Largest deal in thermal power space; Lanco to use proceeds to lower debt.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The group plans Rs 30,000-cr oil refinery with IOC; buys Lanco's Udupi power plant for Rs 6,000 cr
Piramal will join the JSW, Vedanta and Tata groups, which are bidding aggressively for distressed assets, especially in the infrastructure and steel sectors.
The good news for the group has come from the port business.
Tata, Adani, Lanco to be hit as Indonesia may ban export of low-grade coal
The contraction in M&A activity in India contrasts sharply with the upbeat global picture, much of it led by a reviving US economy.
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
'Hindu voters in coastal Karnataka lean more towards Hindutva than Hinduism which explains why the Siddaramaiah government's perception as anti-Hindu worked wonders for the BJP in coastal Karnataka.'
Friendlier government policies, greater demand and better supply of coal have fuelled investor interest.
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