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<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><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> is forming a new subsidiary that will take care of the electric vehicle business.</li><li>Also, in association with Tata Power, it will develop charging infrastructure to facilitate rapid EV adoption in India</li><li>This comes in line with the company’s goal to launch 10 electric vehicle models by 2025.</li></ul>US-based <keyword id="12297523" type="General" weightage="20" keywordseo="TPG-Rise-climate" source="Orion">TPG Rise Climate</keyword> along with Abu Dhabi Development Holding will make an investment worth ₹7500 crore (around $1 billion at current prices) in Tata Motors’ <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> (EV) segment. Tata Motors will form a new subsidiary for its electric vehicle business that will hold the investment made by these funds. Tata Motors said the new company will leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles space including charging infrastructure and battery technologies. Over the next 5 years, this company will create a portfolio of 10 electric vehicles. Further, in association with Tata Power it will develop charging infrastructure to facilitate rapid EV adoption in India. This comes in line with the company’s goal to launch 10 electric vehicle models by 2025. Tata Motors already has two EV models -- SUV Nexon EV and subcompact sedan Tigor EV. It r<a href="https://auto.hindustantimes.com/auto/news/tata-motors-sees-21-jump-in-sales-nexon-tigor-helps-ev-sales-to-grow-by-250-41633082366148.html">eportedly</a> has a 70% market share among EV makers in India. <div type="image" title="tata motors 2" height="900" width="1200" msid="86967983" hostid="261"></div> The automaker has been doing pretty well in terms of sales of EV models as its sales went up three-fold in the last 12 months, shows company data. Tata Motors sold 1,078 units of electric vehicles in September, up from a mere 308 units in September last year. Overall, it has sold 10,000 EVs in India so far, largely because of the success of the Nexon EV SUV. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-allows-domestic-flights-to-operate-at-full-capacity-from-monday/articleshow/86965330.cms">India allows domestic flights to operate at full capacity from Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/former-sbi-chair-rajnish-kumar-joins-bharatpe-to-guide-its-transformation-to-a-small-finance-bank/articleshow/86963500.cms">Former SBI chair Rajnish Kumar joins BharatPe to guide its transformation to a small finance bank</a>

TPG makes a billion dollar bet on Tata Motors’ EV dreams

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 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><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> has raised ₹4,546.80 crore from global alternative asset firm <keyword id="6367884" type="UNKNOWN" weightage="20" keywordseo="tpg">TPG</keyword>. </li><li>With the investment, TPG gets a 0.93% stake in Jio. </li><li>Louis Vuitton owner LVMH backed L Catterton has also invested ₹ 1894.50 crore for a 0.39% stake.</li><li>Jio now has an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore.