SBI receives two unsolicited bids for Jet Airways. L&T acquires 26% stake in Mindtree, getting them a Board seat. US increases tariffs on $200bn of Chinese goods to 25%. Uber prices IPO at $45 per share, raises $8.1bn.
Moving on to the top Business news of the day.
McDonald’s buys out Indian partner Vikram Bakshi in an INR600cr deal. SBI receives two unsolicited bids for Jet Airways. L&T acquires 26% stake in Mindtree, getting them a Board seat.
Best Food Forward: US-based fast food chain, McDonald’s has bought out the stake of its Indian partner Vikram Bakshi in Connaught Plaza Restaurants Pvt Ltd (CPRL) that operated 160 McDonald’s-branded restaurants in the northern and eastern region of the country.
While the financial details of the out-of-the-court settlement were not revealed, the deal is said to be worth INR600cr.
Out of Stock: McDonald’s has temporarily closed restaurants in North and East India to comprehensively assess operational protocols and employee training.
Good Old Days: Bakshi signed the JV as an equal equity partner with McDonald’s Corporation in 1995 and established the first McDonald’s restaurant in India in 1996.
Meanwhile, the company said it is still looking for a new Developmental Licensee for the North and East regions.
The World Lives on Hope: State Bank of India has reported that it has received two unsolicited bids for the grounded Jet Airways. The deadline for submitting bids for the beleaguered airline under the stake sale ended today at 6:00 pm.
Jet Airways' lenders have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues.
Stepping Stones: Larsen and Toubro Ltd (L&T) has acquiredmore than 33 lakh shares of Mindtree through the open market, taking its total shareholding in the IT firm to 25.93%.
This development becomes rather crucial considering that crossing the 25% mark ensures that L&T gets a Board seat and the power to propose or block special resolutions.
The firm is also set to commence an open offer on May 14 in which it will be looking to acquire 31% of the firm at INR980 per share.