GICS
PE investment in real estate hits $2.5 bn in Q2, a 3-year high
Institutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
Institutional investment in Indian real estate at $2.5 billion in Q2, marking a 3-year high
Private equity investments in Indian real estate hit a three-year high in Q2 2024, totaling $2.5 billion. The industrial and warehousing segment led with 61% of the total investments ($1.5 billion), driven by large deals. The residential segment saw a 7.5x increase from Q2 2023, making up 21% of total inflows. Office assets received $0.3 billion, showing a significant annual decline.
AM Green, SJVN arm ink MoU for supply and sourcing of green energy
AM Green's partnership with SJVN Green Energy aims to supply 4.5 GW of renewable energy. The project supports India's green hydrogen production targets and contributes to global industrial decarbonization. Additionally, collaborations with Gentari Sdn Bhd and GIC further enhance AM Green's position in the renewable energy sector.
SJVN to supply 4500 MW green energy to AM Green's green ammonia facilities
Greenko Group's subsidiary, AM Green, and SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN, have signed a Memorandum of Understanding (MoU) for a long-term renewable energy supply agreement. Under the agreement, SGEL will provide 4,500 MW of carbon-free energy to power AM Green's forthcoming green ammonia facilities.
Indians get hooked on 10-minute grocery apps, squeezing small retailers
India's quick commerce boom is reshaping how Indians shop, with Swiggy leading the charge in the fast-paced delivery game. The SoftBank-backed company's grocery warehouse in a middle-class suburb of Mumbai operates precisely, aiming to deliver orders within 10 minutes. Swiggy's bikers, clad in bright orange T-shirts, race against time to collect and deliver packed grocery orders, with the warehouse manager emphasising the need for speed in the entire process.
Indians get hooked on 10-minute grocery apps, squeezing small retailers
India's quick commerce boom is reshaping how Indians shop, with Swiggy leading the charge in the fast-paced delivery game. The SoftBank-backed company's grocery warehouse in a middle-class suburb of Mumbai operates with precision, aiming to deliver orders within 10 minutes. Swiggy's bikers, clad in bright orange T-shirts, race against time to collect and deliver packed grocery orders, with the warehouse manager emphasizing the need for speed in the entire process.
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India, the US and 12 other nations sign Indo-Pacific region economic pact
The US and 13 nations in Asia signed agreements on the Indo-Pacific Economic Framework, part of Biden's strategy to counter China's influence. The pact includes major economies like Japan, India, and South Korea, focusing on renewable energy, climate change, taxation, corruption, and supply-chain management.
Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
Hero MotoCorp bought this stake at an inferred valuation of Rs 5,636 crore. This is a premium to the Rs 4,666-crore valuation at which the company had invested Rs 140 crore in Ather in December 2023.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
Ather Energy raises Rs 286 crore from founders and Stride Ventures
Ather Energy raised Rs 286 crore from founders and Stride Ventures through a mix of debt and equity funding, including series F and series C3 investments.
Navigating financial requirements: Essential steps for international students to study in Canada
Studying abroad offers students the opportunity to experience new cultures and gain valuable academic insights. However, financial logistics are crucial. To study in Canada, international students must demonstrate sufficient financial support for their studies and living expenses, including additional funds for any accompanying family members. From 2019 to 2021, 10% of student visa applications were rejected due to insufficient funds.
GIC, Xander buy Allianz-Shapoorji Pallonji JV’s Hyderabad IT SEZ WaveRock for Rs 2,200 cr
In May 2023, ET first reported that global insurance and asset management major Allianz Group and Shapoorji Pallonji Group were looking to exit the IT Special Economic Zone (SEZ) property and that GIC had emerged as the frontrunner to acquire the 2.4-million-sq-ft asset.
GIC Re Q4 Results: Net profit rises 3% to Rs 2,642 crore
GIC Re on Tuesday posted a 3 per cent increase in net profit to Rs 2,642 crore for the fourth quarter ended March 2024 compared to Rs 2,564 crore in the same quarter a year earlier.
IRCTC, ABFRL, JSW Holdings among 453 companies declaring Q4 results on Tuesday
453 companies, including IRCTC and Aditya Birla Fashion, are set to declare Q4 results. Most companies report profits, boosting Nifty and Sensex to new highs. Market bullish ahead of Lok Sabha elections.
Patanjali Food, JK Cement among top 10 midcap stocks sold by mutual funds in April
Mutual fund managers continuously add or subtract stocks from their portfolios to generate better returns. Here are the top 10 midcap stocks sold by mutual funds in April, according to a report by ICICI Direct Research.
