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New Delhi, The Competition Commission of India has slapped penalties totalling Rs 55 lakh on Abu Dhabi Investment Authority (ADIA) and <keyword id="6367884" type="General" weightage="100" keywordseo="tpg" source="Orion">TPG</keyword> Group for making false declarations before the regulator while availing the green channel facility in a deal related to the acquisition of a stake in <keyword id="333824" type="General" weightage="80" keywordseo="upl" source="Orion">UPL</keyword> Sustainable Agri Solutions Ltd (<keyword id="15838761" type="General" weightage="80" keywordseo="upl-sas" source="Orion">UPL SAS</keyword>). The acquirers, ADIA and TPG Group, shall pay the penalty jointly and severally, the <keyword id="47183" type="General" weightage="80" keywordseo="cci" source="Orion">CCI</keyword> order said. The transaction pertains to the combination comprising the acquisition of a stake in UPL SAS by Platinum Trust and TPG Upswing through the Upswing Trust, the CCI said in the order. Abu Dhabi Investment Authority is the sole beneficiary and settlor of the Platinum Trust, while TPG Upswing is a part of the TPG Group. In December 2022, the Competition Commission of India (CCI) received a notice jointly given by Platinum Trust, acting through Platinum Trustee, and TPG Upswing in relation to the combination. The regulator noted that the <keyword id="18511918" type="General" weightage="80" keywordseo="upl-sas-acquisition" source="Orion">UPL SAS acquisition</keyword> has been consummated on or before February 17 2023, as the notifying parties (ADIA and TPG) gave the notice under the facility of green channel approval. Under the green channel route, the parties to the combination can avail the benefit of the facility only if their respective group entities and/or any entity in which they, directly or indirectly, hold shares and/or control neither exhibit horizontal overlap nor vertical interface nor complementarity, the watchdog said. Thereafter, CCI issued a show cause notice in May and observed that Upswing Trust holds a 22.2 per cent stake in UPL Corporation Ltd (UPLC) which is engaged in the business of formulated crop protection products (FCPPs). Further, the regulator also observed that Arysta India, a subsidiary of UPLC, is also engaged in the business of manufacturing and distribution of formulated crop protection products, similar to SWAL (wholly-owned subsidiary of UPL) and UPL SAS. CCI noted that the activities of Arysta India, UPL SAS and SWAL exhibit overlaps. Also, Arysta India is an indirect subsidiary of the portfolio company of the Upswing Trust. Thus, the activities of the Upswing Trust through UPLC and Arysta India appeared to exhibit overlaps with the activities of target business and thereby, CCI found that the UPL SAS acquisition does not satisfy the conditions prescribed under the norms, the regulator said. Therefore, the UPL SAS acquisition is not eligible for the benefit of green channel approval facility and the green channel declaration was incorrect and false in material particulars. Further, the notifying parties made statements in the notice, including notice declaration which are false in material particulars. In its 15-page order, the regulator also found that the combination does not fall under the rules and the declaration filed is incorrect, the notice given and the approval granted under the rules shall be void ab initio. Accordingly, the notice and deemed approval, under the rules, for UPL SAS acquisition is found to be void ab initio, CCI said. As the UPL SAS acquisition has already been consummated, the acquirers are liable for penalty under Section 43A of the Act, it added. In addition, the regulator also noted that UPL SAS Acquisition is not likely to have any appreciable adverse effect on competition in India, and therefore, the commission hereby approves the UPL SAS Acquisition under Section 31(1) of the Act.

