Avenue Capital-backed Asset Reconstruction Company of India (Arcil) has emerged as the highest bidder for L&T Finance’s real estate portfolio of Pune-based Xrbia group, The Economic Times reported, citing two persons with knowledge of the matter.
Arcil offered ₹700 crore in a combination of cash and security receipts for a portfolio of ₹880 crore, the people said. The ARC’s offer would translate into a recovery of 80% for the finance company.
Coca-Cola
Global beverage giant Coca-Cola will divest its asset heavy bottling operations in India, in-line with its global strategy of doing away with asset heavy operations and focussing more brands and strategy, global president and chief financial officer, John Murphy told The Economic Times.
"India has tremendous ingredients for growth with a lot of investment underway by the company and its bottling partners," Murphy said.
The beverage maker had first started the divestment process in 2019 end but stalled the it due to the onset of Covid-19. It, then, started off by selling its units in northern India, which accounted for 10% of its bottling operations.
