Adani to buy Ambuja & ACC👷🏻, Zomato CEO donates Rs700 Cr🏫, Govt supports VC funds💰

Adani in race to buy Ambuja & ACC, Zomato CEO Goyal donates Rs 700 Cr in Esops, Government offers incentives to VC funds, Funding Deals & more.

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May 9, 2022

Morning folks🙋🏻‍♂️,

1 Mail | 2 Minutes | 3 Stories | Funding Deals

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Adani leads the race to buy Ambuja and ACC with $13.5 bn in kitty👷🏻

Adani Group has taken the lead in the race to buy Switzerland-based Holcim’s India arms—Ambuja Cements Ltd and ACC Ltd—with a war chest of $13.5 billion for the deal.

The acquisition of Holcim’s assets in India will give billionaire Gautam Adani, the world’s fifth-richest man, a substantial share in the Indian cement market as the government embarks on a massive ₹7.5 trillion capital expenditure plan in the current fiscal to spur growth.

Ambuja Cements is valued at ₹72,515 crores, with Holcim owning 63.19% of the company, while ACC has a market cap of ₹42,148 crores, with the Swiss company holding 54.53%.

If Adani wins the race for Ambuja and ACC, the conglomerate will jump to the No. 2 position in the cement sector with a combined production capacity of 67 million tonnes per annum (mtpa).

Deepinder Goyal donates Rs 700 Cr in Esops to Zomato Future Foundation🏫

Zomato CEO Deepinder Goyal said on Friday he would donate all proceeds from his employee stock options (Esops) to the Zomato Future Foundation (ZFF).

At Zomato's average share price over the past month, these Esops are worth around $90 million (Rs 700 crore), he said in a note.

ZFF will cover the education of up to two children of all Zomato Delivery Partners. This will be up to Rs 50,000 per child per year on actuals, for workers above a certain service quality benchmark who have been on Zomato's fleet for more than five years.

If the worker stays with the company for 10 years, the amount will increase to Rs 1 lakh per child every year.

Redcliffe Lifetech, a diagnostics platform, has raised $61 million in a round led by LeapFrog Investments.
Mira Kapoor has joined Wellbeing Nutrition as an investor after infusing an undisclosed capital in the organic and whole foods multivitamin nutrition brand.

To boost startup financing, government offers incentives to VC, PE funds💰

The government will let venture capital (VC) and private equity (PE) funds take a higher share of profit, earn more fees and go for a faster drawdown of the money they receive from the state’s fund of funds.

The fund of funds for startups (FFS) was introduced in 2016, for contribution to various alternative investment funds (AIFs) registered with the capital market regulator Sebi.

The FFS, run by the state-controlled Small Industries Development Bank of India (Sidbi), has invested more than Rs 9,400 crore in 86 AIFs (the regulatory term for PE and VC funds).

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