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<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. 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Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

Kamala Harris had <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8">friends in high-tech places,</a> but it wasn't nearly enough to secure the presidency.Silicon Valley's progressive leaders, like <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Reid Hoffman, Laurene Powell, and Vinod Khosla,</a> raised millions for the Harris campaign, hoping for a Democrat in the White House for the next term. In the aftermath of <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's clear win,</a> some of tech's denizens stewed on what will happen next for their industry. Even in their sadness following Wednesday's results, traces of cautious optimism started to appear.In conversations with over a dozen VCs and founders, there was a sense that the <a target="_blank" class="" href="https://www.businessinsider.com/openness-in-ai-is-necessary-ftc-lina-khan-2024-7">regulatory climate</a> might soften, potentially easing antitrust scrutiny and allowing a wave of mergers and acquisitions to proceed unfettered. The election result, coupled with the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">stock market's exuberant response,</a> could light up the exit market like the Fourth of July, signaling private companies to finally go public. While many Silicon Valley VCs and founders aren't huge Trump fans, their industry thrives when startups are getting acquired or going public quickly. The Biden administration clamped down heavily on tech M&amp;A, so Trump's win could be a financial boon for the sector. There's also hope and early signs of VC fund investors being more open to putting fresh money into the asset class.The outcome could be good for startups who have been sitting on the sidelines for the past few years hoping to go public (and their investors), said Jordan Nof, a managing partner of Tusk Venture Partners, an early-stage investor.Stephen Hays, the founder and managing partner of What if Ventures, said money is already moving again. He received two emails from investors on Wednesday morning about committing more capital to deals <a target="_blank" class="" href="https://www.businessinsider.com/stephen-hays-mental-health-vc-what-if-ventures-addiction-2024-7">his syndicate</a> can access. Both said they had waited for the election to pass to start writing bigger checks.Trump's <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">return to the White House</a> will ripple through the technology sector in unpredictable and potentially transformative ways, though tech policy was largely an afterthought this election cycle. In his campaign, Trump played on people's anxieties about the economy to win over swing voters, while Harris cast herself as the candidate who would reach across the aisle on housing and immigration.In the short term, the election outcome is good for business, said a Bay Area-based investor. Trump is allied with some well-known tech people like Elon Musk, there's likely to be more permissive M&amp;A, and the price of bitcoin is at record highs. But there is longer-term uncertainty and questions remaining about whether Trump will shake the foundations of the US's economy and society, he added. <h2 id="747090b3-65d2-4542-aee5-ef26eab9cdcf">Big Tech returns to the table</h2>As president, Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">could roll back</a> some of the antitrust policies that his opponent would have continued. The Biden administration was a much tougher antitrust enforcer, putting many technology mergers and acquisitions on hold. That trickled down to little tech in the form of fewer deals closed.Federal Trade Commission Chair Lina Khan's status could be in jeopardy once Trump takes over in January. She has been one of the main drivers of tougher antitrust enforcement in tech deals. On Wednesday, Lulu Cheng Meservey, the communications whisperer to tech firms like Y Combinator, <a target="_blank" class="" href="https://x.com/lulumeservey/status/1854169233917100089">tweeted</a> a photo of Khan with LinkedIn's #OpenToWork badge."I believe we'll see the markets open back up for M&amp;A, a more business-first approach," said Brandon Brooks, a partner at the tech investment firm Overlooked Ventures. He added that having a former venture capitalist in the White House — Trump's heir apparent, <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-silicon-valley-tech-leaders-rally-around-harris-trump-2024-8">JD Vance</a> — could bring "a more private market focus" to the presidency.Investors such as SignalFire founder Chris Farmer and Mason Angel of Industrious Ventures said a more relaxed approach to antitrust enforcement could <a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8">unlock billion-dollar exits</a> for a limited set of founders and venture capitalists who have a vested interest in acquisitions picking back up. That's how they return profits to investors.Louis Lehlot, a partner at Foley &amp; Lardner, expects a respite from the antitrust crackdown to "enable Big Tech buyers to return the table." He said, "They have been frozen out for nearly four years, essentially warned not to even try to acquire new companies, and in some cases, to prepare for their looming defenestration."The question of how a second Trump term affects the stock market also has far-reaching consequences for tech. Fewer dollars are flowing into the venture capital funds that keep tech firms flush with cash. Limited partners such as pensions and endowments that fund venture firms have been choosier over months of higher interest rates and a shortage of private company exits to the public market.