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Thursday,29-July-2021

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Adani Group to acquire controlling interest in Mumbai airport

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Adani Gas tanks 14 per cent on PNGRB notice.

Adani Airport Holdings Ltd (AAHL) has entered into an agreement to acquire the debt of GVK Airport Developers Ltd, and in turn, will acquire controlling interest in the Mumbai airport.

In a regulatory filing on Monday, Adani Enterprises said as per the agreement, Adani Airport will acquire the debt of GVKADL from its lenders. The lenders include a Goldman Sachs-led consortium and HDFC.

The GVK Group and AAHL have agreed that AAHL will offer a stand-still pact to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Ltd with respect to the debt acquired by it.

“The Adani Group will also take steps to complete the acquisition of a 23.5 per cent equity stake from ACSA and Bidvest in MIAL for which it has obtained the CCI’s approval. Upon the acquisition of the debt of GVKADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL,” the filing said.

GVKADL is the holding company through which GVK Group holds 50.50 per cent equity stake in the Mumbai International Airport Ltd (MIAL), which in turn holds 74 per cent equity stake in the Navi Mumbai International Airport Ltd.

It said that AAHL intends to infuse funds into MIAL to ensure that it receives much needed liquidity and also achieves financial closure of the Navi Mumbai International Airport to be able to commence construction.

In a statement, GVK said that the terms of cooperation also include releasing of the company of various obligations, securities and corporate guarantees given in respect of debt to be acquired by Adani.

“The ability for Adani to convert the acquired debt to equity of GVKADL on mutually agreed terms, subject to obtaining necessary regulatory approvals,” it said.

Noting that the aviation industry has been severely impacted by Covid-19 and it has impacted the financials of Mumbai International Airport Ltd, G.V.K. Reddy, Founder & Chairman, GVK, said: “It was, therefore, important that we bring in a financially strong investor in the shortest possible time to improve the financial position of MIAL, as well as to help achieve Financial Closure of the Navi Mumbai International Airport project, which is a project of national importance.”

He added that it is under these circumstances that GVK agreed to cooperate with Adani so as to achieve these twin objectives.

Further, when the transaction is consummated, which is subject to customary approvals, GVK would be reducing a significant portion of liabilities to its lenders, which is of utmost importance to the group, Reddy added.

Business

PUBG developer Krafton to raise $3.7 bn via IPO next month

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PUBG

Krafton, the video game developer behind global hit PlayerUnknown’s Battlegrounds (PUBG), will raise 4.3 trillion won ($3.7 billion) in its initial public offering (IPO), the company said in a regulatory filing on Thursday.

Krafton said it priced its shares at 498,000 won each at the upper end of the range announced earlier this month.

The listing, scheduled for August 10, is expected to be one of the largest ever on the local bourse. Samsung Life Insurance holds the record for its 4.89 trillion won IPO in 2010, reports Yonhap news agency.

While Krafton had initially sought to raise up to a record 5.6 trillion won, it lowered its pricing band after financial authorities requested revisions to its plan amid controversy of overvaluation.

Krafton has downplayed overvaluation concerns, with the company saying in an online press conference that it is among a few players in the local tech and entertainment industry to hold a significant presence in the global market.

The video game maker has sold over 75 million copies of PUBG for PCs and consoles globally since its launch in 2017.

The mobile version of the battle royale shooter, in which players fight each other until the last survivor, has reached 1 billion downloads globally, excluding China.

Krafton is eyeing active mergers and acquisitions after going public, with plans to spend 70 percent of the funds secured from the IPO in acquiring promising game developers.

The company is looking to expand its video game portfolio with the launch of new in-house mobile game “PUBG: New State” as early as September this year and horror game “Callisto Protocol” next year.

The company is also expanding big in the Indian market.

Developed by Krafton for the Indian audience, the Battlegrounds Mobile India game surpassed 34 million registered users within a week after its release.

Online storytelling platform Pratilipi announced on July 14 that it has raised $48 million in a funding round led by South Korean gaming company Krafton.

The next day, Krafton announced its first esports tournament — Battlegrounds Mobile India Series 2021 — that was kicked off from July 19 with a prize pool of Rs 1 crore.

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Bollywood

‘Toofan’ leads the race as Amazon Prime’s most watched Hindi film in 2021

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In a rare instance, OTT giant Amazon Prime Video has released data, revealing its highest streaming projects within their launch-weeks so far in this year. Actor Farhan Akhtar’s ‘Toofan’ is on top position as the most watched video within first week of its release globally.

According to the data released by the OTT platform, the Rakeysh Omprakash Mehra directorial was watched by more customers on Prime Video India than any other Hindi film in its opening week. The film was viewed in over 3,900+ towns and cities in India and in 160+ countries and territories across the globe.

Besides this, in the local languages catagory, films ‘Narappa’ (Telugu), ‘Sarpatta Parambarai’ (Tamil) and ‘Malik’ (Malayalam), were each watched in over 3,200+ towns and cities in India and in over 150+ countries and territories globally.

In the catagory of web shows, Adarsh Gourav’s ‘Hostel Daze (S2)’ emerged as one of the most loved shows amongst young adults within just a week of its launch, with viewership from 3,600+ towns and cities in India and from over 100+ countries and territories around the world.

The data comes to light as Amazon marked July 26 and July 27 as Prime Days. Prime Day 2021 marked the most Small Medium Businesses (SMBs) selling on Amazon.in ever, as they saw an overwhelming response from Prime members.

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Business

Pandemic pushes digital payments, RBI index up 30%

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Online-payment

The Covid-19 pandemic and restrictions associated with it has pushed up digital transactions in the country.

An indicator to faster adoption of online payment medium is the Reserve Bank of India’s Digital Payment Index. After moving at moderate pace over the years, the index has jumped sharply 30 per cent between March 2020 and March 2021.

The pandemic is one of the reason while people are increasingly preferring digital payment mechanism over physical mode. But improvement in the digital payment infrastructure has also pushed up this adoption.

The RBI had earlier announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.

The index for March 2021 stands at 270.59 as against 207.84 for March 2020, announced while launching the index on January 1, 2021.

The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years, the apex bank said in a statement.

Starting from March 2018, the index stood at 153.47 in March 2019, 173.49 in September 2019. This improved to 207.84 in March 2020, 217.74 in September 2020 and further increased to 270.59 in March 2021.

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