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Business News/ Companies / Deals buzz: K Raheja Corp unit sells stake, Alibaba eyes Indian logistics firm
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Deals buzz: K Raheja Corp unit sells stake, Alibaba eyes Indian logistics firm

In other news, DLF rental arm gets $1 billion bids from Blackstone, GIC and Brookfield

Photo: iStock Premium
Photo: iStock

Mint brings to you your daily dose of deals news. A look at the top deals reported by newsrooms across the country.

K Raheja Corp unit may sell stake worth up to $500 million

K Raheja Corp. has rolled out a process to divest a minority stake in its income-yielding commercial real estate unit, according to a report in the Times of India. The privately-held, Mumbai-headquartered developer has mandated JM Financial and Morgan Stanley for a share sale process, possibly raising up to $500 million, people directly familiar with the matter told the publication. The billionaire Chandru Raheja-led company is among the top three owners of tenanted offices—after DLF and Blackstone Group—with 20 million sq. ft space in Mumbai, Pune and Hyderabad. The potential transaction could value the office space portfolio, now branded Mindspace, at around $2 billion, the report added. Read more

DLF rental arm gets $1 billion bids from Blackstone, GIC, Brookfield

Blackstone Group, GIC of Singapore and Brookfield Asset Management have submitted bids of over $1 billion to acquire a 40% stake in DLF’s commercial property unit that owns rent-yielding assets, according to Times of India. A consortium of Qatar and Abu Dhabi sovereign funds, along with Kotak Realty Fund, is seen as the fourth bidder in the process. DLF plans to sell a significant minority interest in DLF Cyber City Developers (DCCDL), which owns leased commercial assets, including the office and retail space portfolio in the National Capital Region and Kolkata, reports the paper. Mint had earlier reported on how DLF’s much-anticipated stake sale in its rental portfolio could help India’s most valuable property developer reduce the debt on its books. Read more here and here

Alibaba eyes investment in Indian logistics company

Alibaba Group Holdings is looking to buy, or invest in an Indian logistics company specializing in deliveries for online retail companies and, towards this end, has held talks with Delhivery and Xpressbees Logistics, according to a report in the Economic Times. Alibaba is likely to buy a majority or a significant minority stake in a logistics company, which will give it a major say in operations, reports the paper. The investment will be decided in 4-6 months, once Alibaba is ready to launch its horizontal marketplace platform in India. Read more

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Published: 14 Jun 2016, 11:25 AM IST
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