Flipkart_india

Flipkart’s Suitors

Rs 1,250 crore

What is it? The amount Hero Enterprise Investment Office and the Burman Family (promoters of Dabur) have offered to jointly invest in Fortis Healthcare.

Why is it important? This comes after the company reportedly received a potential bid of $1.3 billion from IHH Healthcare Bhd., opening a possible takeover battle for India’s second largest hospital chain. Asia’s largest hospital operator offered to pay Rs 160 per share. A day ago, Fortis Healthcare received a revised offer from Manipal Health Enterprises, of Rs 155 per share.

Tell me more: The firms backed by the Munjal and Burman families have offered to invest in Fortis through the preferential allotment route: Rs 500 crore binding upfront and the balance after due diligence within three weeks.

3

What is it? The number of months within which (by end of June) Walmart is reportedly likely to reach a deal to buy a majority stake in Flipkart.

Why is it important? If the deal goes through, it would be the US retail giant’s biggest acquisition of an online business, opening a new front in its fight with Amazon, vying for a bigger share in India’s e-commerce market. Amazon, the world’s largest e-commerce firm, is also reportedly considering to acquire Flipkart in a deal that would value the latter at $18-20 billion, though any potential deal between the two is likely to face intense scrutiny from India’s competition watchdog.

Tell me more: Walmart is said to have completed its due diligence on Flipkart and has proposed to buy 51% stake or more for $10-12 billion.

5

What is it? The number of large corporate accounts that were referred by the central bank for immediate bankruptcy proceedings under the Insolvency and Bankruptcy Code 10 months ago and which are now in the final stages of resolution (out of 12).

Why is it important? Together, these borrowers account for a quarter of the banking system’s gross bad loans and timely resolution of these accounts would ease the pressure on lenders, allowing them to reduce their provisioning. Of the five accounts, two are facing litigations, while the committee of creditors in the other three cases have approved the winning bids.

Tell me more: Under the Insolvency and Bankruptcy Code, a corporate insolvency resolution process must be completed within 270 days of the admission of a case. The deadline for eight of the 12 cases would expire by the end of this month.

30

What is it? The number of months that Matthias Mueller remained at the helm of automaker Volkswagen.

Why is it important? On Thursday, Volkswagen replaced Mueller with brand chief Herbert Diess. Mueller was appointed CEO in September 2015, when the company admitted to tampering with its engines for better emission readings, a scandal that resulted in the company coughing up $30 billion in fines. The new appointment, in a sense, turns that page, and shifts the company’s focus from protecting reputation to reorganising business.

Tell me more: Under Mueller’s watch, weighed down by the corporate scandal, the company’s share price has never really broken out.

1

What is it? The world ranking in men’s singles of Indian badminton player Kidambi Srikanth.

Why is it important? The 25-year-old Srikanth is the first Indian male to sit atop the badminton world rankings. His ascent comes on the back of a strong rise in the last 12 months, rising from 31 in March 2017. Srikanth, who made his international debut in 2008, has career earnings of $396,978.

Tell me more: Only one other Indian player has reached the top spot in singles badminton: Saina Nehwal in 2015. Her career earnings stand at $746,548.

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