals," said Prakash, Co-Founder and CEO of GUVI. To date, GUVI has upskilled more than 1.7 million students and professionals in the latest technology skills and helped them gain placement across sectors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-will-soon-allow-you-to-translate-local-news-using-search/articleshow/94524557.cms">Google will soon allow you to translate local news using Search</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-rebound-amid-positive-global-cues-nifty50-edges-close-to-17000-44-out-of-50-stocks-in-the-green/articleshow/94523579.cms">Markets rebound amid positive global cues: Nifty50 edges close to 17,000, 44 out of 50 stocks in the green</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-active-covid-tally-decline-by-229-a-day-ago-union-health-ministry/articleshow/94524260.cms">India's active Covid tally decline by 229 a day ago: Union Health Ministry</a>

HCL acquires majority stake in vernacular edtech platform GUVI

<ul><li>The acquisition marks <keyword id="62997" type="General" weightage="100" keywordseo="dabur" source="Orion">Dabur</keyword>’s entry into the over ₹25,000 crore branded spices and seasoning market in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. </li><li>Mohit <keyword id="200" type="General" weightage="80" keywordseo="burman" source="Orion">Burman</keyword>, chairman of <keyword id="6373748" type="General" weightage="50" keywordseo="dabur-india" source="Orion">Dabur India</keyword> said that they intend to leverage their global market presence to grow the business globally. </li><li>The transaction is expected to be cash <keyword id="179896" type="General" weightage="50" keywordseo="eps" source="Orion">EPS</keyword> neutral in the first year and accretive thereafter, the company said.</li></ul>Dabur India announced that it signed definitive agreements to acquire 51% shareholding of Gujarat-based spice maker Badshah Masala for ₹587.52 crores, today. Badshah is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. “The Indian spices and seasoning category is a large and attractive market. Badshah Masala is one of the key players in this space. Our investment in Badshah Masala will help expand this business and continue to provide unmatched quality products,” said Mohit Burman, chairman of Dabur India. The company said that the acquisition is in line with Dabur’s strategic intent to expand its food business to ₹500 crores in three years and expand into new adjacent categories. “This also marks Dabur’s entry into the over ₹25,000 crore branded spices and seasoning market in India,” Dabur said in a press release. Dabur is acquiring the majority stake for ₹587.52 crores, less proportionate debt as of the closing date. The deal values the company at ₹1,152 crores. This translates to a revenue multiple of around 4.5x and an EBIDTA multiple of around 19.6x of FY2022-23 estimated financials. “The transaction is expected to be cash EPS neutral in the first year and accretive thereafter. The acquisition is expected to be completed within this fiscal. As per our agreement, we will acquire the balance 49% shareholding after 5 years,” P D Narang, group director, Dabur India. Burman said that they intend to leverage their global market presence to grow the business globally. “This transaction will enable us to accelerate our growth by adding our products to Dabur's broad portfolio to meet the needs of consumers across geographies,” Hemant Jhaveri, managing director of Badshah Masala. According to Mohit Malhotra, CEO of Dabur India, the branded spices market in India is growing at healthy double digits, led by increasing consumption, upgradation from unbranded to branded and growing preference for regional flavours across states. “The market is dominated by regional players and holds significant potential for growth in the future. Badshah's portfolio will gain from Dabur’s extensive distribution reach. We look forward to unlocking further synergies and market opportunities to capture the full potential of Badshah Masala,” Malhotra added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/walmart-reportedly-raising-up-to-3-bn-for-flipkart-to-expand-india-biz/articleshow/95100711.cms">Walmart reportedly raising up to $3 bn for Flipkart to expand India biz</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/microsoft-cloud-exceeds-25-bn-in-sales-github-at-1-bn-arr-nadella/articleshow/95099741.cms">Microsoft Cloud exceeds $25 bn in sales, GitHub at $1 bn ARR: Nadella</a>

Dabur acquires majority stake in Badshah Masala for ₹587.5 crore

Online travel tech platform <keyword id="5030468" type="General" weightage="20" keywordseo="EaseMyTrip" source="Orion">EaseMyTrip</keyword> on Tuesday said it has acquired a 55 per cent majority <keyword id="6375562" type="General" weightage="20" keywordseo="stake" source="Orion">stake</keyword> in <keyword id="16232316" type="General" weightage="20" keywordseo="cheqin" source="Orion">cheQin</keyword> for Rs 3 crore. cheQin is a real-time marketplace, which allows travellers to bargain with hoteliers without any effort. The deal will help in strengthening EaseMyTrip's hotel channel in terms of technology, adaptability, personalisation, and the acceptance of bulk booking and long stay requests, the company said in a statement. "EaseMyTrip is focusing on the growth of its non-air segments. This acquisition is a step towards revolutionising the hotel business altogether. Through cheQin, which is a unique app in the hotels industry, we will diversify our hotel booking experience through technology support," EaseMyTrip CEO and <keyword id="170488" type="General" weightage="20" keywordseo="co-founder" source="Orion">Co-Founder</keyword> <keyword id="6106039" type="General" weightage="80" keywordseo="nishant-pitti" source="Orion">Nishant Pitti</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-hikes-the-price-of-its-base-plan-by-57-reduces-validity-to-24-days/articleshow/97299532.cms">Airtel price hike announced – customers will have to pay 57% more for the telco’s cheapest plan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/healthtech-unicorn-innovaccer-lays-off-245-workers-2nd-job-cut-in-5-months/articleshow/97297979.cms">Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months</a>

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You Searched For "Blackstone acquiring majority stake" and got 13 results

Tata to buy a majority stake in Pegatron's iPhone plant in India

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Dabur acquires majority stake in Badshah Masala for ₹587.5 crore

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