CCI slaps ₹55 lakh penalty on ADIA, TPG Group

Singapore-based investment firm <keyword id="6367519" type="General" weightage="80" keywordseo="temasek" source="Orion">Temasek</keyword> will acquire an additional 41 per cent stake in <keyword id="533812" type="General" weightage="100" keywordseo="manipal-health-enterprises" source="Orion">Manipal Health Enterprises</keyword>, to take majority control of the Bengaluru-based firm, as per a joint statement issued by the entities on Monday. The companies did not share financial details of the deal. Sources, however, said Temasek stake buyout would be for over Rs 16,300 crore valuing Manipal Health Enterprises (MHE) at around Rs 40,000 crore, making it the largest deal in the Indian healthcare sector. Following the closing of the transaction, <keyword id="6379586" type="General" weightage="50" keywordseo="manipal-group" source="Orion">Manipal Group</keyword> will hold about 30 per cent in Manipal Health Enterprises. Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18 per cent stake, it said. Besides, global alternative asset management firm <keyword id="6367884" type="General" weightage="80" keywordseo="tpg" source="Orion">TPG</keyword>, which first invested in MHE through TPG Asia VI in 2015, will fully exit. But, TPG will hold an interest of 11 per cent in the healthcare chain, through its new Asia fund - TPG Asia VIII, it added. National Investment &amp; Infrastructure Fund (NIIF) will exit its holding from MHE, the statement said. "We are very glad for Temasek's acquisition of a significant stake in Manipal Health Enterprises and its support to the management team in building out the platform to its full potential," Manipal Group Chairman <keyword id="354291" type="General" weightage="50" keywordseo="ranjan-pai" source="Orion">Ranjan Pai</keyword> said in a statement. Investing in healthcare requires a long-term outlook as well as a sensitivity to social responsibility, he noted. "I am glad that we have partners like Temasek and TPG who resonate with these values and will continue to be a part of the journey ahead. "I am also grateful to NIIF who partnered with us at a critical juncture, at the peak of the Covid-19 pandemic and supported us as we continued to provide high-quality healthcare," Pai added. Headquartered in Bengaluru, Manipal Hospitals currently serves over fifty lakh patients a year through its network of 29 hospitals. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a> <a href="https://www.businessinsider.in/tech/news/google-makes-it-easier-for-users-to-delete-their-account-and-data-from-applications/articleshow/99289621.cms">Google makes it easier for users to delete their account and data from applications</a> <a href="https://www.businessinsider.in/business/news/ipl-2023-to-drive-fantasy-sports-companies-to-2900-3100-crore-revenue/articleshow/99285556.cms">IPL 2023 to drive fantasy sports companies to ₹2,900-3,100 crore revenue, fueled by Tier-2 cities and exciting prizes</a>

Temasek to buy additional 41% stake in Manipal Health Enterprises for ₹16,300 crore

Home interiors and renovation platform <keyword id="2644491" type="General" weightage="100" keywordseo="livspace" source="Orion">Livspace</keyword> has laid off at least 100 employees as part of cost-cutting measures, the media reported. According to a report in leading startups coverage portal Inc42, the layoffs impacted 2 per cent of Livspace's workforce, affecting product, engineering, content, and marketing teams. The company said in a statement that "we will, in the normal course of our operations, redeploy resources". "This is organic and a reflection of normal adjustments and/or performance management parameters," it said, adding that the business has more than doubled over the past year and it aims to turn profitable in the coming year. Livspace had sacked 450 employees during the first wave of the Covid pandemic. In October last year, the company earmarked $100 million to invest and incubate new offerings and brands in the direct-to-consumer (D2C) market in the home interiors and renovation segment. Singapore-based Livspace said it aims to create multiple home interiors and renovation solutions and D2C offerings which serve homeowners across various segments in its markets across India, Southeast Asia and the Middle East region. "As we continue to scale across new segments in existing geographies and enter new regional markets, we are looking for successful businesses and like-minded entrepreneurs that help us scale even faster," <keyword id="354664" type="General" weightage="50" keywordseo="anuj-srivastava" source="Orion">Anuj Srivastava</keyword>, CEO and Co-founder, of Livspace, said. Livspace currently has operations in over 45 cities across Southeast Asia, India, and the Middle East region. It has raised around $450 million in capital from some of the top global investors including KKR, Ingka Group Investments (part of the largest IKEA retailer Ingka Group), <keyword id="141646" type="General" weightage="50" keywordseo="tpg-growth" source="Orion">TPG Growth</keyword>, Goldman Sachs, Kharis Capital, <keyword id="8869182" type="General" weightage="50" keywordseo="venturi-partners" source="Orion">Venturi Partners</keyword> and others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-i/o-2023-pixel-7a-pixel-fold-pixel-tablet-android-14-and-everything-we-expect-to-see/articleshow/98798666.cms">Google I/O 2023 – Pixel 7a, Pixel Fold, Pixel Tablet, Android 14, and everything we expect to see</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-carriers-to-report-1-6-1-8-billion-consolidated-loss-in-fy24-says-industry-body-capa/articleshow/98799040.cms">Indian carriers to report $1.6-1.8 billion consolidated loss in FY24 says industry body CAPA</a>