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-victory-stock-market-today-dow-tsla-djt-bitcoin-yields-2024-11?_gl=1*1z0y7qj*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMDkwNTI4Ny4yMjEuMS4xNzMwOTEwMTk4LjYuMC4w">Markets rallied</a> on Wednesday as Trump's victory ended one of the most contentious presidential elections in modern history. It's unclear how long the "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11?_gl=1*rc7o27*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMDkwNTI4Ny4yMjEuMS4xNzMwOTEwMzc3LjE2LjAuMA..">Trump trade</a>" boom will last and whether conditions for venture firms seeking investment will improve anytime soon."I think the concerns around tariffs and the rising cost of capital make our asset class less attractive if people can earn better rates of return elsewhere," said Michael Greeley, a general partner at Flare Capital Partners.<h2 id="e24a95d8-c99b-496b-802b-cb9a8404aa33">Crypto wins, uncertainty for climate</h2>This election marked the first with artificial intelligence in play, and as president, Trump will have to contend with how to regulate it. Though he hasn't released a detailed policy agenda, <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-presidency-impact-ai-artificial-intelligence-2024-10">analysts expect</a> Trump will ease up-regulation. His campaign pledged to repeal a Biden-era executive order that set guardrails on the technology and that some conservatives in tech argued went too far.Trump is also seen as bullish for crypto.The blockchain sector, including many VCs who invest in the sector, <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://time.com/7173421/what-donald-trump-election-win-means-for-crypto/">poured $100 million</a> into elections this year. Trump <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.coindesk.com/policy/2024/11/06/trumps-triumph-is-also-cryptos-gensler-regulatory-clouds-likely-to-vanish/">positioned himself</a> as the pro-crypto candidate, promising to make the US <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://apnews.com/article/donald-trump-bitcoin-cryptocurrency-stockpile-6f1314f5e99bbf47cc3ee6fc6178588d">"the crypto capital of the world,"</a> and pledging he would fire Biden-appointed SEC chairman Gary Gensler, who has cracked down on the crypto regulation. Trump has also publicly said he <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.cnbc.com/2024/11/06/trump-claims-presidential-win-here-is-what-he-promised-the-crypto-industry-ahead-of-the-election.html">would</a> "keep all the bitcoin the US government currently holds or acquires into the future." Bitcoin surged to a record high of $75,000 after Trump's victory was confirmed.Investors in climate tech were more apprehensive about what a second Trump term means for clean energy. Trump's on-again, off-again support for nuclear energy could result in new legislation to "expand alternative energy sources, particularly by accelerating the deployment of advanced nuclear micro-reactors," said Brian Garrett, managing director at Crosscut Ventures.Meta, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/16/business/energy-environment/amazon-google-microsoft-nuclear-energy.html">Google, </a>Microsoft and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Amazon</a> are all exploring using nuclear energy to power their data centers. Garrett shared tech investor Jenny Fielding's concerns that the new administration could repeal the Inflation Reduction Act, a bill that fueled investment in the clean-tech sector by green-lighting $369 billion in subsidies to public and private actors. He said Trump could retract the unspent funds crucial to upgrading energy infrastructure in the country."While regulations were always more progressive in places like Europe, if the climate [regulation] under Biden and the Inflation Reduction Act are rolled back, this could be a significant setback for climate tech companies operating (hoping to sell) in the US," said Fielding, a managing partner at Everywhere Ventures, which invests globally.In other pockets of the Valley, investors rolled up their sleeves for a new day of dealmaking. "People are keeping to themselves and just getting on with their business," said Conrad Burke, a managing partner of MetaVC Partners.Leslie Feinzaig, a venture capitalist who <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8#the-group-vcs-for-kamala-which-published-an-open-letter-in-support-of-harris-a-week-ago-held-a-virtual-fundraising-party-with-about-600-guests-2">became one of tech's bundlers for Harris,</a> sent an email to members of the VCs for Kamala group on Wednesday morning. "It hurts, of course, but it's a hurt we are familiar with," she wrote. "I've been here enough times that I know what I'm supposed to do: Get back up, learn the lesson, and get back to work."

