American Tower Corp (ATC) is looking to sell a stake in its India operations to one or more private investors, a media report said.
The planned stake sale is part of the company’s efforts to reduce its exposure in India amid a challenging business environment in the country, The Economic Times reported, citing a recent filing by the Boston-based company to the US Securities and Exchange Commission (SEC).
ATC, which recently took a $411.6 million (about Rs 3,374 crore) impairment charge due to cash-strapped Vi’s partial payments, also warned that it would be forced to take more similar charges amidst the Indian telecom operator’s financial woes, the report said.
Infrastructure-focused private equity firm I Squared Capital is considering selling a minority stake in Think Gas Distribution Pvt. Ltd, Bloomberg reported, citing people familiar with the development.
The deal could value the Indian natural gas supplier at more than $1 billion, the report said. The PE firm is working with an adviser to sell as much as a 30% stake in Think Gas, it said. The asset could attract investment funds and pension funds, the report added.
Axis Bank hire
Neelkanth Mishra, co-head of Asia Pacific strategy at Credit Suisse Group AG, has resigned from the company and is set to join Mumbai-based Axis Bank, Bloomberg reported, citing people familiar with the matter.
A veteran of two decades at the Swiss bank, Mishra will helm Axis Bank’s research department, the report said. He is part of Prime Minister Narendra Modi’s Economic Advisory Council and head of research at Credit Suisse’s local unit, according to the bank’s website.
Almost two months after co-founder Amit Bhasin admitted to financial misreporting, GoMechanic has found a buyer, media reports said.
The car repair startup is being acquired by used-car marketplace CarTrade, The Morning Context reported, citing two people familiar with the development.
While the details of the deal are unclear, GoMechanic seems to have been valued at a little over $30 million (around Rs 245 crore), the report said, citing a third person in the know.
The startup was last valued at $285 million, in a June 2021 funding round.
