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Tag: acquisition

  • CCI Approves Torrent Pharma’s Acquisition of Stake in JB Chemicals

    The proposed purchase of a portion of JB Chemicals and Pharmaceuticals by Torrent Pharmaceuticals Ltd. was approved by fair trade regulator CCI on 21 October, contingent on voluntary changes made by the parties. The move followed Torrent Pharmaceuticals’ announcement in June of this year that it would pay INR 19,500 crore to acquire the bulk of JB Chemicals and Pharmaceuticals.

    In a statement, the regulator stated that the proposed combination is related to the acquisition of shares in JB Chemicals & Pharmaceuticals Ltd (target) by Torrent Pharmaceuticals Ltd (acquirer) and the subsequent merger of the target and the acquirer. Torrent Pharmaceuticals would be the second-most valuable pharmaceutical business in India if the deal is finalised.

    Second Largest Deal in India’s Pharma Sector

    Following Sun Pharmaceutical Industries’ 2015 acquisition of Ranbaxy Laboratories, this will be the second-biggest deal in the pharmaceutical industry history. JB Pharma will combine with Torrent following the acquisition of shares. For roughly INR 11,917 crore, Torrent announced in June that it would buy a 46.39% interest from promoters Tau Investment Holdings Pte Ltd, a division of the international investment group KKR.

    Additionally, it would pay about INR 719 crore to purchase an additional 2.80% from specific JB Chemicals employees. Following this, it would make an open offer to purchase a 26% interest for INR 6,842.8 crore in accordance with Sebi’s listing requirements. The primary business of the Torrent group, Torrent Pharmaceuticals, manufactures and markets pharmaceutical formulations (FDFs) for a variety of therapeutic areas. In addition to producing and selling a wide variety of FDFs and active pharmaceutical ingredients (APIs), JB Chemicals and Pharmaceuticals also offers contract development and manufacturing organisation (CDMO) services.

    In a post on X, the competition watchdog stated that the commission has approved Torrent Pharmaceuticals Ltd.’s acquisition of JB Chemicals & Pharmaceuticals Ltd. with voluntary changes. The Commission approved the proposed merger, the regulator added, provided that the parties (Torrent Pharmaceuticals Ltd. and JB Chemicals & Pharmaceuticals Ltd.) complied with the voluntary changes they presented.

    Financial Dynamics of Torrent Pharma & JB Chemicals & Pharmaceuticals

    KKR acquired a 65% share in JB Chemicals & Pharmaceuticals in 2020. Through open market transactions, KKR sold a 5.8% share in JB Pharma in March of this year for INR 1,460 crore. The cornerstone business of the Torrent Group, which generates INR 45,000 crore in total revenue annually, is Torrent Pharma, which generates around INR 11,500 crore. In an all-stock deal valued at USD 4 billion, including USD 800 million in debt, Sun Pharma announced in April 2014 that it will buy ailing rival Ranbaxy.

    A year later, in March 2015, the merger was “consummated” once the necessary permissions were obtained. The acquisition of Bharat Serums and Vaccines by Mankind Pharma last year for INR 13,768 crore was another significant deal. In a different announcement, CCI authorised Setu AIF Trust, Konark Trust, and MMPL Trust to purchase a portion of Edelweiss Asset Management Ltd and Edelweiss Trusteeship Company Ltd.

    According to the watchdog, Setu AIF Trust, Konark Trust, and MMPL Trust will acquire up to 15% of the shares in Edelweiss Asset Management Ltd (EAML) and Edelweiss Trusteeship Company Ltd (ETCL) as a result of the proposed combination’s interrelated processes. Setu AIF Trust is an alternative investment fund (AIF) that is registered with SEBI. Through MMPL, its investment manager, it takes action. ETCL serves as the trustee for Edelweiss Mutual Fund (EMF), while EAML manages the fund’s assets.

    Quick Shots

    •CCI
    approves Torrent Pharmaceuticals’ acquisition of a stake in JB Chemicals
    & Pharmaceuticals on 21 October 2025.

    •Total
    deal expected to cost INR 19,500 crore, making it the second-largest pharma
    deal in India after Sun Pharma-Ranbaxy.

    •After
    acquisition, Torrent Pharma becomes the second-most valuable pharmaceutical
    company in India.