</li></ul><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Jio has raised ₹4,546.80 crore from global alternative asset firm TPG. With the investment, TPG gets a 0.93% stake in Jio. It also announced its 10th deal ₹ 1894.50 crore by L Catterton, one of the world’s largest consumer focused private equity firms. L Catterton is built in a partnership with LVMH and Groupe Arnault. L Catterton will now have a 0.39% equity stake in Jio. This takes Jio’s total investments to ₹104,326.95 crore from the likes of Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton since April 22, 2020. Jio now has an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. <div type="image" title="jio latest." msid="76363615" hostid="261"></div> “We have been impressed by TPG’s track record of investing in global technology businesses which serve hundreds of millions of consumers and small businesses, making the societies we live in better,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries. According to the company, TPG is making the investment from its <keyword id="124318" type="COMPANY" weightage="20" keywordseo="TPG-Capital">TPG Capital</keyword> Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds. “We are excited to play an early role in Jio's journey as they continue to transform and advance India's digital economy. Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services. The company is bringing unmatched potential and execution capabilities to the market, setting the tone for all technology companies to come,” said Jim Coulter, Co-CEO TPG. Ambani is also counting on L Catterton’s experience in creating consumer-centric businesses. “Over our more than 30 year history, we have established a track record of building many of the most important brands across all consumer categories and geographies, from retailers, omni-channel and digitally native brands. We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances. We look forward to partnering with Jio, which is uniquely positioned to execute on its vision and mission to transform the country and build a digital society for 1.3 billion Indians through its unmatched digital and technological capabilities," said Michael Chu, Global Co-CEO of L Catterton in a statement. According to Business Insider’s sources, the next investment is set to come through from Saudi Arabia’s sovereign fund – Public Investment Fund, which comes under the royal family of Mohammad bin Salman‎. MBS, as he is popularly known, is one the biggest tech investors. Some joke that <a href="https://qz.com/1426370/silicon-valley-is-awash-with-saudi-arabian-money-heres-what-theyre-investing-in/">Silicon Valley is funded by MBS</a> – with investments in Uber, Lyft and $45 billion in SoftBank’s Vision Fund. The deal is set to be closed in the coming week. Reliance Jio gets to pick between Google and Microsoft for the last tranche of investments, two sources in the know told Business Insider. “The ball is in Reliance’s court – they get to pick and choose. They will decide what is the best strategic fit for Reliance and will evaluate how smart the money is,” said the source. SEE ALSO: <a href="https://www.businessinsider.in/business/news/akash-ambani-was-the-one-to-choose-facebook-the-next-big-investments-for-reliance-jio-and-the-ideas-sold-to-investors/articleshow/76316650.cms">EXCLUSIVE: Inside the Reliance Jio deals – Akash Ambani was the one to choose Facebook, the next big investments and the ideas sold to investors</a>

