Author
Harsh Batra
Harsh Batra
Gabriel India is reshaping its auto-components portfolio with two transactions worth more than INR 3,165 crore. ETLegalWorld reported this week that the company will acquire Asia Investments’ 28.99% stake in HL Mando Anand India for INR 2,231 crore, with INR 350 crore payable in cash and the balance through a preferential share issue. It will also acquire 30% minus one share in autonomous-driving specialist HL Klemove India for INR 935 crore, adding electric steering, driver-assistance and next-generation mobility capabilities to its portfolio.
And in other news this week:
- Wipro Consumer Care signed definitive agreements to acquire Good Home and Eva from TTK Healthcare for INR 256 crore; the brands generated combined revenue of INR 148 crore in FY2026.
- The RBI approved Areion Group’s INR 936 crore acquisition of Aviom India Housing Finance, clearing the deal’s main regulatory hurdle before NCLT review.
- US-based Veralto acquired Mumbai-based Alfaa UV, adding industrial UV water-treatment capabilities and an established commercial presence in India.
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Deals Tracker
Rumour mill
- Bastian Hospitality is sounding out investors for a 20–25% minority stake to fund new formats and overseas expansion, as the Shilpa Shetty-backed group targets Rs1,000 crore of FY27 revenue.
- Offgrid Energy Labs is preparing a Series B to finance a ZincGel battery gigafactory, using its new 10 MWh UK pilot line to de-risk a multi-GWh manufacturing push in India or Britain.
Regulatory
- The RBI sold a net $6.1 billion in May to smooth oil-driven rupee volatility, easing its spot intervention from April even as its short-dollar forward book climbed to a record $106.7 billion.
- ONGC can take control of Vedanta-operated Lakshmi and Gauri fields after the Delhi High Court upheld the government’s refusal to extend the Gujarat offshore block’s production-sharing contract.
- The RBI has barred defaulters and related parties from buying back assets acquired by lenders, while imposing public-auction, valuation and seven-year disposal rules from October 1, 2026.
Job moves
- Acentra Health has put Sreedevi Hegde in charge of India, drawing on her GCC-building record to turn the operation into a larger global delivery hub for the US healthcare technology company.
- Jubilant FoodWorks is preparing a technology-leadership handover after CIO Narottam Sharma resigned for an external opportunity, with his departure set for September 18 and no successor named yet.
- Liquidnitro Games has hired former Tencent Games Global CTO Cedrick Collomb to lead its AI platform strategy, adding heavyweight technical leadership after a $19.1 million Series A.
- NITI Aayog has brought in Anurag Jain for a two-year CEO term, adding an infrastructure-heavy administrator whose résumé spans PM Gati Shakti, DPIIT and road transport.
- Bira 91 founder Ankur Jain has left the board and surrendered control under a lender settlement, clearing the way for an investor-led recapitalisation and a possible production restart within six months.
- Hines has promoted India head Amit Diwan to lead Asia Pacific and the Middle East, giving one executive oversight of two regions the real-assets manager sees as core growth engines.
IPOs
- Cube Highways Trust has opened a Rs5,000 crore all-OFS InvIT IPO, testing demand for a 27-asset road portfolio after securing roughly Rs1,688 crore from anchor investors.
- SBI Funds Management closed 6.2% above issue price after India’s largest IPO of 2026, while parent SBI ruled out further dilution beyond the listing-day stake sale for now.
- InMobi has hired JPMorgan, Jefferies, Kotak and Axis for a roughly $1 billion IPO, taking its long-delayed listing plan into execution with a reported $5–6 billion valuation target.
- Lohia Corp has set a Rs404–425 price band for its Rs1,102 crore all-OFS IPO, valuing the technical-textile machinery maker at roughly Rs4,500 crore at the top end.
- Coca-Cola has moved its Indian bottler closer to a 2027 listing by appointing JPMorgan and Citi, preparing a partial sell-down of its 60% stake in Hindustan Coca-Cola Holdings.
- NSE’s pre-IPO valuation has drawn an unusually bearish marker, with Dolat Capital assigning a Rs1,550 target—26% below the private-market price—as tighter derivatives rules threaten volumes and market share.
- Manipal Hospitals is reportedly resetting its IPO valuation to about Rs80,000 crore from an earlier $10–12 billion range, while still targeting an issue of up to Rs11,000 crore amid volatile markets.
- Caliber Mining has opened a Rs450 crore IPO at Rs402–424 a share, combining Rs400 crore of fresh capital with a small OFS to repay debt and expand its mining-services fleet.
- NLC India Renewables has hired SBI Capital, HDFC Bank, IIFL and IDBI Capital for its IPO, moving a 1.8 GW state-owned clean-energy platform closer to public markets.
- JSW Steel has approved an OFS of up to Rs811 crore in JSW One Platforms’ proposed IPO, positioning the parent as a selling shareholder while pricing and timing remain open.
- MakeMyTrip has confidentially filed to list its Indian subsidiary through an all-secondary IPO, using the planned share sale to reinforce group cash while keeping MMT India under consolidated control.
Fundraising
- Transition VC is raising a Rs1,500 crore second fund to write $2–5 million cheques into roughly 20 engineering-led energy and industrial startups, broadening into advanced manufacturing and next-generation infrastructure.
- 30 Sundays has raised $6.7 million from Bessemer and existing backers to scale an AI-native holiday platform already running at roughly Rs200 crore in annualised gross bookings across four destinations.
- Punjab & Sind Bank is lining up a QIP of up to Rs2,000 crore that could cut the government’s 94% holding by 8–9 points and move the lender toward minimum public-float rules.
- Veriqus Group has raised Rs387 crore led by Norwest to build an integrated wealth, asset-management, advisory and lending platform aimed at India’s entrepreneurs, family offices and fast-growing Tier II markets.
- Reo.Dev has raised $11.3 million led by Elevation Capital to deepen its AI-native go-to-market platform, which maps developer signals for more than 200 software companies selling to technical teams.
- Quick Clean has raised Rs133 crore led by Stakeboat to expand from 140-plus on-premise laundries toward 500, while adding AI, automation and overseas capacity for hospitality and healthcare clients.
- Aina has raised $5.5 million to commercialise a context-aware AI hardware interface, scaling a 35-person Bengaluru–San Francisco team after testing its three-key Dune keypad with early users.
- Groyyo has secured Rs90 crore in the first close of a $20 million Series B, funding AI development and a wider supplier network as it targets North America, Europe and the Middle East.