    •Torrent Pharma manufactures
    formulations (FDFs); JB Chemicals produces FDFs, APIs, and CDMO services.

     

  • Madhvani Group’s INSCO Assumes Full Control of HNGIL Following Successful IBC Resolution

    Hindustan National Glass & Industries Limited (HNGIL), India’s former largest container glass manufacturer, has been formally acquired by Independent Sugar Corporation Limited (INSCO), a division of the Madhvani Group, based in Uganda, under the Insolvency and Bankruptcy Code (IBC) process.

    INSCO was able to acquire complete control of HNGIL after the official takeover was documented at a board meeting of the newly formed leadership on 26 September. The International Finance Corporation (IFC) and Cerberus Capital Management provided financial support for the transaction, which was spearheaded by businessmen Kamlesh and Shrai Madhvani.

    After the newly established board of HNGIL publicly documented the transition in a meeting on September 26, INSCO took complete control of the company.

    INSCO Received Approval from NCLT

    In addition to regulatory permissions from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), the INR 2,250 crore Resolution Plan had already received approval from the National Company Law Tribunal (NCLT) on August 14, 2025.

    A 45-day monitoring (transition) phase after NCLT approval made sure that everything went smoothly before the new board took over, which marked the beginning of HNGIL’s rebirth. After seven years of litigation since the start of the Corporate Insolvency Resolution Process (CIRP) in October 2021, this historic deal brings an end to one of India’s most well-known insolvency cases. With a 96.16% majority vote, the Committee of Creditors (CoC) decisively accepted INSCO’s Resolution Plan, demonstrating the group’s robust turnaround approach.

    What is INSCO’s Resolution Plan?

    In accordance with the arrangement, INSCO will pay INR 1,901.55 crore in cash up front to workers, operational creditors, and financial creditors. Additionally, a deferred payment of INR 356.28 crore over three years would be made. Consenting financial creditors have also been given 5% of the stock. The NCLT emphasised that 60% of acknowledged claims will be recouped by creditors, and that the plan represented 72% of HNGIL’s Average Fair Value and 114% of its Average Liquidation Value.

    The chairman of HNGIL’s new board, Shrai Madhvani, underlined the role that the company’s employees play in its rebirth. According to him, the brand is adamant that workers are the cornerstone of any successful turnaround. The committed employees of HNGIL have demonstrated incredible fortitude throughout the insolvency phase, and the organisation is dedicated to collaborating closely with them to create a safe, secure, and sustainable future for the business.

    He went on to say that the cooperation of workers, clients, suppliers, regulators, and the federal and state governments will be necessary for HNGIL to be revived. “Our vision is not only to restore HNGIL to its former glory but also to align our efforts with the ‘Viksit Bharat’ vision of Prime Minister Narendra Modi, contributing to India’s growth ambitions as a global industrial powerhouse,” he stated.

    Quick
    Shots

    •The new board took charge on
    September 26, marking the formal transition and revival of the company.

    •The INR 2,250 crore resolution plan
    received approvals from NCLT, RBI, and CCI, and was backed by IFC and
    Cerberus Capital.

    •CoC approved the plan with a 96.16%
    majority, ending a 7-year-long insolvency battle that began in October 2021.

    •Creditors will recover 60% of
    acknowledged claims, with the plan value at 72% of fair value and 114% of
    liquidation value.

  • Sunil Mittal’s Family Office Ends Talks to Acquire Stake in Haier India

    After failing to agree on a valuation, the family office of billionaire Sunil Mittal has pulled out of talks to buy a 49% share in Haier Appliances (India). The Chinese parent business of Haier India, Haier Group, was looking for a valuation of roughly $2 billion (INR 17,100 crore).

    However, various media reports claimed that the bids the company received were much lower, with offers of about $600 million (INR 5,280 cr)—much less than the ask. Owing to these developments and due to a decline in valuation, Korean electronics powerhouse LG Electronics India may reduce the size of its initial public offering (IPO) from INR 15,000 crore to perhaps INR 12,000-13,000 crore, according to a source. Instead of selling a 15% interest as originally planned, the Korean corporation may now sell less than 15%.

    Chinese Companies Scaling Back in India

    According to media sources, Haier India may also think about going public, but no decision has been made yet. The Chinese business has been considering an exit for a number of months, and it has even had initial discussions with the biggest conglomerate in India, Reliance Industries Ltd (RIL). The proposed transaction was a part of a larger trend of Chinese companies reducing their exposure to India.