Reliance Jio lands its 9th and 10th investment – ₹4,546.80 crore from TPG and ₹1,894.50 crore from LVMH-backed L Catterton

<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>

Etihad makes dramatic U-turn with intention to raise stake in ailing Jet Airways

<ul><li>Ahead of a potential exit by <keyword id="140808" type="COMPANY" weightage="20" keywordseo="Etihad-airways">Etihad Airways</keyword> at the end of this month, <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword>’ main creditor, the State Bank of India, and its founder <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>, who recently resigned, have reportedly ramped up the search for a new investor. </li><li><keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> is said to be in preliminary talks with <keyword id="124318" type="COMPANY" weightage="20" keywordseo="TPG-Capital">TPG Capital</keyword>, a private equity major, while Goyal is pursuing an investment from Delta Airlines. </li><li>In addition to TPG and Delta, Singapore’s private equity fund Temasek and the Abu Dhabi Investment Authority (ADIA) are also said to be in talks to purchase a stake in the airline. </li></ul> Ahead of <a href="https://www.livemint.com/companies/news/deal-or-no-deal-etihad-to-take-final-call-on-jet-airways-on-31-march-1553467810101.html">a potential exit by Etihad Airways</a> at the end of this month, Jet Airways’ main creditor, the State Bank of India, and its founder Naresh Goyal, who recently resigned, have reportedly ramped up the search for a new investor. In fact, the hunt has taken SBI and Goyal, who owns a minority stake, to the US, according <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/hunt-for-jet-airways-buyer-takes-sbi-goyal-to-tpg-capital-and-delta-air-lines/articleshow/68623464.cms">to media reports</a>. SBI is said to be in preliminary talks with TPG Capital, a private equity major, while Goyal is pursuing an investment from Delta Airlines, which has <a href="https://www.business-standard.com/article/companies/we-are-building-strong-links-with-indian-market-says-delta-vp-nat-pieper-117070500181_1.html">an operational alliance with Jet in India</a>. Interestingly, private equity firm TPG Capital was said to be <a href="https://www.livemint.com/Companies/05AZZqQrKM021AiHThx9KP/TPG-Capital-joins-race-to-buy-stake-in-Jet-Privilege.html">eyeing a stake</a> in Jet’s loyalty programme Jet Privilege in August last year, although a deal never materialised. A new investor is “critical” to Jet’s future, the airline’s CFO, Amit Agarwal, told <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/a-new-investor-is-critical-to-jet-airways-future-cfo/articleshow/68571160.cms">ET</a> earlier this week. Jet desperately needs a cash infusion. An official at the company told Moneycontrol that a buyer would have to pump <a href="https://www.moneycontrol.com/news/business/jet-airways-new-investor-needs-to-bring-rs-4500-cr-capital-3705181.html">₹45 billion</a> as part of the airline’s turnaround plan. In addition to TPG and Delta, Singapore’s private equity fund <a href="https://www.business-standard.com/article/companies/suitors-for-jet-airways-hunt-for-partners-naresh-goyal-may-join-race-119032900056_1.html">Temasek and the Abu Dhabi Investment Authority (ADIA</a>) are also said to be in talks to purchase a stake in the airline. The bidding process opens in the second week of April and concludes at the <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/hunt-for-jet-airways-buyer-takes-sbi-goyal-to-tpg-capital-and-delta-air-lines/articleshow/68623464.cms">end of next month.</a> Most Indian airlines are <a href="https://www.moneycontrol.com/news/business/major-airlines-may-opt-avoid-bidding-for-jet-airways-3714941.html">expected to steer clear </a>of the bidding. The reports of Jet’s investor hunt come a day after Jet was unable to <a href="https://www.livemint.com/companies/news/jet-airways-delays-ecb-repayment-amid-liquidity-crunch-1553798519714.html">make a scheduled payment</a> on an external commercial borrowing (ECB) facility owing to a liquidity crunch. The airline has also been unable to pay salaries to its pilots and support staff as well as aircraft vendors. Under the airline’s resolution plan, a consortium of banks, led by SBI, will convert their debt to equity, taking a majority stake of 50.1% in the process. Meanwhile, Goyal, who has resigned as the airline’s chairman and board member, will see his shareholding whittle down <a href="https://www.livemint.com/companies/news/naresh-goyal-resignation-banks-take-over-jet-airways-new-investor-coming-in-1553509713332.html">from 50.1% to 25.5%</a>. Etihad will take a final call on whether to sell its 24% stake in Jet or not <a href="https://www.livemint.com/companies/news/deal-or-no-deal-etihad-to-take-final-call-on-jet-airways-on-31-march-1553467810101.html">on March 31st.</a> SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-chairman-naresh-goyal-steps-down/articleshow/68212261.cms">Jet’s chairman finally agrees to step down, paving way for bank-led bailout</a> <a href="https://www.businessinsider.in/naresh-goyal-and-etihad-statement-may-help-jet-airways-debt-resolution-plan/articleshow/68165797.cms">The threat of bankruptcy forces Etihad and Naresh Goyal to call for truce</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>

Jet Airways’ desperate search for a new investor takes it to the US, Singapore and UAE