Silicon Valley is officially grieving over Trump but quietly gleeful over a coming tech deal resurgence

<ul class="summary-list"><li>OpenAI raised $6.6 billion in a deal that values the company at more than $150 billion</li><li>Investors include Nvidia, Thrive Capital, and an investment firm backed by the United Arab Emirates.</li></ul>OpenAI has <a target="_blank" class="" href="https://www.businessinsider.com/cathie-wood-ark-venture-openai-funding-2024-10">officially closed</a> a historic funding round. The company raised $6.6 billion in a deal that valued the company at more than $150 billion and <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">brought a slew of high-profile investors,</a> including Nvidia, Thrive Capital, and MGX, an investment firm backed by the United Arab Emirates. However, some of the firms participating in the round are famous less for their business acumen and more for being some of Silicon Valley's most prolific bubble-chasers.Among them was <a target="_blank" class="" href="https://www.businessinsider.com/openai-softbank-investment-ai-vision-2024-10">SoftBank</a>, which famously <a target="_blank" href="https://www.businessinsider.com/softbank-ceo-says-he-was-foolish-to-invest-in-wework-2020-5#:~:text=The%20Tokyo%2Dbased%20conglomerate%20has,to%20devastate%20SoftBank's%20biggest%20bets">poured $18.5 billion into WeWork</a>, backing founder Adam Neuman to the end, even as he left the company in shambles and <a target="_blank" href="https://www.forbes.com/sites/carlieporterfield/2021/02/22/softbank-reportedly-approaching-15-billion-settlement-with-adam-neumann-other-early-wework-employees-and-investors/">collected more than a billion dollars</a> on the way out. SoftBank CEO Masayoshi Son, known for his distinctive shoot-from-the-hip investing style, is said to have <a target="_blank" href="https://www.cnbc.com/2019/09/23/weworks-future-comes-down-to-masayoshi-son-vs-adam-neumann.html">told Neuman</a> that he was "not crazy enough." SoftBank has a history of big bets that never paid off, such as a robotic pizza-making startup, Zume, that chewed through <a target="_blank" href="https://www.axios.com/2023/06/12/softbank-pizza-robot-shuts-down-zume-445-million">$445 million </a>before going bankrupt. SoftBank's Vision Fund saw <a target="_blank" href="https://techcrunch.com/2023/05/11/softbank-vision-fund-loses-32-billion-in-a-year-on-startups-valuation-cut/">massive losses</a> in 2023 and, more recently, has been <a target="_blank" href="https://fortune.com/asia/2024/05/10/softbank-writes-down-us-vision-fund-assets-pivot-ai-chips-ceo-masayoshi-son/">selling off or writing down assets</a>, laying off employees, and slowing its pace of new investments.Tiger Global is also among the firms <a target="_blank" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">backing OpenAI</a> in this latest funding round. In 2021, the firm led the charge of the so-called crossover funds, a group of investors that <a target="_blank" href="https://www.businessinsider.com/tiger-global-coatues-venture-capital-plans-backfired-vcs-say-2022-11">flooded Silicon Valley with Wall Street money</a>, igniting a dealmaking frenzy and driving startup valuations to unsustainable levels. But the strategy of carpet bombing startups with money ultimately backfired when valuations plummeted in 2022, leaving the fund overextended and with <a target="_blank" href="https://fortune.com/2023/09/02/tiger-global-memo-chase-coleman-returns/#">painful losses</a>.A partner at a top VC firm told Business Insider, "The [OpenAI] financing seems very 2021," in reference to the VC frenzy from that year that produced a slew of over-valued deals. Cathie Wood's Ark Venture Fund is doubling down on its investment in ChatGPT maker, as <a target="_blank" href="https://www.businessinsider.com/cathie-wood-ark-venture-openai-funding-2024-10">first reported by Business Insider</a>. Ark has the ignominious distinction of being the <a target="_blank" href="https://affiliate.insider.com?h=8a6c60b35ea3ea34a2b4a6f9977ed6fb272180dad7edefc850a53627990540f7&amp;postID=66fdda0f0c43543ec7a61d2f&amp;postSlug=openai-investors-softbank-ark-tiger-global-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Ffunds%2F15-funds-that-have-destroyed-most-wealth-over-past-decade">biggest wealth destroyer</a> of the past decade, losing <a target="_blank" href="https://markets.businessinsider.com/news/funds/cathie-wood-ark-invest-wealth-destroyed-tech-stocks-morningstar-arkk-2024-2">more than $14 billion</a> with its moonshot bets on everything from genomics to cryptocurrencies, according to Morningstar. You'd be forgiven for wondering if these investors' proven track record of getting in at the top is a bad indicator of OpenAI's ability to grow into its staggering valuation. The company, which two years ago was a relatively unknown research collective, is now officially worth as much as Goldman Sachs or AT&amp;T. That's either wildly optimistic or wildly pessimistic depending on who you ask.Notably absent from the list of OpenAI investors was Apple, which is said to have <a target="_blank" href="https://www.wsj.com/tech/apple-no-longer-in-talks-to-join-openai-investment-round-e3be3e66">dropped out of the deal</a> at the 11th hour. This comes just a few months after the two companies announced a partnership to <a target="_blank" href="https://openai.com/index/openai-and-apple-announce-partnership/">integrate OpenAI's technology</a> into Apple devices. One can't help but wonder why Tim Cook would be willing to put ChatGPT in the hands of billions of Apple users but unwilling to invest in the company that makes it.Cook has, rightly or wrongly, developed a reputation in Silicon Valley as a stable and trustworthy counterweight to Elon Musk and his ilk. Apple's inclusion in OpenAI's funding round may have gone a long way towards quieting doubts about OpenAI's <a target="_blank" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">hot-mess palace intrigue</a> and general chaotic vibe.A few weeks ago this funding round was being talked about as the arrival of the adults in the room. It looks like they may have ended up with some rambunctious teenagers instead.

