Deals

Hindalco drops $125 million AluChem acquisition after prolonged delays

• Hindalco scrapped its planned acquisition of US-based speciality alumina maker AluChem
• The company said the deal’s termination does not change its high-value products strategy
• The abandoned deal removes acquisition uncertainty for Hindalco, while its specialty-products expansion strategy remains intact

L&T in talks to sell minority stake in clean energy arm to Japan's Itochu; eyes Kandla as green ammonia export hub

• L&T is in talks with Itochu on equity participation in its clean energy arm
• L&T is also pursuing a green ammonia offtake and Kandla as an export hub
• A potential clean-energy stake sale and ammonia exports expose L&T investors to the project’s progress

Combined Paramount and Warner Bros. Discovery company to be named Skydance

• David Ellison announced the combined company will be named Skydance
• The announcement came less than two weeks after Paramount settled an antitrust lawsuit

Novartis signs mRNA therapy deal with China's Abogen worth about $7.8 billion

• Abogen will receive $575 million upfront and up to $7.2 billion in milestone payments
• Milestones depend on clinical development, approvals and commercial milestones
• The deal highlights global pharma licensing activity, with limited direct read-through for Indian drugmakers

Lightrock Group seeks CCI approval to acquire stake in Mahindra Last Mile Mobility

Indian start-ups being acquired 2X faster as incumbents look to buy capabilities

• Indian start-ups are being acquired 2X faster as incumbents seek capabilities
• Average time from first funding to IPO fell from 14 years to 8.5 years
• Faster exits may benefit Indian startup investors and listed companies seeking new capabilities

Arvind Fashions arm infuses ₹50 cr in Flying Machine operator AYBPL

• Arvind Lifestyle Brands infused ₹50 cr into Flying Machine operator AYBPL
• Its stake in AYBPL rises to 65.91% from 60.40%
• Arvind Fashions gains greater ownership of Flying Machine, affecting its branded-apparel business

Big Pharma turns to China for new drugs as patent cliff drives multibillion-dollar deals

• Western biopharma companies are increasingly turning to China to source drug innovation
• The shift comes as pharma's patent cliff draws closer

TCS to take over Best Buy’s India GCC and develop an AI-native centre

• Best Buy’s India entity will transition to TCS under a multi-year agreement
• The companies will combine retail knowledge with technology and AI capabilities
• The deal adds a retail and AI capability centre to TCS’s India IT-services business

EXCLUSIVE: China demands copper supply commitments for Anglo Teck merger approval, sources say

Asia’s Dealmakers Pin Hopes on a Late M&A Rebound

Inside Nuveen CEO’s ‘Evolutionary’ Merger Playbook