India Digest: Reliance to buy Milkbasket; Fairfax eyes exit from Seven Islands
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February 18, 2021
After a few months of negotiations, Reliance is finally close to acquiring subscription-based milk delivery startup Milkbasket. Separately, Fairfax-backed Seven Islands Shipping Ltd has filed draft red herring prospectus with SEBI for an initial public offering (IPO).
Reliance close to acquiring Milkbasket
Reliance Industries Ltd is close to acquiring subscription-based milk delivery startup Milkbasket for about $40-43 million, Entrackr reported.
The talks between the two have been on for a while and have now reached the last stage of negotiations. Reliance already offered a term sheet early this month and the transaction could be announced soon, the report said quoting a source.
Canadian billionaire Prem Watsa-led Fairfax-backed Seven Islands Shipping Ltd has filed draft red herring prospectus with SEBI to sell shares in an initial public offering to raise as much as ₹600 crore to fund a fleet expansion plan. Seven Islands, India’s third biggest ocean carrier by capacity, was founded in 2003 by Captain Thomas Wilfred .