    The Sajjan Jindal group agreed to purchase the majority of MG Motor India from Chinese automaker SAIC Motor last year. The Ant company used block transactions to withdraw its $246 million investment in Paytm in May.

    Haier’s Journey in India

    Since its 2004 entry into the Indian market, Haier has had a 14% market share in the refrigerator industry. It is still seen in single digits in air conditioners, televisions, and washing machines.

    Its net sales in the calendar year 2023 (CY23) were INR 6,305.5 crore, up from INR 5,429 crore in 2022, and its net profit was INR 155.6 crore, up from a loss of INR 63.5 crore in 2022. The global statistics and business intelligence firm Statista projects that the Indian household appliances market will reach $64.3 billion in 2025 and increase at a 7.3% cumulative annual growth rate (CAGR) through 2030.

    Quick
    Shots

    •Haier sought around $2B (INR 17,100
    crore), offers came in at around $600M (INR 5,280 crore).

    •LG Electronics India may cut IPO size
    from INR 15,000 crore to INR 12,000–13,000 crore.

    •Haier exploring IPO; Reliance was in
    early talks. Part of broader trend of Chinese firms scaling back in India.

    •Sajjan Jindal group buying MG Motor
    India stake; Ant Group exiting Paytm with $246M block deal.

    •Haier’s net sales around 6,305.5
    crore (vs. INR 5,429 crore in 2022); Net profit INR 155.6 crore (vs. INR 63.5
    crore loss in 2022).

  • OpenAI Acquires Statsig, Names Indian-Origin Vijaye Raji as CTO of Apps

    Statsig, a product testing business, has been bought by OpenAI. Vijaye Raji, the startup’s Indian-origin founder and CEO, has also been named the new Chief Technology Officer (CTO) of apps by the Microsoft-backed artificial intelligence (AI) business. Raji will handle key systems, infrastructure, and product lines in his new position as product engineer for ChatGPT and Codex.

    Who is Vijaye Raji? Indian-Origin CTO of Apps

    Raji’s background as a founder and his ten years as the head of consumer engineering at Meta, the company claims, will help OpenAI grow its business and transform its research into “intuitive, safe, and useful tools”. He will answer directly to OpenAI’s CEO of apps, Fidji Simo. Statsig is a platform that offers real-time decision-making, feature flagging, and A/B testing. Raji and his colleagues founded Statsig with an emphasis on data-driven product development and quick testing.

    Company to Operate Independently at its Seattle Office

    OpenAI will hire Statsig staff after the acquisition. The business will continue to serve its current clientele and run autonomously out of its Seattle headquarters. To ensure continuity for clients, any upcoming integration would be handled gradually. Regulatory approval and other standard closing requirements apply to the purchase.

    OpenAI already uses Statsig’s platform to facilitate experimentation and product development. It is anticipated that bringing it in-house will increase these capabilities throughout OpenAI’s Applications organisation.

    Statements from Fidji Simo and Vijaye Raji

    “Vijaye has a remarkable record of building new consumer and B2B products and systems at scale,” Simo wrote in a blog post discussing Raji’s appointment. “His leadership will help transform that advancement into safe applications that give people a variety of new tools to improve their lives, help businesses become more influential, and enable developers to create faster and better products. He is joining at a time when our models are opening up completely new ways to build.” Simo added.

    “Being the CTO of Applications at OpenAI is a fantastic opportunity for me to apply my experience building consumer and corporate products to a cause I firmly believe in: developing AI in ways that are dependable, capable of tackling challenging issues, and genuinely helpful to people everywhere. I’ve had a really fulfilling career with Statsig, which has brought me to this point and strengthened my belief that we will keep assisting teams in producing better software every day,” Raji stated.


    Quick
    Shots

    •Vijaye
    Raji, Statsig’s Indian-origin founder & CEO, named CTO of Apps at OpenAI.

    •Raji
    to oversee ChatGPT, Codex and app product engineering, reporting to Fidji
    Simo.

    •Raji
    was Head of Consumer Engineering at Meta for 10+ years before founding
    Statsig.

    •Statsig
    offers feature flagging, A/B testing & real-time decision-making tools
    for product development.