Home decor company Livspace lays off 100 employees

<ul><li><keyword id="6367884" type="UNKNOWN" weightage="60" keywordseo="tpg" source="Orion">TPG</keyword> stock jumped as much as 14% in its debut on Thursday, becoming the biggest <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo" source="Orion">IPO</keyword> so far this year.</li><li>The private equity firm priced its IPO at $29.50 per share, giving it an initial valuation of about $9 billion.</li><li> TPG has $109 billion in assets under management and more than 280 portfolio companies.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</a></li></ul>Private equity giant <a href="https://markets.businessinsider.com/stocks/tpg-stock">TPG</a> surged as much as 14% in its <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> debut on Thursday, giving the firm a valuation of more than $10 billion.The firm <a href="https://www.businesswire.com/news/home/20220112006064/en/TPG-Announces-Pricing-of-Initial-Public-Offering">priced its IPO at $29.50 per share,</a> selling 33.9 million shares to raise about $1 billion in proceeds at a more than $9 billion valuation. That makes it the biggest IPO so far this year. The IPO price represented the midpoint of TPG's estimated price range between $28 and $31 per share.Shares hit a high of $33.50 in its first minute of trades. The stock trades under the ticker symbol "TPG" on the Nasdaq exchange. TPG was founded as Texas Pacific Group in 1992 and found its first big success when it bought Continental Airlines out of bankruptcy and turned around the company. From there, the company has invested in several companies that have since gone public like <a href="https://markets.businessinsider.com/stocks/abnb-stock">Airbnb</a> and <a href="https://markets.businessinsider.com/stocks/spot-stock">Spotify</a>, and has more than 280 active portfolio companies.The IPO is being closely watched by investment bankers, as recent market weakness has put on hold what was a busy IPO market last year. On Wednesday, software firm <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fsoftware-platform-justworks-cites-market-conditions-in-postponing-ipo-11642019578%3Fmod%3Darticle_inline">Justworks postponed its IPO</a>, citing market conditions. TPG has long toyed with the idea of going public and now joins private equity rivals <a href="https://markets.businessinsider.com/stocks/bx-stock">Blackstone</a>, <a href="https://markets.businessinsider.com/stocks/kkr-stock">KKR</a>, and <a href="https://markets.businessinsider.com/stocks/cg-stock">Carlyle Group</a>, among others, with stock listings. But TPG's size pales in comparison to the $731 billion managed by Blackstone and KKR's $459 billion.Still, TPG's small size shouldn't stop it from being gobbled up by investors who may be hoping for the similar returns of other public private equity firms. Over the past year, Blackstone, KKR, and Carlyle Group outperformed the S&amp;P 500 by 75, 53, and 37 percentage points, respectively.

TPG surges 14% in public debut after first major IPO of the year values the private equity giant at $10 billion

