Morning Buzz: JSW, Arcelor to bid for Vedanta's mines, steel assets; Jindal Power submits Expression of Interest for Go First; and more

Flows into equity mutual funds fell 30 percent in September on account of outflows from large-cap funds and a drop in inflows into small and mid-cap funds. Image: Shutterstock

Equity mutual fund flows drop 30 percent in September  

Flows into equity mutual funds fell 30 percent in September on account of outflows from large-cap funds and a drop in inflows into small and mid-cap funds. Flows through systematic investment plans were the highest at Rs16,420 crore. Mutual funds garnered Rs14,091 crore in September versus Rs20,245 crore in August.   
(Economic Times)  

JSW, Arcelor to bid for Vedanta’s Mines, Steel Biz  

JSW and Arcelor Mittal, along with several private equity funds, are in the fray for Vedanta’s steel assets. Vedanta has indicated a valuation of Rs10,000 crore, but the bidders are likely to ask for a lower valuation. Vedanta’s steel plant has a capacity of 2.5 million tonnes and was taken over during IBC proceedings against Electrosteel Steels. JSW and Arcelor Mittal did not comment on the matter.   
(Business Standard)  
 

Jindal Power submits Expression of Interest for Go First  

After multiple deadline extensions, Jindal Power has emerged as the sole bidder for Go First. Two other bidders didn’t qualify. Jindal Power is a privately-owned entity of Naveen Jindal and family. The main issue with Go First’s revival is the tussle with aircraft lessors, and it is unclear how that would get resolved.   
(Economic Times, BusinessLine, Times of India)  
 

Manipal to invest in Akash

Manipal Education and Medical Group chairman may invest as much as $250-300 million in Akash Educational Services, according to people familiar with the development. The money will be used to clear a part of Byju’s’ outstanding debt to Davidson Kempner. The deal is likely to be a multi-stage deal.   
(Economic Times)