Latest news with #KKR&Co
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Business Standard
25-05-2025
- Automotive
- Business Standard
Motherson Group to make an offer to buy Marelli Holdings in Japan
Indian group's offer to be placed before lenders on Monday Premium Dev Chatterjee Mumbai Motherson Group, one of India's largest auto parts suppliers, is preparing to submit an offer on Monday to acquire Japan-based Marelli Holdings from US private equity firm KKR & Co, according to a person familiar with the matter. The offer is expected to go before Marelli's lenders, including a consortium of Japanese banks, who currently hold the majority of the company's $4.2 billion debt and would need to agree to a debt haircut, the person said. A majority of the lenders are leaning in favour of the deal, the person added, requesting anonymity as
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Business Standard
23-05-2025
- Business
- Business Standard
Dalmia Bharat under I-T lens post HC nod on reopening of assessment
Madras HC rules in favour of tax department on reopening Dalmia Cement's case involving KKR's ₹500 crore investment, triggering fresh scrutiny over round-tripping Dev Chatterjee Shine Jacob Chennai/Mumbai Listen to This Article The Dalmia Bharat group is facing an income tax (I-T) scrutiny following a recent ruling by the Madras High Court, which upheld the reopening of I-T assessment proceedings against Dalmia Cement (Bharat) Ltd (DCBL) in a transaction involving US-based private equity giant KKR & Co. The tax authorities have alleged that an investment of ₹500 crore made by KKR Mauritius Cement Investment Ltd, a KKR & Co investment vehicle, in DCBL in 2010-11 for a 14.99 per cent stake, prima facie suggests round-tripping of unaccounted money by the company. An email sent to the Dalmia Bharat group on Tuesday did
Business Times
20-05-2025
- Business
- Business Times
What will central banks do when tokens replace money?
WITH mainstream investment products increasingly finding a second home on the blockchain, it's a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant. The techno-anarchist vision behind cryptocurrencies such as Bitcoin was to free the financial well-being of individuals from the clutches of large custodial institutions – and the monetary mandarins supervising them. That utopia never materialised, but the embrace of the underlying technology by traditional banks and asset managers has taken off. There's plenty of appetite for it. Now that apps like Robinhood have made investing super easy, Millennials and Gen Z refuse to accept that private banks will hawk unlisted unicorns to their wealthy parents, but not to the actual users of the products and services of these new-age startups. Why should lumpiness of private equity or private credit get in the way of mass access? Democratising finance by fractionalising it was a lofty aspiration even a few years ago; it's becoming a reality now. Just last week, Franklin Templeton launched Singapore's first retail tokenised fund. The product is basically a mirror of an existing money-market instrument. But it will exist in the crypto space, allowing individuals to access it for as little as US$20. Alternative assets now have their tokenised versions, too. KKR & Co's Health Care Strategic Growth Fund debuted on blockchain three years ago. New terrain Money has gone the same way as assets. Tether Holdings's market-leading coin USDT is well known to those who use the 1:1 representation of the US dollar to buy crypto. Banks, meanwhile, are jumping into the US$200 billion-plus stablecoin market to explore other use cases: Standard Chartered plans to offer a Hong Kong dollar digital clone. Rival HSBC Holdings has tokenised gold. Bank deposits may be up next. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This is a new terrain for central banks. Historically, money and securities have been tied to accounts, their movement and ownership recorded according to Italian mathematician Luca Pacioli's 1494 treatise on double-entry bookkeeping. Central banking, which emerged in Sweden 350 years ago, put the monetary authority's ledger at the top of the system, helping to stabilise it. Paper accounts eventually gave way to electronic entries, but the basics of traditional finance remained broadly intact – until now. Want to move some pension savings into a new fund? The back-and-forth of faxes and emails – between asset managers, distributors, fund administrators, trustees, and registrars – gets compressed when all the data needed by the software is on the blockchain. What used to take a week can be done in two days. Selling one currency to buy another in cross-border commerce is instantaneous. But what happens if tokens end up replacing all money and securities? Will central banks still be able to run monetary policy? When manias, panics and crashes hit, can they restore calm by their usual practices – paying interest on bank reserves; temporarily creating or absorbing liquidity; or permanently loosening and tightening financial conditions through outright purchases and sales of securities? The Bank for International Settlements and the New York Federal Reserve's innovation centre joined hands to explore just those questions. Working prototype Theirs was no thought experiment. The researchers put together the central-banking tool kit on the blockchain. The good news is that the prototype works – in both routine situations and periods of stress. That isn't all. Project Pine also took a first stab at exploring if smart contracts could make implementation of monetary policy more nimble, efficient, and effective. They perhaps can, but not if central banks are just another participant in the money market. 'They might also require privileged access to institutional data and higher standards of privacy and security,' the researchers noted in their report last week. In fact, when the central bank performs the functions of an 'oracle', an outside source whose data is trusted by everyone else in a decentralised network, resources don't have to be wasted on seeking consensus from participants. (For instance, it's just more practical for intermediaries to let the central bank be the sole timekeeper in interest calculations.) Project Pine assumes a scenario where all of today's money and assets have been tokenised. The transition to that stage, if it does ever occur, may be long and messy. In the interim, as the use of tokens increases, demand for bank reserves could become volatile and hard to predict. It will be interesting to see how monetary authorities handle the coexistence of money and tokens. BLOOMBERG
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Business Standard
16-05-2025
- Business
- Business Standard
Shapoorji Pallonji group inks record $3.4 billion private credit deal
Real estate and construction conglomerate Shapoorji Pallonji group signed a $3.4 billion private credit deal, a person familiar with the matter said, marking the biggest of its kind in the country. The three-year, zero-coupon rupee bond has an annual yield of 19.75 per cent. Proceeds will primarily be used to refinance existing debt. The company inked the deal with the trustee, according to the person. The money is likely to flow from lenders in the coming days, the person added. The financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads. That's fuelled a burst of competition among foreign and local investors. KKR & Co, Oaktree Capital Management and Goldman Sachs Group Inc are among the foreign firms expanding in the market. Local players are launching araft of funds, with Kotak Alternate Asset Managers Ltd planning a $2 billion fund. Shapoorji has evolved into a family-run construction behemoth, building skyscrapers, landmarks and complex infrastructure. Its portfolio includes the country's central bank and the Al Alam palace for the Sultan of Oman. About a dozen large investors, including Ares Management Corp, Cerberus Capital Management LP, Davidson Kempner Capital Management, and Farallon Capital Management were participating in the Shapoorji deal, people familiar with the matter had previously said. Deutsche Bank is also investing, and acting as the sole arranger and the trustee. A representative for the company didn't respond to requests for comment outside of normal business hours. The deal comes at a busy time for Indian debt markets. Billionaire Mukesh Ambani-owned Reliance Industries has obtained a $2.98 billion-equivalent loan, according to people familiar with the matter, the largest such deal for an Indian borrower in more than a year.
AU Financial Review
11-05-2025
- Business
- AU Financial Review
KKR's infrastructure whisperer looks to reawaken property arm
When KKR & Co thought about the future of a unit investing in the most sluggish part of private markets, it turned to a hot sector. Infrastructure head Raj Agrawal got the nod to oversee KKR's real estate unit in addition to his own earlier this year, handing him a newly combined business totalling about $US171 billion ($267 billion) at last count. Former global real estate head Ralph Rosenberg initially pitched the move, according to people familiar with the matter, who asked not to be named as the deliberations were private. Bloomberg