    •The
    startup will operate independently from its Seattle HQ while continuing to
    serve existing clients.

    •Statsig
    staff to join OpenAI, with gradual integration to maintain client continuity.

     

  • Flipkart Acquires Majority Stake in Pinkvilla to Strengthen Infotainment & Lifestyle Content Play

    The e-commerce company Flipkart announced that it had purchased the majority of Pinkvilla India Private Limited, a well-known online infotainment platform. The purchase is a component of Flipkart’s plan to use Pinkvilla’s reputation, skills, and devoted following to increase its content presence and improve interaction with Gen Z and millennial consumers.

    Pinkvilla’s Role in Flipkart’s Content Strategy

    The deal’s value was not disclosed by the companies. Flipkart’s acquisition of a controlling stake in Pinkvilla is a crucial step in the company’s objective to strengthen its relationship with Generation Z, according to senior vice-president, corporate, Ravi Iyer.

    Flipkart’s ambitions to use content as a major growth engine will be accelerated by Pinkvilla’s strong content intellectual property and close relationship with its devoted user base.

    Exploring the Gen Z Angle

    Trends and consumption patterns are greatly influenced by films and celebrities. Since most Gen Z users consume content with these themes, Flipkart’s acquisition of a top infotainment platform makes sense as it looks to increase its appeal to this demographic.

    Additionally, the agreement strengthens Flipkart’s presence in the Indian market by providing it with the chance to develop content for commerce prospects and acquire trend insights.

    The founder and CEO of Pinkvilla, Nandini Shenoy, stated, “We are sure that with Flipkart’s help, we will be able to scale our operations and continue to deliver high-quality content that resonates with our millions of users, further strengthening our position as a leader in infotainment.” The deal has been completed and is pending the usual closing requirements. The businesses anticipate closing the agreement soon.

    Flipkart Spreading its Wings in India

    Flipkart has made a number of purchases in recent years as it grows its online business nationwide. These include online fashion retailer Myntra, digital payments company PhonePe, and eBay’s Indian division.

    With the purchase of Walmart India, which ran the Best Price cash-and-carry division, it further enhanced its wholesale presence. Flipkart also purchased Sastasundar Marketplace, which owned and ran an online pharmacy and digital healthcare platform, and Scapic, an augmented reality firm, to improve its shopping experience.

    Quick
    Shots

    •E-commerce giant acquires majority
    stake in infotainment platform Pinkvilla.

    •Not disclosed; agreement pending
    standard closing requirements.

    •Aimed at boosting Flipkart’s content
    strategy and consumer engagement.

    •Acquisition targets younger audiences
    who consume celebrity and film-driven content.

    •Strong IP and loyal user base to fuel
    Flipkart’s content-commerce synergy.

    •Ravi Iyer, Flipkart SVP, calls it a
    step to deepen bonds with Gen Z.

    •Strengthens Flipkart’s presence in
    lifestyle, entertainment, and digital content commerce.

  • Wipro to Acquire Harman Connected Services for $375 Million to Boost ER&D Capabilities

    On August 21, Wipro, the Bengaluru-based IT business said that it would pay up to $375 million to Harman International Industries for a 100% stake in Harman Connected Services Inc. (DTS) and its subsidiaries, as well as some other assets. Subject to US antitrust clearances and other regulatory approvals, the all-cash deal is anticipated to be completed by December 31.

    Boosting ER&D and AI-Powered Engineering Capabilities

    According to a press statement, the acquisition broadens Wipro’s capabilities and ER&D service offerings by strengthening its AI-powered digital engineering and device engineering, which includes design-to-manufacturing across the consumer, industrial, healthcare, and aerospace sectors.

    Harman Connected Services: Global Footprint and Growth

    With more than 5,600 workers spread across 14 countries—including India, the US, South Korea, the UK, Poland, and Germany—Harman Connected, a multinational provider of engineering research and development (ER&D) and information technology services, has its headquarters located in Connecticut, USA. Services accounted for almost 85% of the company’s 2024 revenues, which were $315 million in 2022, $308.2 million in 2023, and $314.5 million in 2024.

    Wipro Strengthening its ER&D Market Position

    According to Wipro, the business hopes to give customers the flexibility and accuracy of a specialised supplier as well as the reach and capabilities of a global leader by fusing Harman Connected’s individualised, high-touch delivery strategy with its global scale and technological ecosystem.