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Brendan McdermidFormer Ford CEO Mark Fields.</div></div></div><ul><li>Fields will become a Senior Advisor at TPG Capital, a private equity firm.</li><li>The former Ford CEO will work in TPG's industrials group.</li><li>TPG has over $73 billion under management.</li></ul>Mark Fields, the former CEO of Ford who was ousted earlier this year after 28 years at the automaker, will join <a href="https://www.tpg.com/">TPG Capital</a> as a Senior Advisor, Business Insider has learned.TPG is a private-equity and alternative asset giant with over $73 billion in assets under management and was started as the Texas Pacific Group in 1992 by David Bonderman, James Coulter, and William S. Price III. TPG has grown substantially from its first offices in Northern California to locations worldwide. Over the decades, it has invested in numerous companies and participated in high-profile leveraged buyouts.Fields, 56, will focus on expanding the firm's industrials practice. Investments in this sector have included airlines and private-jet companies; going forward, TPG wants to invest in logistics, packaging, and mobility. TPG's first major investment was in bankrupt Continental Airlines in 1993, which according to firm resulted in a 1,000% return."New technology is driving change and creating opportunities for growth and value creation throughout business operations. That gives us the opportunity to rethink traditional industrial applications, such as supply chains, like never before," Fields said. "Having spent my career in an industry that was, and continues to be, on the leading edge of technology and disruption, I look forward to working with TPG to find new opportunities to create change and innovate throughout the industrial sector," he added.<h2>A long career at Ford</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">FordField's worked to balance Ford's traditional business against new opportunities.</div></div></div>At Ford, Fields followed Alan Mulally, who saw the automaker through the financial crisis without suffering the government bailouts and bankruptcies of General Motors and Chrysler. Fields had developed Ford's "Way Forward" strategic framework prior to Mulally's arrival in 2006, and later Fields took over Mulally's unifying "One Ford" vision when Mulally retired in 2014.Ford was steadily profitable under Fields, made several investments and acquisitions in the tech sector, and in 2016, the company returned to the 24 Hours of Le Mans endurance race in France with its GT race car and won on the 50th anniversary of its legendary 1966 victory.But the carmaker's stock price lagged the markets during his tenure, and in May of 2016 Fields stepped down and was replaced by former Steelcase CEO Jim Hackett, who had been overseeing Ford's Smart Mobility division and had served on Ford's board.Hackett recently concluded a 100-day review of Ford's operations and is attempting to balance the company's legacy business against the disruption posed by the likes of Tesla and Uber.Fields, a Harvard Business School graduate, will be tackling some of the same challenges and opportunities he saw at Ford, but from the perspective of an investor and as someone who likes to dig into companies and improve them."Mark is an invaluable addition to our team as we pursue this sector and look to build growth-oriented, technology-enabled businesses," Jack Daly, a Partner at TPG, said. Get the latest Ford stock price<a href="http://markets.businessinsider.com/stock/f-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/henry-blodget-ford-replacing-ceo-mark-fields-short-termism-on-wall-street-2017-5">Ford replacing its CEO points to the short-termism on Wall Street</a></h3> <div> </div> </div>

Former Ford CEO Mark Fields will join private-equity group TPG Capital

<keyword id="273154" type="PERSON" weightage="20" keywordseo="Arun-Duggal">Arun Duggal</keyword>, the 68 year old chairman of financial services major, <keyword id="4745298" type="COMPANY" weightage="20" keywordseo="Shriram-Capital">Shriram Capital</keyword> has resigned from the directorship of the company on November 15, 2014. Duggal was a non executive and non independent director as well as the chairman of the Board of Directors of the company. 
 
“ We are not aware of the reason behind his resignation. However, we know that he has resigned,” a senior official from the company told BI India on the condition of anonymity. 
 Duggal has also resigned from Board of Directors from other Shriram group ventures which include <keyword id="6355662" type="COMPANY" weightage="20" keywordseo="Shriram-Transport-Finance-Company">Shriram Transport Finance Company</keyword> and <keyword id="6474478" type="COMPANY" weightage="20" keywordseo="Shriram-City-Union-Finance">Shriram City Union Finance</keyword>. 
 
The company spokesperson confirmed the news. 
 It should be noted that Duggal is also the chairman of Shriram Properties and Shriram <keyword id="129822" type="ORGANIZATION" weightage="20" keywordseo="EPC">EPC</keyword>, and Bellwether Microfinance, a company which provides equity capital to micro finance organisations. 
 According to the website of the company, Duggal also serves as a senior advisor to the global private equity firm <keyword id="124318" type="COMPANY" weightage="20" keywordseo="TPG-Capital">TPG Capital</keyword>. His expertise includes financial strategy, merger and acquisition and capital raising. 
 At present, he is the vice chairman of International Asset Reconstruction Company and Indian Venture Capital Association. Previously, he has also been the chairman of the American <keyword id="6693414" type="ORGANIZATION" weightage="20" keywordseo="chamber-of-commerce">Chamber of Commerce</keyword>, India and was on the Board of Governors of the <keyword id="520714" type="ORGANIZATION" weightage="20" keywordseo="National-Institute-of-Bank-Management">National Institute of Bank Management</keyword>.

