City Squared Financial News

The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to plunge to $12,000 and Ether (ETH) to $800.

IPO-bound Singapore’s Sembcorp Industries Ltd’s Indian renewable energy business and Hexa Climate Solutions are vying to acquire the entire India renewable business of Italy’s Enel Group in a deal having an equity and enterprise value of around $100 million and $300 million, respectively, according to two people aware of the development. Sembcorp is present in India throughSembcorp India Private Limited and Sembcorp Green Infra Ltd (SGIL) along with other subsidiaries., while Hexa is backed by I Squared Capital.The HSBC-run sale process follows a deal signed last year—which later fell through—under which Waaree Energies Ltd had agreed to buy 100% of Enel Green Power India Pvt Ltd (EGP India) from its parent Enel Green Power Development S.R.L.

Mint in an interview that the company, which currently holds nearly 10% market share in the Indian smart metering space, aims to double its share in the next three to five years.Khaitan did not give a timeline for its public listing plans, but emphasized that the company is well-capitalized for expansion. “We are certainly looking at hitting the public markets.

Osaka Gas Co, Sumitomo Corporation, Japan Bank for International Cooperation (JBIC) and Konoike Transport is planning to double its stake in city gas distribution company AG&P Pratham ahead of its IPO planned next year, according to sources aware of the development. This will make the consortium a majority stakeholder in the I-Squared Capital-backed company, which was last year valued at $1.5 billion.

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Subscribe to enjoy similar stories. New Delhi: New York-based alternative investment firm Stonepeak has emerged as the fourth shortlisted bidder to submit a binding offer to buy O2 Power, a renewable energy platform in India. The deal, which may rank among the largest green energy transactions in the country, is expected to have an equity value of around $1 billion and an enterprise value around $2.3 billion, said two people aware of the development.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

₹2,700 crore. I Squared Capital has also set up a climate solutions platform—Hexa Climate Solutions—with Amplus founder Sanjeev Aggarwal wherein the New York-based private equity fund will invest around $500 million.

₹4,000 crore. Canada Pension Plan Investment Board (CPPIB), the other final bidder, too had submitted a binding bid for the deal run by JP Morgan. Cube Highways will now be given exclusivity to close the deal for the portfolio of five road assets totalling 230 km.

Mint earlier reported about Macquarie Group, JSW Neo Energy, and Actis Llp signing NDAs to buy O2 Power. Barclays is running the sale process for the deal having an equity and enterprise value of around $1 billion and $2.3 billion respectively. The next stage involves shortlisting the NBOs to give selected bidders full data room access, after which the binding bids will be submitted.

₹310- ₹341 per share, valuing the transaction between $996 million and $1.1 billion, according to a term sheet seen by Mint.Morgan Stanley, BofA Securities, Jefferies, and BNP Paribas will manage the sale which is slated to open on Wednesday.Mint had reported on Tuesday that Vodafone Group Plc, which owns 21.5% through various entities in Indus Towers, is looking to sell its stake in the mobile tower provider. Private equity (PE) firm I Squared Capital and alternative investment firm Stonepeak were reported to be in the fray as buyers.Indus Towers is India’s largest telecom tower provider with over 219,736 towers covering all 22 telecom circles.

NEW DELHI : Private equity (PE) firm I Squared Capital and alternative investment firm Stonepeak are vying for Vodafone Group Plc’s 21.5% stake in Indus Towers Ltd in a deal potentially valued at around $2.3 billion, according to two people aware of the development. The talks are in advance stages, the people said. On 14 June, Reuters reported that Vodafone Group was looking to sell its entire stake worth $2.3 billion, as of Friday's closing stock price in Mumbai, in India's largest telecom tower company through stock market deals and had hired Bank of America, Morgan Stanley and BNP Paribas to manage the sale.