<ul class="summary-list"><li><keyword id="11910935" type="UNKNOWN" weightage="60" keywordseo="american-airlines" source="Orion">American Airlines</keyword> is suing <keyword id="13006515" type="UNKNOWN" weightage="60" keywordseo="the-points-guy" source="Orion">The Points Guy</keyword> over the management of customers' <keyword id="13006517" type="UNKNOWN" weightage="60" keywordseo="frequent-flyer-miles" source="Orion">frequent flyer miles</keyword>.</li><li>The airline previously sent <keyword id="6367884" type="UNKNOWN" weightage="60" keywordseo="tpg" source="Orion">TPG</keyword> a cease-and-desist notice, leading TPG to preemptively sue.</li></ul>American Airlines is suing The Points Guy over the TPG app's frequent flyer mile management tool, saying it violates trademark and privacy rules.The lawsuit is the latest escalation in a dispute between the companies over the way customers are allowed to track and manage their own miles from AA and other carriers.Through its app, The Points Guy is "knowingly and willfully expropriating American's protected intellectual property to deceive consumers," the airline's lawyers argued in a complaint filed in the <a href="https://www.pacermonitor.com/public/case/43285940/AMERICAN_AIRLINES,_INC_et_al_v_Red_Ventures_LLC">US District Court of Northern Texas</a>.By allegedly implying that the companies have a relationship, American Airline's lawyers continued, TPG is "free-riding on decades of investment" and seeking to "supplant American's customer relationships."The complaint also says that the airline previously declined an invitation from TPG to link customer data directly through an API, after which TPG developed its own workaround.American Airlines then said it reached out to TPG "in good faith" to get the feature removed, only to be surprised with a preemptive lawsuit by TPG in Delaware asking a court to declare the actions to be legal.Beyond the trademark and branding concerns outlined in the complaint, American Airlines spokesperson Andrea Koos told Insider the airline felt that the app "does not comply with our standards of use of confidential information."In a statement to Insider, a spokesperson for The Points Guy said, “American Airlines made clear that it believes consumers do not have the right to share their personal information with third-party apps that will help them save time and money and make their lives easier. We believe this is a consumers’ right.”American Airlines is requesting a permanent injunction against TPG, as well as damages and legal fees.

American Airlines is suing The Points Guy for letting customers manage frequent flyer miles on the TPG app

