Morning Buzz: JSW partners with SAIC, UltraTech to buy Kesoram's Cement business, and more
Here are the top business headlines this morning, to get your day started
(File photo) MG Motors Marvel X electric SUV is on display after it was unveiled at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. Image: REUTERS/Anushree Fadnavis
JSW partners with SAIC
JSW Group will pick up a 35 percent stake in the Indian operations of SAIC Motor as it seeks to accelerate the growth of MG Motor in India. The transaction is expected to be completed in March 2024. The venture will also work on augmenting local sourcing, charging infrastructure and introducing a broader range of vehicles.(Economic Times, Mint, Financial Express, Business Standard, BusinessLine)
UltraTech to buy Kesoram’s Cement business
UltraTech, India’s largest cement company, will acquire Kesoram Industries’ cement business. The deal will come at an enterprise valuation of Rs 7,600 crore and should be completed in nine to 12 months. With the deal the cement capacity of UltraTech moves to 149 million tonnes and takes it closer to its goal of 200 million tonnes. Kesoram has a total capacity of 10.75 million tonnes.(Economic Times, BusinessLine)
Fiscal deficit hits 45 percent of FY24 target
India’s fiscal deficit touched 45 percent of the full-year Budget estimate in the first seven months of FY24. Between April and October, 2024, the deficit reached Rs 8.03 lakh crore compared to Rs 7.6 lakh crore in the same period of 2023. The government had pegged the deficit target of 5.9 percent of GDP or Rs 17.8 lakh crore.(Economic Times)
SBI plans to raise Rs 5,000 crore through AT1 bonds
State Bank of India (SBI) is considering raising money through AT1 bonds as it seeks to augment its capital base. The fund raise is pegged at about Rs 5,000 crore and comes at a time when the government is planning to revive the AT1 market. The bonds have been controversial in the past as they have clauses that could cause them to be written off. SBI’s board has given approval to raise Rs 50,000 crore this financial year.(Economic Times)
