Reliance announces ₹8,600 cr worth buys💰
Dream11 suspends operations in Karnataka, Mobikwik IPO, Funding Deals & more.
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Reliance New Energy buys REC group, 40% stake in SP group solar unit🌞
Reliance New Energy Solar Ltd, a wholly-owned unit of Mukesh Ambani-led Reliance Industries Ltd, announced two acquisitions for nearly ₹8,600 crores on Sunday as part of its ₹75,000-crore green energy transition plan.
The company has acquired 100% stake in Norway-based solar cell, panel and polysilicon maker REC Solar Holdings AS for an enterprise value of $771 million (₹5,792 crores).
It also announced plans to buy a 40% stake in Shapoorji Pallonji-backed Sterling and Wilson Solar Ltd (SWSL) for ₹2,845 crores.
These acquisitions are part of Mukesh Ambani’s plan to pivot from the traditional fossil fuel-based business to green energy.
Dream11 suspends operations in Karnataka after police lodged FIR🤕
Dream11, one of India's most popular gaming apps backed by Tiger Global, has suspended operations in the southern Indian state of Karnataka after a complaint was registered against its founders claiming it was in violation of a new state gambling law.
The state law, which came into effect last week, bans online games involving betting and wagering and "any act of risking money, or otherwise on the unknown result of an event including on a game of skill".
The law imposes hefty fines and prison terms on violaters and has been implemented amid growing concerns that online gaming platforms, like gambling, are addictive and can cause financial harm.
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Ishitva, a robotics startup, has raised over $1 million in a Pre-Series A round led by Inflection Point Ventures.
Bengaluru-headquartered advanced battery-tech and deep-tech start-up Log 9 Materials has concluded its Series A+ funding round of $10 million with $2 million investment from Petronas Ventures.
Mobikwik gets Sebi’s all-clear for Rs 1,900-crore IPO👍🏻
Digital payments firm Mobikwik has received a go-ahead from the Securities and Exchange Board of India (Sebi), for its Rs 1,900-crore ($255 million) IPO.
It is expected to launch its IPO before Diwali (November 4) and is likely to fetch a valuation of $1 billion, sources indicated.
Mobikwik was last valued at around $700 million when it raised funds in April and was eyeing a valuation of $1 billion when it filed its draft IPO papers for its public market listing.
Mobikwik is among a growing number of consumer internet firms, such as Paytm, Nykaa and PolicyBazaar, that plan to list on the stock exchanges this year.
Tweet of the day🐥
⏩ From India's Byju's to Brazil's Nubank, here are top 15 unicorn startups worldwide.
⏩ M-cap of 8 of top-10 most valued companies jump Rs 2.32 lakh crore; Reliance Industries lead gainer.
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- John F. Kennedy
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