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Coromandel plans 1,650-tonne sulphuric acid plant in Vizag for Rs 400 cr

Coromandel International, the country’s second largest phosphatic fertilizer player and part of Murugappa Group, announced plans on Tuesday to set up 1,650-metric-tonnes-per-day sulphuric acid plant at its fertiliser complex in Visakhapatnam at an investment of Rs 400 crore. Announcing the plan, the company also signed technology partnership agreements with MECS (Monsanto Enviro-Chem Systems) and TKIS (ThyssenKrupp Industrial Solutions). At present, India is a net importer of sulphuric acid, and the third largest buyer globally, accounting for close to two million tonnes of imports.

Anchor investor talks for mega LIC IPO to start next week

Bankers will start reaching out to potential anchor investors in the initial public offering of Life Insurance Corp. of India next week, as they seek to ensure there’s enough demand for what’s set to be the nation’s biggest share sale. A list with the names of about 100 global investors has been shared with the 10 banks working on the deal and the institutions will approach different sets of investors, according to people with knowledge of the matter who asked not to be named as discussions are private. Banks plan to file the draft IPO prospectus with the markets regulator by the first week of December, once the embedded value of the firm is finalised, the people said.

Info Edge can't sell Rs 25,000-cr holdings in Zomato, PB Fintech for a year

A source close to Info Edge said that an open letter addressed to its chairman Sanjeev Bikhchandani on Tuesday asking him to de-risk the technology holding company from Zomato was “academic and pre-mature.” This is because, until recently, Sebi regulations mandated that pre-IPO investors in a company cannot offload shares after its listing for a period of one year. The market regulator reduced this time horizon of lock-in to six months in August this year.

Cairn to work with Halliburton for boosting offshore recoverable reserves

Cairn Oil and Gas, a unit of Anil Agarwal-controlled Vedanta, announced on Tuesday that it has entered into a partnership with Halliburton. A statement from Cairn Oil and Gas said that under the alliance, Cairn will work with Halliburton to pursue the target of increasing its recoverable reserves from offshore assets to 300 million barrels of oil equivalent (mmboe). This is a 10- fold increase from the present cumulative of 30 mmboe.

Mensa, house of D2C brands, raises $135 mn to become Asia's fastest unicorn

Mensa Brands, a technology-led ‘House of Brands’ built for the e-commerce industry, has raised Series B funding of $135 million, led by Alpha Wave Ventures-Falcon Edge Capital with participation from all existing investors - Accel Partners, Norwest Venture Partners and Tiger Global Management. Prosus Ventures (Naspers) also invested in Mensa in this latest funding round. Within six months of starting the business, Bengaluru-based Mensa has raised a total of more than $300 million in equity and debt. The firm has been valued at over $1 billion in the latest round of funding.

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