    Industry Trend: IT Firms Accelerate M&A in ER&D

    This transaction represents yet another consolidation effort in the ER&D and digital engineering services sector. According to analysts, IT companies’ inorganic strategy reflects a larger trend in the sector, whereby they may use mergers and acquisitions (M&A) as a means of overcoming slow organic growth.

    Wipro Expanding its Service Portfolio

    HCLTech purchased an automotive engineering services provider in 2023, while Infosys has already acquired two businesses to expand its ER&D service capabilities by 2024.

    To assist Olympus Corp., HCLTech will set up a special ER&D services centre. Traditionally, domain experts like L&T Technology Services, Cyient, Tata Elxsi, and others have supplied the majority of ER&D services. However, IT services providers are rapidly seeking to capitalise on this new growth area as ER&D spending has accelerated over the past two years. Cognisant, an IT company with its headquarters in Teaneck, has increased its revenue in the last two quarters by acquiring ER&D firms Belcan and Thirdera.

    Government and Market Outlook for ER&D Growth

    It’s interesting that the government has taken notice of the sector’s explosive rise. In FY23, ER&D Global Capability Centres (GCC) grew by more than 30% to around $25 billion, according to the 2024 economic survey. In contrast, the business process management (BPM) and traditional IT industries developed on a lower base but at a quicker rate in percentage terms. In FY23, GCCs in the IT segment increased by 30% to $9.7 billion, while the BPM segment increased by roughly 27% to $10.7 billion.

    Quick
    Shots

    •Transaction expected to close by
    December 31, 2025, pending US antitrust and regulatory approvals.

    •Acquisition boosts Wipro’s AI-powered
    digital & device engineering capabilities, spanning consumer, industrial,
    healthcare, aerospace sectors.

    •Harman Connected Services has 5,600+
    employees across 14 countries, including India, US, South Korea, UK, •Poland,
    and Germany.

    •Reported revenues of $315M (2022),
    $308.2M (2023), and $314.5M (2024), with 85% revenue from services.

  • Tata Motors to Acquire Iveco for $4.3B in Major European Expansion Push

    Tata Motors is currently negotiating the purchase of Iveco, an Italian truck manufacturer. The Agnelli family, the primary shareholder of the brand, will be the recipient of 3.8 billion euros (approximately $4.3 billion) in the transaction, which will establish a global participant in the commercial vehicle industry with a broad scope.

    The agreement exceeds Tata Motors’ most recent big acquisition, which was a $2.3 billion purchase of Jaguar Land Rover (JLR) in 2008. According to reports, this acquisition will make the Tata Group the largest in its automotive sector and the second-largest overall, after Corus.

    Tender Offer & Regulatory Requirements

    TML CV Holdings PTE LTD, a recently established Dutch-incorporated company that is entirely controlled by Tata Motors, will make a voluntary tender offer to carry out the agreement, which was jointly announced by the Iveco Group and Tata Motors on July 30. The deal with Tata Motors will not apply to Iveco’s defence sector.

    The offer targets all common shares of the Iveco Group that have been issued after the defence section was split off, which is a prerequisite for the acquisition to proceed. Iveco separated from CNH Industrial and became a separate company on January 1, 2022.

    Despite being a Dutch corporation with its legal seat in Amsterdam, its headquarters are located in Turin, Italy, where it conducts its main business.

    Strategic Expansion Through Iveco

    The purchase is strategically in line with Tata Motors’ objective of becoming the world leader in commercial vehicles. Through the agreement, Tata Motors will be able to diversify across markets, exploit complementing geographies, access cutting-edge technologies, and grow its portfolio. Iveco’s extensive global presence makes it significant for Tata Motors. The business has a major presence in more than 30 countries and operates on five continents.

    Global Footprint and Market Impact

    Iveco gives Tata Motors instant access to markets that would otherwise take years to enter on its own, including the developed Western European markets of France, Germany, Italy, and Spain; the developing African economies of South Africa, Ethiopia, and Ivory Coast; and strong positions in South America. Furthermore, Iveco is already present in India, which ought to facilitate a more seamless integration with Tata Motors’ ongoing business operations.

    Financial Projections & Synergies

    Following the purchase, the merged company is anticipated to generate about €22 billion in revenue and 540,000 units of sales annually, with Europe accounting for 50% of revenue, India for 35%, and the Americas for 15%.