₹5,600 crore debt from state run Power Finance Corporation (PFC) and REC last year. The company, which is focused on the commercial and industrial (C&I) segment, plans to develop 4 giga watt (GW) of renewable energy capacity—2.55 GW solar power and 1.4 GW wind power. “Serentica is on a rapid growth trajectory and will explore different avenues of capital including internal accruals to fund this growth," a company spokesperson said in an emailed response to Mint’s queries.

Cube Highways & Infrastructure, an investment arm of global infrastructure fund I Squared Capital, plans to monetise some of its road assets by selling seven highway projects spanning 516 kilometres (2,200 lane km), multiple people aware of the development said. Cube has hired Ambit Capital to run the sale process and feelers have already been sent to leading investors and strategic investors, the sources said. They did not share any estimated sale value. The assets on the block include six hybrid annuity model (HAM) assets and one BOT (build-operate-transfer) asset. They reported a total revenue of ₹860 crore in FY23. Cube Highways — the largest roads operator in India with a portfolio of 27 highways spanning nearly 8,400 lane km — had originally planned to transfer these assets with a right of first offer (ROFO) into its private infrastructure investment trust (InvIT), the sources said.

They added that Brookfield’s acquisition of ATC’s 78,000-odd towers in India would also boost Reliance Jio’s 5G rollout and expansion, especially since the Mukesh Ambani-led telco is already the anchor tenant of the Canadian tower company in India. “The ATC India buyout will give Brookfield a larger tower footprint and more ammo to compete with Indus, and likely result in both tower companies offering a combination of new products such as in-building solutions (IBS) as well as attractive rental deals/discounts while negotiating long-term tower contract renewals with large telco clients in future,” Rohan Dhamija, head (India & Middle East) at management consulting firm, Analysys Mason, told ET. He, though, added that Brookfield’s acquisition of ATC India would pave the way for two dominant towercos in a 3-player telco market, which is the ideal competitive structure, in that, it will ensure an overall balance with regard to pricing power between the telcos and towercos. Earlier this month, Brookfield trumped infrastructure investment group I Squared Capital to buy 100% ownership in ATC India in a $2.5-billion (about Rs 21,000 crore) all-cash deal likely to close in the second half of 2024. The deal had marked Boston-ATC’s exit from India, unleashing fresh consolidation in the country’s tower sector, now reduced to two large players — Brookfield and Indus.

Tokyo Gas has joined the race to acquire a minority stake in Think Gas Distribution, Indian natural gas supplier owned by private equity fund I Squared Capital, said two people aware of the development. Founded in 1885, Tokyo Gas is the city gas provider in the Tokyo metropolitan area and surrounding Kanto region. Tokyo Gas is doing due diligence at present, said sources.

Palisade Impact, the core-plus infrastructure house set up by ex-Macquarie duo Steve Gross and Jeremy Wernert, has won the auction for Downer EDI’s Victorian waste management business, Repurpose It, with a $220 million bid.

New Delhi: Amplus founder Sanjeev Aggarwal and I Squared Capital have come together again to set up a climate solutions platform—Hexa Climate Solutions—which will focus on renewable energy, water and carbon oxides; wherein the New York-based private equity fund will invest around $500 million, said two people aware of the development. New York-based I Squared Capital is no stranger to India’s green economy and invested $150 million in Amplus Energy Solutions Pvt. Ltd in April 2015.

Germany’s state-owned railway operator, Deutsche Bahn, says it has agreed to sell its European public transport subsidiary, Arriva, to U.S.-based infrastructure investor I Squared Capital

London-listed private equity investor Intermediate Capital Group has cut the ribbon on a rebooted auction for its Aussie transport and storage solutions business, SCF Containers, after swapping sell-side advisers earlier this year.

Cube Highways Trust (Cube InvIT) has posted a consolidated income of Rs 781.5 crore for the quarter ended on June 30, 2023. Earning before interest tax depreciation and amortisation was Rs 422.89 crore during the period under review, Cube InvIT said.

Osaka Gas Co. and Sumitomo Corp.