<ul class="summary-list"><li><keyword id="4747538" type="PERSON" weightage="60" keywordseo="bill-mcglashan">Bill McGlashan</keyword>, a former <keyword id="124318" type="COMPANY" weightage="60" keywordseo="TPG-Capital">TPG Capital</keyword> senior executive, will plead guilty in the college admissions scandal.</li><li>McGlashan will admit to paying ringleader Rick Singer $50,000 to have his son's ACT answers altered.</li><li>McGlashan will pay a $250,000 fine and spend three months in prison.</li></ul><a href="https://www.businessinsider.com/hollywood-mogul-and-former-tpg-exec-fights-college-admissions-charges-2019-12?r=bc-sub">Bill McGlashan, a former TPG Capital senior executive</a>, has agreed to plead guilty in the US college admissions scandal that has resulted in charges against dozens of business leaders and celebrities.McGlashan - the founder of <keyword id="141646" type="COMPANY" weightage="60" keywordseo="TPG-Growth">TPG Growth</keyword> and <keyword id="4490394" type="PERSON" weightage="60" keywordseo="Rise-fund">Rise Fund</keyword> - was previously<a href="https://www.businessinsider.com/tpg-places-bill-mcglashan-on-leave-after-college-admissions-scandal-2019-3"> placed on leave by TPG Capital, a private equity firm,</a> in March 2019 after he was indicted by the FBI.Now, McGlashan will plead guilty to one count of wire and honest services wire fraud, according to a Friday news release from the <a href="https://www.justice.gov/usao-ma/pr/california-private-equity-executive-agrees-plead-guilty-college-admissions-case">US Attorney's office in Boston</a>. According to the release, McGlashan <a href="https://www.insider.com/william-rick-singer-the-accused-ringleader-college-admissions-scandal-2019-3">paid William "Rick" Singer - the scandal's "ringleader"</a> - $50,000 to bribe <a href="https://www.insider.com/college-admissions-cheating-scandal-full-list-people-charged-2019-3">Igor Dvorskiy, a "corrupt" test administrator and director at a private school in Los Angeles</a>. Dvorskiy then allowed Mark Riddell - a Florida private school counselor who was accused of taking college entrance exams and correcting test answers for students - to change McGlashan's son's ACT exam answers for a higher score.The fake ACT score was then sent to Northeastern University, <a href="https://www.latimes.com/california/story/2021-02-05/former-tpg-executive-william-mcglashan-to-plead-guilty-in-college-admissions-scandal">the Los Angeles Times reported</a>.The date of McGlashan's hearing has not been announced yet, but Singer, Dvorskiy, and Riddell have already pleaded guilty to their charges. McGlashan's lawyers declined to provide a comment.According to the plea agreement, McGlashan - <a href="https://www.insider.com/college-admissions-cheating-scandal-full-list-people-charged-2019-3">the 30th parent to plead guilty</a> - will receive a $250,000 fine, three months in prison, and 250 hours of community service. McGlashan was also accused of <a href="https://www.businessinsider.com/schwab-college-admissions-scandal-what-is-a-donor-advised-fund-2019-12?r=bc-sub">trying to bribe his son's way into the University of Southern California</a> by posing his son as an athlete, according to the original indictment. McGlashan has <a href="https://www.businessinsider.com/coaches-fired-college-admissions-scam-2019-3">denied this "side door" charge</a> and will not plead guilty for it.As part of the agreement to plead guilty, the court will not charge McGlashan with <a href="https://www.justice.gov/usao-ma/investigations-college-admissions-and-testing-bribery-scheme">three of the four original charges</a>: conspiracy to commit fraud, bribery, and money laundering, <a href="https://www.latimes.com/california/story/2021-02-05/former-tpg-executive-william-mcglashan-to-plead-guilty-in-college-admissions-scandal">the Los Angeles Times reported</a>. However, his plea will be conditional, which means he can still appeal the charge and pull back his guilty plea, <a href="https://www.wsj.com/articles/former-tpg-executive-to-plead-guilty-in-college-admissions-case-11612565299">according to a report from the Wall Street Journal</a>.Other public figures that have been charged in the college admissions scandal include <a href="https://www.businessinsider.com/felicity-huffman-lori-loughlin-charged-college-admissions-scandal-2019-3">actresses Felicity Huffman and Lori Loughlin</a> and<a href="https://www.businessinsider.com/pimco-ex-ceo-faces-prison-in-us-college-admissions-bribery-scheme-2020-2"> Douglas Hodge, the former CEO of Pacific Investment Management Co</a>.

Former TPG Capital executive Bill McGlashan will plead guilty in the US college admissions scandal

<ul><li>Shares of <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> rallied 15% as private equity firm TPG’s Rise Climate Fund has committed to invest ₹7,500 crore (around $1 billion at current prices) in the company’s EV business.</li><li>The development has turned analysts positive on the company’s EV dreams as they believe Tata Motors’ volumes will surge in the near term due to lack of competition.</li><li>The automaker aims to create a portfolio of 10 electric vehicles in the next five years.</li></ul>Shares of Tata Motors stole the limelight on Wednesday as it rallied 15% as analysts turned bullish on the company’s electric vehicle (EV) business after it announced a billion dollar investment by a private equity firm on Tuesday. Private equity firm TPG’s Rise Climate Fund along with Abu Dhabi Development Holding will make an investment worth ₹7500 crore (around $1 billion at current prices) in Tata Motors’ electric vehicles (EV) segment, it had said. Analysts believe the development will turn fortunes for the company reeling from its Jaguar Land Rover business. “Lack of competition in the near term may continue to benefit Tata’s EV volumes though progress has to be tracked,” said analysts at HSBC while raising the target price for the stock to ₹550. At 9:36 a.m., on Wednesday, shares of the company were trading nearly 15% higher at ₹483. Meanwhile, Kotak Institutional Equities and Nomura upgraded their rating for the stock to “BUY”. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New target prices for Tata Motors’ stock </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹547 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹550 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹565 </td></tr></tbody><tbody></tbody></table> “We believe the domestic EV business can be the game changer for the company given strong government push amid favorable policies and growing consumer demand for greener solutions,” said a report by Kotak Institutional Equities. Tata Motors’ domestic passenger vehicle business currently has 71% market share in the EV segment with revenues of around ₹5-6 billion as of FY2021, according to Kotak’s report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-gets-a-billion-dollar-investment-from-tpg-group/articleshow/86966522.cms">TPG makes a billion dollar bet on Tata Motors’ EV dreams</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-home-sales-and-jewellery-to-power-consumption-these-sectors-are-back-to-pre-pandemic-levels/articleshow/86976154.cms">From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-tata-motors-infosys-wipro-and-other-hot-stocks-on-october-13/slidelist/86982754.cms">Reliance Industries, Tata Motors, Infosys, Wipro and other hot stocks on October 13</a>