    The largest stakeholder in the Iveco Group, Exor N.V., which owns 27.06% of the company’s shares and 43.11% of its voting rights, has made an irreversible commitment to tender its shares in favour of the offer. The offer has been unanimously recommended by Iveco’s Board of Directors.

    After obtaining the necessary merger control, foreign direct investment, EU Foreign Subsidies Regulation, and other jurisdictional permissions, the transaction is anticipated to close by April 2026.

  • Walko Food Scoops Up Meemee’s Ice Creams to Sweeten its Artisanal Dessert Game

    With the acquisition of Mumbai-based Meemee’s Ice Creams, Walko Food Company—owner of well-known ice cream brands like NIC Ice Creams, Grameen Kulfi, and Mimo Ice Creams—marked a calculated entry into India’s artisanal dessert market.

    The business did not, however, provide the deal’s financial details. According to a statement from Walko, the acquisition will enable it to provide a variety of goods to its clientele under Meemee’s house brand.

    Additionally, the agreement will enable it to diversify into rollies, tubsters, ice cream cakes, and toasties. With the aid of Walko’s extensive supply chain network, the acquisition will propel Meemee’s growth and visibility throughout India.

    Network and Financial Dynamics of Both the Firms

    The Walko Food Company was established in 2012 by Jitendra Bhandari and Sanjiv Shah and sells a variety of goods, including shakes, kulfis, frozen desserts, and ice creams. Cream Pot & Café Chokolade are also part of the direct-to-consumer (D2C) ice cream brand’s house of brands.

    The Pune-based startup sells its goods on foodtech platforms like Swiggy and Zomato through more than 200 company-owned delivery kitchens and maintains a pan-India supply chain. Additionally, it sells its goods using fast commerce platforms like Zepto and Blinkit.

    As per the financial year 2023-24 (FY24) standalone financial statement obtained from Tofler, Walko’s operating revenue increased to INR 2.40 Cr from INR 1.20 Cr during the previous fiscal period.

    Despite a loss of INR 8 lakh in FY23, Walko was able to generate a net profit of INR 4.04 cr during the year under review due to its expanding topline. Meha Agarwal established Meemee’s, a local ice cream company based in Mumbai, in 2021. Its website states that there are roughly 14 retail locations in Mumbai where the ice creams are sold.

    Moreover, over a year has passed since Walko Food Company received $20 million from Jungle Ventures. In 2023, Jungle, a current investor in the D2C firm, also contributed $11 million to Walko.

    Ongoing Developments in India’s Ice Cream Sector

    At the moment, the ice cream market in India is growing. Hocco and Go Zero, two other D2C companies in the same market, also raised money earlier this year to help with their expansion and growth.

    Hocco was able to acquire $10 million from the Chona family office and Sauce.vc, while Go Zero received INR 30 Cr (about $4 million) from its Series A round from current investors Saama Capital, V3 Ventures, and DSG Consumer Partners.

    According to a number of media sources, Hindustan Unilever declared in January that Kwality Walls, its ice cream vertical, would soon be listed on the BSE and NSE.

    Among others, Walko faces competition from Go Zero, Hocco, NOTO, Get-A-Way, and The Brooklyn Creamery for a piece of India’s expanding ice cream market, which is expected to reach $12.60 billion by 2033.

  • Torrent Pharma Set to Snap Up JB Pharma in INR 25,689 Crore Mega Deal with KKR

    According to an exchange filing, Gujarat-based pharmaceutical mammoth Torrent Pharma declared on June 29, 2025, that it has finalised deals with international investment titan KKR to purchase a majority share in JB Chemicals.

    According to the possible purchase details, the company intends to buy J. B. Chemicals and Pharmaceuticals (JB Pharma) at a fully diluted equity valuation of INR 25,689 crore. The two businesses will then merge.

    The international behemoth employs Tau Investment Holdings, the promoter company of JB Pharma, an investment vehicle owned by KKR, to acquire stock in the pharmaceutical giant. Tau Investment is KKR & Co. Inc.’s separate legal company. As of June 29, 2025, Tau Investment held 47.84% of J. B. Chemicals and Pharmaceuticals, according to BSE records.