OpenAI's investors include Silicon Valley's most prolific bubble-chasers. Is that a bad sign for the company's future? 

<ul><li>Deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in <keyword id="20061151" type="General" weightage="20" keywordseo="April" source="keywords">April</keyword> compared to March 2024</li><li>Adani Group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024.</li><li>Experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.</li></ul> In the dynamic landscape of Indian business transactions, the manufacturing sector has emerged as a beacon of value, while consumer retail reigns supreme in volume. April 2024 marked significant shifts in deal-making compared to the month before with a notable absence of billion-dollar deals. Overall deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in April compared to March 2024, as per the latest <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="83" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword> Dealtracker report. The past month has witnessed a flurry of activity, with notable shifts and surges across various industries, offering a compelling glimpse into the evolving economic terrain. "Deal volumes increased in April 2024 marking the highest monthly volumes since May 2022. There were no billion-dollar deal but witnessed 12 high value (&gt; USD 100 million) deals amounting to USD 3.8 billion," said Shanthi Vijetha, Partner at Grant Thornton. <cmsannotation type="cmsannotation" annotationid="Adani Group leads M&amp;A activity" comment="subhead" text="Adani Group leads M&amp;A activity">Adani Group leads M&amp;A activity</cmsannotation> At the forefront of deal values stands the manufacturing sector, boasting an impressive tally of nine transactions amounting to a staggering USD 1,919 million. This surge is underpinned by two monumental deals, notably the Adani Group's strategic stake increase in Ambuja Cement and ACC, which was the most significant M&amp;A activity of the month. Adani Group secured a significant 7.5% stake in Ambuja Cements, injecting a substantial USD 1.8 billion into enhancing the manufacturing capacity of cement makers, signaling a bold step towards industry expansion and innovation. Overall, the group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024. Despite this, the <keyword id="21645622" type="General" weightage="20" keywordseo="merger-and-acquisitions" source="keywords">merger and acquisitions</keyword> transactions saw the highest decline in value, dropping by 75 percent to USD 2.5 billion from USD 10.2 billion in March. This was mainly because of the absence of large-scale mergers like those seen in March. However, M&amp;A deal-making remained robust in April with significant domestic consolidations. "This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust," observed Shanthi. <cmsannotation type="cmsannotation" annotationid="Private Equity landscape remains vibrant" comment="subhead" text="Private Equity landscape remains vibrant"><keyword id="19895041" type="General" weightage="20" keywordseo="private-equity" source="keywords">Private Equity</keyword> landscape remains vibrant</cmsannotation> The private equity transactions also experienced a slight decrease in value, reaching USD 2.666 billion, according to the report by Grant Thornton Bharat. However, with a total of 130 deals, the overall market landscape remains vibrant. The numbers indicate a clear shift towards enhanced number of investments while the size of the deals remains smaller compared to previous months. "The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks," says the report. "The deal outlook for 2024 continues to remain positive as India stands at the cusp of a new era of growth and investment supported by a growing consumer market, a flourishing tech start-up ecosystem, and supportive government policies," concludes Shanthi Vijetha. Factors that could influence domestic markets in the near future include the outcome of Lok Sabha elections, global and domestic trends in interest rates driven by inflation, and supply chain dynamics. However, experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

