BlackRock, Mubadala to invest in Tata Power’s green energy venture

Top of the Morning

In this episode, find out about Aurobindo Pharma’s acquisition of Veritaz’ formulation biz, also find out the latest about Ruchi Soya FPO after SEBI rap

Business Term of the Day: Super app
Tata Power: The world’s biggest asset manager, BlackRock, and UAE sovereign wealth fund Mubadala Investment Co. are in talks to invest around $500 million and $200 million, respectively, in a proposed new energy entity being floated by Tata Power Co. Ltd, two people aware of the development said. The new vehicle will house all the renewable energy assets of Tata Power, including hydropower, as well as its transmission and distribution business. The business, tentatively called “consumer renewables”, is expected to be valued at around $5 billion and will house all Tata Power assets except coal-fuelled power projects and carbon projects, the people cited above said on condition of anonymity.   Aurobindo Pharma has acquired the domestic formulation business of Veritaz for a consideration of ₹171 crore on debt-free cash-free basis. This acquisition vehicle will greatly help Aurobindo as a launch pad for marketing biosimilar and other products in India, the company said in a statement.   SEBI allowed investors other than anchor buyers to withdraw their bids for Ruchi Soya Industries Ltd.’s share sale citing misleading advertising, a rare such action by India’s market regulator. The Securities and Exchange Board of India held a meeting with representatives of book running lead managers over unsolicited SMSs advertising the follow-on public offer of Ruchi Soya, the regulator said i The Tata Group’s utility player and Rustomjee Group have collaborated to set up electric vehicle charging infrastructure at the commercial and residential projects of the latter across Mumbai metropolitan region. Singapore’s ecommerce firm Shopee has decided to shut its operations in India just about six months after entering the country. The etailer which competes with the likes of Meesho, Flipkart and Amazon India, especially at the lower-end of the market, will shutter its business effective March 29.   Moving on to markets Indian indices may witness a flat to positive start on Tuesday amid positive global cues. Volatility was seen in the markets on Monday due to hopes of progress in Russia-Ukraine ceasefire talks and dip in oil prices. The trend is likely to continue as uncertainty around the commodity prices remain. Wall Street indices advanced after Monday’s session, shedding worries over rising interest rates. In Asia, shares in Japan, South Korea, Shanghai, Hong Kong, and Australia were all trading in the green in early trade on Tuesday. Business Term of the day A super app is a platform developed by a company offering various services under one umbrella. For example, China’s WeChat, which started out as a messaging app, expanded into payments, cabs, shopping, food ordering, cab services to become a super app.