Tata Motors rallies 15% as TPG’s billion dollars spark a series of upgrades for the stock

New Delhi, Jun 13 () Global alternative asset firm TPG has bought 0.93 per cent stake in billionaire Mukesh Ambani's digital arm Jio Platforms for Rs 4,546.80 crore. With this the company has raised Rs 1.02 lakh crore from global technology investors, the company said in a statement. ANZ BAL BAL

TPG picks 0.93 pc stake in Jio Platforms for Rs 4,546.80 crore

<ul><li>As the deadline for bids to purchase a stake in <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> has been extended till April 12th, the airline’s creditors have reportedly received a bid <keyword id="6437601" type="ORGANIZATION" weightage="20" keywordseo="etihad">Etihad</keyword>, which is the struggling carrier’s UAE-based partner. </li><li>Etihad has made a formal offer to increase its 24% stake in Jet Airways. </li><li>Jet’s creditors have reportedly seen interest from a number of parties, including Indigo and <keyword id="124318" type="COMPANY" weightage="20" keywordseo="TPG-Capital">TPG Capital</keyword>, for a stake of anywhere between 31% and 75% in the airline. </li></ul>As the deadline for bids to purchase a stake in Jet Airways has been extended till April 12th, the airline’s creditors have reportedly received a bid from an interesting source: Etihad, which is the struggling carrier’s UAE-based partner. Etihad has made a formal offer to increase its 24% stake in Jet Airways, according to <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/ending-months-of-uncertainty-etihad-agrees-to-raise-jet-stake/articleshow/68842040.cms">an ET report</a> citing sources. In fact, the carrier submitted an expression of interest, ending months of turmoil for Jet’s lender - who have been intent <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">on ceding operational control to Etihad</a> amid the departure of Jet promoter <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>. However, it is yet to be determined whether Etihad will take a majority stake in the airline. Jet’s creditors have reportedly seen interest from a number of parties, <a href="https://www.ch-aviation.com/portal/news/77056-sbi-extends-deadline-for-jet-bids-as-groundings-continue">including Indigo and TPG Capital</a>, for a stake of anywhere between 31% and 75% in the airline. Either way, Etihad’s move marks a dramatic about-turn. Just a few weeks ago, Etihad had made an offer to sell <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, Jet’s largest creditor, <a href="https://www.businessinsider.in/etihad-bails-on-jet-airways-creditors-with-stake-sale-offer/articleshow/68492255.cms">its entire 24% stake in the airline</a>. Not only did the UAE-based carrier plan to sell its 24% stake in the airline and its 50.1% stake in Jet Privilege, it also wants its existing loan guarantee for Jet’s $140 million loan from HSBC Dubai to be taken over by SBI. Jet Airways’ resolution plan <a href="https://www.businessinsider.in/jet-airways-revival-delayed-by-etihads-hard-bargain/articleshow/67567581.cms">has been stalled</a> in recent months over disagreements between Etihad and Jet’s consortium of creditors - led by State Bank of India. Etihad has been reluctant to pump more money into the failing airline and increase its 24% stake. SEE ALSO: <a href="https://www.businessinsider.in/etihad-bails-on-jet-airways-creditors-with-stake-sale-offer/articleshow/68492255.cms">Etihad reportedly just made an offer to sell its entire stake in Jet to the struggling airline’s largest creditor</a> <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit</a>

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