More PEs head to India armed with big money to bag deals
Growtheum Capital Partners, a private equity firm headquartered in Singapore, is scheduled to inaugurate its Mumbai office this July, joining the growing list of PE investors in India. At the same time, US-based private equity firm Platinum Equity is evaluating investment opportunities across various sectors such as healthcare, technology, and infrastructure as it prepares to enter the Indian market.
DLF rental arm DCCDL's office rental income rises 7% to Rs 3,460 cr in FY24
DLF's joint venture with DCCDL saw a 7% rise in rental income from office buildings to Rs 3,460 crore in the last fiscal, driven by rent appreciation and asset portfolio expansion. The rental business, holding a majority stake, demonstrated healthy occupancy levels and low vacancies. With sustained growth in rentals and service income, DCCDL reported a 9% increase in consolidated revenue and an 18% rise in net profit.
Bain teams up with Temasek to compete with Blackstone-led consortium for controlling stake in Haldiram's
The Bain and Temasek combination submitted a non-binding offer late last week valuing India’s largest snack and convenience foods company at $8-8.5 billion (Rs 66,400-70,500 crore), after initially engaging with the founding family of the 87-yearold brand separately, said people aware of the matter.
From Bikaner to Blackstone: The success story of humble Haldiram's
Since 2016-17, several private equity firms including General Atlantic, Bain Capital, Capital International, TA Associates, Warburg Pincus, Everston have been talking with the Agarwal family for a minority stake or a controlling one. Haldiram's journey from humble beginnings with a bhujia recipe to a billions-dollar empire is the stuff of business legends.
It's crunch time: Blackstone teams up with ADIA, GIC for Haldiram Snacks bid
A non-binding offer has been submitted to buy up to 76% of co at $8.5 bn valuation; 87-year old Haldiram with roots in Bikaner, Rajasthan is India’s largest snack and convenience foods company. Delhi and Nagpur factions of the Agarwal family are merging their snacks and packaged foods business, demerging the restaurant operations.
Greenko Zero C to supply 500,000 tonnes of green ammonia to Norway's Yara Clean Ammonia
Deliveries to start from Kakinada from Q4 of CY26, Industry sources say contract size expected to be $1.5-$1.8 bn over 10 years. 5GW of renewable power and pump storage in Andhra Pradesh to back production
Election, Q4 earnings, and FII flows among 10 factors that will steer D-Street this week
Over 530 BSE-listed companies will announce their March quarter earnings this week, including DLF, GIC Housing Finance, INOX India, Jindal Steel & Power, Varun Beverages, Zomato, Bharti Airtel, Bharti Hexacom and Colgate-Palmolive (India).
Data collaboration software firm Atlan raises $105 million; valuation nearly doubles to $750 million
Funding led by Singapore's GIC and US-based Meritech Capital values startup at $750 million, up from $450 million in March 2022 when it last raised funds
Atlan’s valuation nearly doubles; decoding PB Fintech’s FY24 financials
Data collaboration software startup Atlan has raised $105 million at nearly double the valuation since its last round. Details on this and more in today’s ETtech Top 5.
Swiggy confidentially files draft IPO papers for $1.25 billion public listing
Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.
Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
Swiggy IPO: Swiggy plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million). The food-delivery major is also looking to raise about Rs 750 crore from anchor investors in the pre-IPO round.
Ather eyes new round, Nikhil Kamath buys big part of Sachin Bansal’s holding
Sources told ET Ather Energy is also in the final stages of plans to raise $75-90 million (about Rs 750 crore) in primary funding from existing investors. This underscores increasing investor interest in the company and the mobility segment. The company is also approaching new investors.
Which domestic insurance companies have been identified as systemically important for financial stability of the economy in FY2023-24?
D-Slls are perceived as insurers that are 'too big or too important to fail'. This perception and perceived expectation of government support may amplify risk-taking, reduce market discipline and increase the possibility of distress in the future. These considerations require that D-Slls be subjected to additional regulatory measures to deal with systemic risks.
Sterlite Power, GIC to form JV for developing, operating power transmission projects in India
Sterlite Power and GIC announce a joint venture to develop and operate power transmission projects in India. Sterlite Power will hold a majority 51% stake, with GIC owning 49%. With a focus on India's transmission sector, the venture aims to leverage a USD 13 billion bid pipeline, signaling confidence in India's growth vision.
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