Bain Capital Acquires Majority Stake in Adani Capital and Adani Housing

Bain Capital, a US-based investment firm, has announced its acquisition of a 90% stake in Adani Capital and Adani Housing. The deal, which is expected to close in the fourth quarter of this year, will see Bain buy out all of the Adani family’s private investments in the company. The move is aimed at positioning Adani Capital as a standalone company to expand its lending operations. Gaurav Gupta, the managing director and CEO of Adani Capital, will retain the remaining 10% stake in the company, the Economic Times reported.

Fate of Tata’s UK Steel Business Depends on Government Support

The fate of Tata Steel’s UK business hangs in the balance as talks continue with the Rishi Sunak government over the quantum of government support. The British Prime Minister has assured Tata Group that the government will sweeten its earlier subsidy offer to modernise and decarbonise the company’s Port Talbot plant. However, an exit plan is also being drawn up in case the talks fail. Tata Steel, which owns the UK’s largest steelworks at Port Talbot, will receive around 300 million to make electric arc furnaces at its UK operations. the Economic Times reported

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No Special Policy for Tesla; Can Seek Incentives Under Existing Schemes: Govt Official

The Indian government has clarified that there will be no special policy for US-based electric car maker Tesla. Instead, Tesla can apply for support measures under existing schemes like the Production-Linked Incentive (PLI) for auto and advanced chemistry cells. The government has already rolled out the PLI schemes for advanced chemistry cell (ACC) battery storage and auto, auto-components, and drone industries, the Times of India reported.

Coffee Day Global Now in Bankruptcy Process

Coffee Day Global, the company that operates the Cafe Coffee Day chain in India, has been admitted for corporate insolvency by the Bengaluru bench of the bankruptcy court. The decision was made following a petition filed by IndusInd Bank. As of March 31, 2022, the company had an outstanding debt of ₹67.3 crore from IndusInd Bank, with the total debt standing at ₹960 crore.

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