    Deal to be Completed in Two Phases

    There will be two stages to the JB Pharma takeover agreement. Through a share purchase agreement (SPA), Torrent Pharma would purchase a 46.39% stake in the first phase for a total of INR 11,917 crore, or INR 1,600 per share.

    The business will launch a mandatory open offer to purchase up to 26% of JB Pharma shares from public stakeholders at an open offer price of INR 1,639.18 per share as an extension of the first phase. 

    At the same price per share as KKR selling its position, Torrent also intends to purchase an additional 2.80% of JB Pharma from certain workers who own stock in the business. Additionally, the business revealed its intentions to merge Torrent with JB Pharma through a plan that would give 51 shares of Torrent Pharmaceuticals to each shareholder who owns 100 shares of JB Pharma.

    “Torrent Pharma is happy to have on board the JB Pharma heritage and build on the platform for the future,” said Samir Mehta, the company’s executive chairman, in an official statement.

     He further added that together with the CDMO and global reach, Torrent’s extensive presence in India and JB Pharma’s rapidly expanding India business present enormous opportunities to grow both revenue and profitability.

    The Acquisition will Strengthen Torrent’s Market Share

    Through the acquisition, Torrent will increase its market share in the IPM and get long-term access to the CDMO industry. Additionally, it would provide more scalability and consolidation in important global markets.

     Co-Head of Asia Pacific, Head of Asia Pacific Private Equity, and CEO of KKR India, Gaurav Trehan, stated that the growth of JB Pharma under KKR’s leadership is evidence of the company’s capacity to grow top-tier businesses. Adding further, he stated that KKR is honoured to have worked with the management of JB Pharma.

  • Apple Reportedly Courting Perplexity AI in Strategic AI Bid

    According to reports, Apple is thinking about putting in a bid to acquire Perplexity, an artificial intelligence (AI) startup.

    The Cupertino-based tech conglomerate has reportedly talked internally about the potential move to support its internal development of AI models and services.

    The possible transfer coincides with multiple delays in the company’s development of key features, like the AI-powered Siri, which still has no anticipated release date.

    But if the business decides to buy Perplexity, it will be the most expensive acquisition it has ever made.

    Multiple Rounds of Discussion Between Apply and Perplexity AI

    Apple’s head of mergers and acquisitions, Adrian Perica, has reportedly led discussions with senior officials, including Services SVP Eddy Cue and other important decision-makers in charge of Apple’s AI goal, according to a media outlet.

    The business has met with Perplexity several times in recent months to discuss the possibility of a deal, but it has not yet made a formal offer and may decide not to proceed.

    Perplexity AI, a rapidly expanding firm founded by Aravind Srinivas, combines conversational AI with real-time online search, perhaps serving as the basis for an Apple AI search engine.

    Apple is weighing two options: either a strategic partnership that incorporates Perplexity’s AI capabilities into Safari and other Apple services or a full acquisition that would incorporate Perplexity’s technology and talent into Siri and iOS.

    Apple Wants to Acquire More AI Talent

    Apple is actively seeking AI expertise, which is why it is interested in Perplexity. According to reports, the business is vying with Meta for the services of industry leaders including Daniel Gross, the creator of Safe Superintelligence Inc. Due to development issues, Apple has postponed the release of its next-generation Siri.

    During Google’s antitrust trial, Eddy Cue recently testified that Apple had talked about integrating Perplexity with Safari. The multibillion-dollar deal between Apple and Google, which guarantees Google Search will continue to be the default on iPhones, was clarified by the testimony.

    If regulators force a separation, that transaction, which was valued at $18 billion in 2021 alone, could be in jeopardy. In that case, purchasing Perplexity might give Apple a backup plan and enable it to develop its own artificial intelligence (AI) search engine.

    These behind-the-scenes initiatives indicate Apple is actively looking for ways to catch up with competitors like Google, Microsoft, and Meta in the rapidly changing AI landscape, even if the company’s WWDC 2025 keynote was rather silent on the subject.

    A $14 billion financing round was just concluded by Perplexity. Any transaction that approaches that magnitude would constitute Apple’s most significant acquisition to date.

    Although Apple has recently made billion-dollar transactions for Intel Corp.’s modem unit and a stake in Chinese ride-sharing company DiDi, the $3 billion acquisition of Beats in 2014 remains the company’s largest transaction to date.