<ul><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> has reportedly alleged that <keyword id="375475" type="General" weightage="20" keywordseo="future-retail" source="Orion">Future Retail</keyword> transferred $939 million as a capital advance to a company controlled by the founder Kishore Biyani.</li><li>Another $575 million was transferred into an unusual rental security deposit and advances were made to suppliers.</li><li><keyword id="23644" type="General" weightage="20" keywordseo="Future" source="Orion">Future</keyword> Retail says that the transactions were a part of public disclosures made by the company as a part of standard governance practices.</li></ul>Amazon, which is trying to prevent Reliance Industries from taking over the retail assets of Kishore Biyani-led <keyword id="44949" type="General" weightage="20" keywordseo="future-group" source="Orion">Future Group</keyword>, has reportedly made a fresh set of allegations against Future Retail. The ecommerce giant has reportedly accused Future Retail of diverting $1.5 billion from its account to other companies. As per a report by Bloomberg, Amazon has alleged that Future Retail transferred 70 billion Indian rupees, which is close to $939 million at current conversion rate, in the financial year March 2020 as a capital advance to a company controlled by the founder Kishore Biyani. This was a payment for the goods and services purchased by the related firm. Future Retail said that the transactions were a part of public disclosures made by the company as a part of standard governance practices. There is nothing new that is being brought to notice here, “except for false speculations being created out of selective excerpts,” the company’s representative told Bloomberg. The ecommerce giant has written, as per the report, to Indian finance minister Nirmala Sitharaman, Reserve Bank of India (RBI) governor Shaktikanta Das, market regulator Securities and Exchange Board of India (SEBI) and several other authorities, seeking an investigation into Future Retail. The copy of the letter was<a href="https://www.bloomberg.com/news/articles/2021-11-25/amazon-alleges-1-5-billion-diverted-from-indebted-future-retail"> seen </a>by Bloomberg, which first reported the development. Business Insider has shared a detailed list of questions to Amazon and Future Retail. The copy would be updated if and when they respond. Amazon has also alleged, as per the Bloomberg report, that Future Retail created an unusual rental security deposit and made advances worth 43 billion ($575 million, at current conversion rate) Indian rupees to suppliers in the same year even though its business had slumped and it was shutting down stores. “Significant amounts may have been diverted from Future Retail…,” Amazon reportedly said, adding that a part of these transactions can help Future Retail immediately repay the outstanding debt owed to banks and creditors. The legal battle between Amazon and Future Retail dates back to August 2020, after Mukesh Ambani-led Reliance Retail agreed to buy Future Group’s retail, wholesale and warehousing assets for ₹24,713 crore. Amazon — which held about 3% stake in Future Retail through its 49% shareholding in Future Coupon — objected to the deal, saying that it had barred Future Group from getting into any retail agreement with 11 companies, including Reliance. The <a href="https://www.businessinsider.in/retail/news/amazon-wins-supreme-court-case-against-mukesh-ambani-reliance-retail-and-kishore-biyanis-future-group/articleshow/85092072.cms">Supreme Court of India in August</a> upheld the emergency award given to Amazon by Singapore International Arbitration Centre (SIAC), which considered the Future and Reliance deal invalid. The case is still pending before India’s Supreme Court. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">From Nykaa to Cipla to 3i infotech — these are some of the themes the market is betting on amid a sell-off</a> <a href="https://www.businessinsider.in/stock-market/news/pvr-inox-mainland-china-barbeque-nations-share-price-falls-due-to-new-covid-19-variant/articleshow/87925164.cms" data-type="tilCustomLink" style="">Shares of PVR, INOX, Burger King, Barbeque Nation tumble as investors panic over the new COVID-19 variant</a>

Future Retail denies Amazon’s allegation that it diverted $1.5 billion to other businesses

