Golden Touch for Essel
Subhash Chandra, Chairman, Essel Group
A private equity fund managed by Goldman Sachs is in advanced stages of negotiations to invest $200-250 million in Subhash Chandra's road infrastructure company Essel Highways, according to a report in a business news daily. The deal will be Goldman Sachs' first investment in Indian roads sector and could be one of the biggest private equity transactions in the segment. Essel Highways has 14 road assets with 10 operational ones. The company has an order book of close to Rs 11,000 crore.
Catch Them Young
ITC Chairman YC Deveshwar. Picture: Shekhar Ghosh
As part of a succession plan, diversified firm ITC's Chairman YC Deveshwar will step aside from his executive role to a non-executive one at the end of his current tenure early next year to "put in place a youthful leadership at the helm in the long-term interest of the company". The company will seek shareholders' nod at the upcoming annual general meeting on July 22 to appoint him as a non-executive director and chairman for a period of three years with effect from February 5, 2017.
Clean and Out
Nikesh Arora, Former president, SoftBank. Photo: Shekhar Ghosh.
In a surprise move, just a day after he was given a clean chit in a probe that alleged foul play in SoftBank's investments in Indian start-ups, SoftBank Group President Nikesh Arora announced his exit from the Japanese conglomerate over purported differences with the company's Chairman & CEO Masayoshi Son. The former Google executive is one of the highest-paid corporate executives in the world, receiving $135 million in 2014 and another $73 million last year. Arora was earlier this year accused of making a "series of questionable transactions, poor investment performance and conflict of interest", but a special committee formed to investigate the matter said that it found 'no merit' in the claims.
A Giant Leap
Deepak Parekh, chairman, HDFC. Photo: Rachit Goswami
HDFC Standard Life Insurance, Max Financial Services and its unit Max Life Insurance announced merger talks that may lead to the creation of India's largest private sector life insurer. In a statement to the stock exchanges, Max Financial Services and Housing Development Finance Corporation (HDFC) said that their respective boards have approved entering into an agreement to evaluate a potential combination through a merger of Max Life Insurance Company and Max Financial Services into HDFC Life. Commenting on the deal talks, HDFC Chairman Deepak Parekh said: "Favourable demographics provide a big opportunity for insurers. I expect new business premium to grow at 15 per cent over the next five years." The deal could also allow HDFC Life to trade its shares on Indian stock exchanges, because Max Financial is listed.
Calling It a Day
SK Roy, Chairman, LIC
S. K. Roy, who had taken up the chairmanship of state-owned Life Insurance Corporation of India (LIC) in June 2013, has resigned two years before his term ends. News reports also claimed that Roy had put in his papers earlier this year as well because of personal reasons. LIC Managing Directors V. K. Sharma and Usha Sangwan are reportedly the front runners to succeed Roy.
YES Bank's Global Foray
{mosimage}Eyeing other Asian markets, private sector lender YES Bank plans to set up an international branch in Singapore amid plans to raise $1 billion (nearly Rs 6,652.75 crore) from international markets, its founder, Managing Director and CEO Rana Kapoor said. YES Bank aspires to expand into growing Asian economies. Once RBI approves its application, YES Bank aims to get a full banking licence in Singapore. Kapoor described Singapore as YES Bank's springboard for expansion into the Asian markets, especially focusing on Indian and global Indian businesses.
Compiled by Satyam Sharma
