Forbes India 15th Anniversary Special

Morning Buzz: KKR looks at BookMyShow stake, Zee may take Sony to court if merger fails, and more

Here are the top business headlines this morning to get your day started

Samar Srivastava
Published: Jan 17, 2024 10:03:25 AM IST
Updated: Jan 17, 2024 10:07:31 AM IST

Morning Buzz: KKR looks at BookMyShow stake, Zee may take Sony to court if merger fails, and moreImage: Shutterstock

KKR looks at Bookmyshow stake 

KKR is in talks to invest $250-300 million in Bookmyshow. The deal comes as Bookmyshow has turned profitable in 2023, reporting a profit of Rs 85 crore. During the pandemic, its revenue had fallen to Rs 74 crore in FY21, but it has bounced back strongly since then with movie ticket sales as well as organising exclusive events like Lollapalooza.  
(Economic Times)

Zee may take Sony to court if merger fails

Zee may file a suit against Sony asking for damages if their proposed merger fails to go ahead. Zee had to shut certain profitable businesses to get approval from the Competition Commission of India for the merger and divest its stake in three channels—Big Magic, Zee Classic and Zee Action. The original deal envisaged a $100 million penalty if either side walked away but that provision lapsed on December 21.   
(BusinessLine)

Jio Financial tweaks plans after RBI restrictions on unsecured lending  

Jio Financial plans to change its plans post the RBI restrictions on unsecured lending. It will focus on device as a service offering, which involves leasing of air fibre, phones and laptops along with supply chain financing, loans against shares and home loans. It believes this route has lower ownership as the asset is owned by the company and it still provides for cross-selling opportunities.  
(Mint)

Molasses exports will now attract 50 percent duty  

Amid a shortage of sugarcane on account of erratic rains, the government has imposed a 50 percent duty on molasses exports. The duty imposition also means that the government could boost domestic ethanol production and help it comply with its mandate to blend 20 percent ethanol in petrol by 2025-26 up from the present 12 percent.  
(Mint, Economic Times)