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/inside-rise-fall-rite-aid-stores-pharmacy-bankruptcy-chapter-11-2023-10">Rite Aid</a> is restructuring under creditor control after closing hundreds of stores.</li><li>As the closure list grows, the future of its remaining locations remains uncertain.</li></ul>Rite Aid has announced the <a target="_blank" class="" href="https://www.businessinsider.com/rite-aid-bankruptcy-closing-stores-2023-10">closure of over 200 stores</a> since last year, but a location that didn't make the shutdown list looks just as empty.Business Insider visited a <a target="_blank" class="" href="https://www.businessinsider.com/stores-closing-in-2024-list#rite-aid-77-stores-5">Rite Aid store</a> in the Crown Heights neighborhood of Brooklyn, New York, over nearly three months. Although the location hasn't been added to the closure list, the shelves are bare, and the workers look spread thin.Rite Aid's bare store — in a busy, popular urban area — shows just how precarious the chain's future is.<div type="image" title="Rite Aid store shelves" height="3024" width="4032" msid="112109366" hostid="261" sizebytes="931016"></div>The drugstore chain filed for bankruptcy last year amid <a target="_blank" class="" href="https://www.businessinsider.com/rite-aid-bankruptcy-new-jersey-store-closures-2023-10">a slew of opioid-related lawsuits</a>. It had also struggled with slowing sales and mounting debt.It got approval last month from a bankruptcy court judge to restructure its business. Under the deal, a group of the company's creditors have control over the company.Over the past several months, <a target="_blank" class="" href="https://www.businessinsider.com/list-77-rite-aid-stores-closing-in-2024-2024-2">Rite Aid has closed hundreds of stores </a>around the US in an attempt to improve its operations. Our trip to the Crown Heights branch made us wonder if there's more to come.The personal hygiene aisles have been all but cleared out, and you won't have much luck finding household cleaning supplies. The food aisles are hit or miss, depending on what type of snacks you're looking for.On our most recent trip, we were looking for ice cream and deodorant. Instead, we left with mechanical pencils and a six-pack of Coke Zero after observing a completely vacant frozen food section.<div type="image" title="Empty Rite Aid shelves" height="2268" width="3024" msid="112109377" hostid="261" sizebytes="492902"></div>Although the cashier said on July 24 that they're expecting to restock shelves next week, our visit looked surprisingly similar to our trip on May 1: halls nearly empty of workers and shelves nearly empty of products. Still, unlike two months ago, we did see one employee putting more drinks out for shoppers.<div type="image" title="Composite image of empty Rite Aid shelves" height="1081" width="1440" msid="112109384" hostid="261" sizebytes="248752"></div>Rite Aid's website also seems to reflect the high number of out-of-stock items. Searches for snacks at this Brooklyn store yielded many results, but many were listed as "out of stock."<div type="image" title="A screenshot from Rite Aid's website shows that snacks are out of stock at the location in Brooklyn that BI visited." height="1124" width="1952" msid="112109372" hostid="261" sizebytes="50362"></div>"We have had to make some difficult business decisions as we prepare to emerge a stronger, healthier company that's better equipped to serve our customers," a Rite Aid spokesperson told BI, adding that the company is "working diligently with our supplier partners to begin restocking our shelves."Customers can ask store employees to "recommend alternative products" if what they want is out of stock, the spokesperson said. "Our customers' loyalty is not lost on us, and we look forward to coming back better and stronger than ever for you."But with empty shelves and limited choice, the clock may be ticking before customers go elsewhere — perhaps for good. There's certainly ample competition. The chain has about 1,600 stores nationwide. Rival CVS, meanwhile, has about 9,000 locations, while Walgreen has 8,700 stores, some of which it acquired from Rite Aid in a deal that the two companies completed in 2018.Rite Aid is one of <a target="_blank" href="https://www.businessinsider.com/stores-closing-in-2024-list">several store chains closing locations</a> this year, alongside Family Dollar and Conn's.Do you work at Rite Aid and have a story idea or details on your store to share? Reach out to jhart@businessinsider.com and abitter@businessinsider.com

We visited a Rite Aid store. The empty shelves made us wonder about the chain's future.

