Latest news with #BhaveshShah
India Today
29-05-2025
- India Today
Verification officer among two arrested in Mumbai for issuing fake passports
The Central Bureau of Investigation (CBI) has arrested two individuals, including a verification officer of Passport Seva Kendra (PSK), Mumbai, and a private agent, in connection with a corruption case involving the issuance of passports using forged documents in exchange for CBI registered a case against Akshay Kumar Meena, Verification Officer at PSK, Lower Parel, and Bhavesh Shah, a passport agent. According to the FIR, during 2023–2024, Meena conspired with Shah and other private individuals to obtain undue advantages for facilitating passport-related services. advertisement'In furtherance of the conspiracy with agent Bhavesh Shah (private person) and other unknown persons, accused public servant Akshay Kumar Meena got issued fake passports of unknown applicants based on forged documents,' the CBI said. The investigation revealed that seven unidentified individuals submitted forged documents, including Aadhaar cards, PAN cards, bank statements, and birth certificates, as proof of identity and address at the Passport Office. All the documents were confirmed to be retrieved from the phones of Meena and Shah showed discussions about bribe payments related to these fraudulent passport applications. The mobile numbers provided by the applicants were found to be inactive. Moreover, police verification reports conducted post-issuance under the Tatkaal Scheme turned out to be adverse, as the addresses mentioned were fake. The Tatkaal verifications had been previously waived both accused were uncooperative and evasive during the investigation, the CBI arrested them. They were produced before the Special CBI Court in Mumbai and remanded to police custody till June 2, Watch IN THIS STORY#Mumbai#Maharashtra
Entrepreneur
12-05-2025
- Business
- Entrepreneur
Private Equity Surge Signals Strong Investor Appetite in India's Consumer Sector: Equirus Capital
In the first quarter alone, 81 private equity deals were closed, accounting for INR 124 billion in investments; already more than half of the INR 230 billion deployed across all of 2024 You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Private equity activity in India's consumer-facing industries surged by 38 per cent in 2024, driven by rising investor confidence in the country's expanding middle class and increasing domestic consumption. According to a press release by Equirus Capital, the number of PE deals rose from 168 in 2023 to 232 in 2024, reflecting both global and domestic optimism about the long-term growth potential of India's consumption economy. This upward momentum has only intensified in 2025. In the first quarter alone, 81 private equity deals were closed, accounting for INR 124 billion in investments; already more than half of the INR 230 billion deployed across all of 2024. "Deal momentum has continued strongly in 2025," said Bhavesh Shah, head – investment banking, Equirus Capital. "Investor interest has spanned sub-sectors including packaged foods, fashion, online grocery, fresh milk delivery, and personal care." The M&A space is showing similar strength. Merger and acquisition activity in consumer sectors grew 37 per cent year-on-year, with 74 deals completed in 2024 compared to 54 in the previous year. That pace has quickened dramatically this year, with 46 M&A deals already closed in the first three months of 2025, pointing to what could be a record-setting year in dealmaking. "India's transition to a Viksit Bharat, supported by rising income levels and the government's Sabka Saath, Sabka Vikas vision, ensures that consumer sectors are uniquely positioned to benefit from this growth, both structurally and sentimentally," Shah noted. The bullishness is exemplified by recent headline transactions, such as Adani Wilmar's acquisition of G.D. Foods Manufacturing, the company behind the well-known Tops brand of sauces and pickles. This deal highlights how strategic buyers are actively positioning themselves in India's crowded yet fast-growing FMCG market. However, public market activity tells a different story. Despite the private market surge, equity capital raised by consumer-facing companies in Q1 2025 totaled only INR 5 billion. This is a sharp contrast to the INR 422 billion raised in 2024, a year that saw a 121 per cent increase over 2023. Still, the overall trend is clear; private capital is flowing aggressively into sectors aligned with India's consumption-led growth story. "This trend confirms that India's consumer story is firmly in focus for both domestic and global investors," Shah added, framing the sector's momentum as not just cyclical, but part of a larger structural transformation.