Shriram Capital Chairman Arun Duggal Resigns

Eyeware retailer <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> has raised Rs 135 crore in fresh capital in its third round of funding. The company has in its Series C (final rounding of early funding cycle) raised the funds as co-investment from <keyword id="141646" type="COMPANY" weightage="20" keywordseo="TPG-Growth">TPG Growth</keyword> along with Hong Kong-based TR Capital and its existing investor IDF Ventures. 
	 Interestingly, the company has raised a total of Rs 200 crore in three rounds of funding that has happened so far. In February 2013, the company had received an investment of Rs 53 crore from <keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>’s Unilazer Ventures along with IDG Ventures India. 
	 
	“In TPG, we found strategic partners and advisors with proven capability to build a large consumer-centric enterprise. The TPG brand is another feather in our cap. With this new investment, we will be hiring the best talent and give them a world-class environment to innovate and solve India’s eyewear problems at a very large scale,” said Peyush Bansal, CEO &amp; Founder of Lenskart. 
	 
	Commenting on the same, Manas Tandon, Director, TPG Growth said, “TPG globally is an active investor in the Internet sector. We are excited about the evolution of Internet in India and are delighted to partner with Lenskart as our first investment in this space. The Lenskart team brings to the table an impressive focus on customer service and keen commercial instincts, thereby building a dominant position in the eyewear space, while maintaining attractive unit economics.” 
	 Currently, the company clocked in revenues of nearly Rs 100 crore and has been growing at 15% every month. Lenskart was founded in 2010 by <keyword id="2674246" type="UNKNOWN" weightage="20" keywordseo="Peeyush-Bansal">Peeyush Bansal</keyword> along with Amit Chaudhary and Sumeet Kapahi. The company claims to have grown by over 200% year on year.

Lenskart
Raises Rs 135 Crore As Fresh Capital

International Business Machines (<keyword id="10875" type="CITY" weightage="80" keywordseo="IBM">IBM</keyword>) has hired former <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> consulting head <keyword id="1942343" type="PERSON" weightage="80" keywordseo="Stephen-R-Pratt">Stephen R Pratt</keyword> for its billion-dollar <keyword id="6411673" type="PERSON" weightage="80" keywordseo="Watson">Watson</keyword> project. He was once the highest paid top-level executive at India's second-largest software exporter, an Economic Times report revealed. 
 According to his <keyword id="28120" type="CITY" weightage="80" keywordseo="Linkedin">LinkedIn</keyword> profile, Pratt joined the world’s biggest computer services company this month and would be working out of the company's San Francisco and New York offices. 
	 

	He has been designated as a global leader of Watson for IBM's global business services division. 
	 

	"Thrilled to be working in this groundbreaking area of computing and analytics. Working to fundamentally change the way decisions are made in business. Machine learning, predictive analytics, natural language processing, and deep learning will change the way executives lead and manage," Pratt said on his LinkedIn bio. Watson is IBM's futuristic artificially intelligent computer system, which the company is pitching as its next big billion-dollar bet. IBM's Watson already boasts of an impressive list of clients from industries such as healthcare and financial services where big technology spenders such as <keyword id="44473" type="CITY" weightage="80" keywordseo="Citigroup">Citigroup</keyword> have already started using the cognitive computing system. Prior to IBM, Pratt worked at <keyword id="124318" type="COMPANY" weightage="80" keywordseo="TPG-Capital">TPG Capital</keyword>, where he oversaw the <keyword id="34499" type="POSITION" weightage="80" keywordseo="private-equity">private equity</keyword> investment firm's data analytics portfolio. At Infosys, Pratt helped set up the company's consulting business in 2004 and later on took on responsibility for functions such as systems integration. 
	 
	Before his departure from Infosys, he was heading the company's energy and utilities business in the US. 
	 

	(Image: Reuters)

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