The Goldman prodigy behind Silicon Valley's glorious city of the future

<ul class="summary-list"><li>Bob Iger is now a controlling owner of the Los Angeles-based Angel City FC.</li><li>Iger and his wife Willow Bay reached a deal with the soccer franchise worth $250 million.</li></ul>Bob Iger and Willow Bay are the new majority owners of Angel City FC.Iger, the CEO of The Walt Disney Company, and his wife Bay, a journalist and the USC Annenberg School for Communication and Journalism dean, have agreed to purchase a controlling stake in the Los Angeles-based franchise at a valuation of $250 million, the club <a target="_blank" class="" href="https://angelcity.com/angel-city-football-club-news/angel-city-ownership-agreement-announcement">said</a>.The deal makes Angel City FC the most valuable women's sports team in the world, and the couple will invest an extra $50 million into the club."It's actually an historic moment in sports and an historic moment for women's sports," Bay told ESPN."I think to be part of the team, to be part of the future trajectory of this team, this sport and women's sports, is incredibly exciting," she added.Iger and Bay are joining a slate of recognizable names in the ownership group, including actors Natalie Portman, Jessica Chastain, and several former US Women's National team players.Venture capitalist and Reddit cofounder Alexis Ohanian is one of the founding investors of Angel City FC. In 2020, his <a target="_blank" class="" href="https://www.businessinsider.com/alexis-ohanian-serena-williams-daughter-nwsl-team-youngest-owner-2020-7">daughter with tennis star Serena Williams</a> became the youngest team owner in professional sports at 2 years old. "Needless to say, we're just getting started and I couldn't ask for better partners than Willow &amp; Bob who will have the board control necessary to be true control owners," Ohanian said in a post on X. "I'm excited to continue to serve on the board and support this team in the new chapter."

Bob Iger and his wife ink a deal with the world's most valuable women's sports team

The All India Garment Manufacturers &amp; Vendors Association (AIGMVA) has demanded that <keyword id="44949" type="General" weightage="80" keywordseo="future-group" source="Orion">Future Group</keyword> owner <keyword id="44950" type="General" weightage="80" keywordseo="kishore-biyani" source="Orion">Kishore Biyani</keyword> should pay up their dues of over Rs 200 crore pending since 2019, here on Wednesday. The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned <keyword id="49454" type="General" weightage="100" keywordseo="biyani" source="Orion">Biyani</keyword> of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas <keyword id="313080" type="General" weightage="80" keywordseo="utagi" source="Orion">Utagi</keyword> said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022. "Each manufacturer-vendor has dues of between Rs 70 crore to over Rs One crore and the total amount plus interest would be around Rs 500 crore. We want the union government and all the concerned state governments also to intervene and get the huge amount cleared immediately," Utagi demanded. A garment producer from Thane said that a majority of them had availed bank loans to fulfil the Future Group's orders then but since Biyani did not pay up their bills, now the banks are hounding the manufacturers and suppliers for default and refusing to give more loans. "Due to this, over 100,000 are directly hit and along with their families and other stakeholders, more than five lakh people are on the verge of joblessness and starvation due to Future Group, explained Utagi. He said that the Future Group was last year sold to the Reliance Group and in this deal, the poor vendors comprising the backbone MSME sector of the Indian economy have been left in the lurch. A vendor from Gujarat said that their profit margins are very thin, they have no cash surplus and they survive on a cash-credit facility with regular payments to their suppliers, employees, establishment costs, EMIs, etc. "Owing to Future Group, our 100 per cent working capital is blocked, totally paralysing our operations, and now banks are hounding us with notices of loan defaults, some members have sold off family gold, saving or even their shops or homes to clear their dues and are now practically homeless," he said. The AIGMVA and TUJAC also plan to file cases against the Future Group in different states, write to Members of Parliament and Members of Legislatures to highlight their plight and urge the government's intervention to compel Biyani to pay up the entire dues and end the matter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/meta-alphabet-amazon-among-companies-that-laid-off-most-employees-in-2023/slidelist/98656731.cms">Meta, Alphabet, Amazon among companies that laid off most employees in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-polluted-cities-in-india/slidelist/98657500.cms">39 out of 50 most polluted cities are in India; here are some key facts</a>

You Searched For "future group deal" and got 9 results

Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

PTI

Silicon Valley is officially grieving over Trump but quietly gleeful over a coming tech deal resurgence

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OpenAI's investors include Silicon Valley's most prolific bubble-chasers. Is that a bad sign for the company's future?

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Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

Deekshith Pinto

Future Retail denies Amazon’s allegation that it diverted $1.5 billion to other businesses

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We visited a Rite Aid store. The empty shelves made us wonder about the chain's future.

Jordan Hart,Alex Bitter

The Goldman prodigy behind Silicon Valley's glorious city of the future

Hugh Langley,Adam Rogers

Bob Iger and his wife ink a deal with the world's most valuable women's sports team

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Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

IANS

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