June 14, 2021
1 min read

ADQ in talks to invest $500m in Flipkart

It said that the Indian e-commerce firm is seeking to raise at least $3 billion….reports Asian Lite News

Abu Dhabi sovereign fund ADQ, one of the region’s largest holding companies, is in talks to invest about $500 million in India’s Flipkart, media reported.

This as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year, the Arab News quoted a Bloomberg report citing people familiar with the matter.

According to the report, ADQ is discussing a $35 billion to $40 billion fundraising in Flipkart that would come ahead of a planned IPO that could take place as soon as 2022.

It said that the Indian e-commerce firm is seeking to raise at least $3 billion.

Also, ADQ paid about $800 million for a 45 percent stake in Louis Dreyfus Company (LDC) last year.

The acquisitive investment group also bought the Egyptian pharmaceutical company “Amon” from the Canadian company (Bausch Health) for $740 million, it was reported.

Earlier, ADQ had submitted an offer to Abu Dhabi National Hotels Company PJSC (‘ADNH’) for a strategic combination of ADQ’s Abu Dhabi National Exhibitions Company (ADNEC) PJSC with ADNH.

The proposed transaction would create one of the largest hospitality, events, and catering powerhouses in the region that would enhance Abu Dhabi’s tourism and hospitality sectors and position them for the Emirate’s longer-term, economic transformation.

The potential strategic combination seeks to provide greater synergies through better alignment and repositioning of key assets within ADNEC’s portfolio, and is expected to be earnings accretive shortly after completion.

The combined group would have assets of approximately AED 20 billion (approximately USD 5.4 billion) as of 31 December 2020.

The activities of the resulting company would comprise a portfolio of 28 owned and operated hotels with a total of approximately 6,700 rooms, three large exhibition centres in Abu Dhabi, Al Ain and London (UK) as well as several catering companies and food and beverage outlets.

ALSO READ: CAIT urges CCI probe into Amazon, Flipkart

Previous Story

China lambasts G7 focus on HK, Xinjiang

Next Story

‘70% growth in intellectual works in 2020’

Latest from -Top News

IMF hails India’s economic reforms

The IMF on Tuesday raised India’s growth projection to 6.6 per cent, an upward swing of 0.2 percentage points…reports Asian Lite News IMF Managing Director Kristalina Georgieva on Thursday praised India for

Trump plans new squeeze on Russia

US President Donald Trump plans to tighten pressure on Moscow by halting global energy imports from Russia….reports Asian Lite News Since imposing a large sum of “reciprocal” trade tariff, Trump has been

India, Lanka deepen trade, education ties

The leaders discussed ways to enhance bilateral cooperation between India and Sri Lanka in education and capacity building….reports Asian Lite News External Affairs Minister S. Jaishankar met Sri Lankan Prime Minister Harini

Yunus regime faces military heat

Army Chief, General Waker-uz-Zaman, is facing immense pressure from his officers, and this led him to cancel his visits to India and Saudi Arabia….reports Asian Lite News A major showdown is looming

India, Uganda vow deeper ties

Minister of State Kirti Vardhan Singh met Ugandan President Yoweri Museveni on Thursday to discuss strengthening India–Uganda ties….reports Asian Lite News Union Minister of State for External Affairs Kirti Vardhan Singh met
Go toTop

Don't Miss

Flipkart bets big on Telangana

Some of Flipkart’s key investments in Telangana include the establishment

Amazon, Flipkart Accused of Skirting Indian Regulations

Amazon or Flipkart did not immediately comment on the report….reports