The competition regulator cleared GRT Jewellers (India) Private Limited’s proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. Both companies manufacture and sell gems and jewellery in India, while TBZ is publicly listed.

In healthcare, the regulator approved NuageLux BidCo’s proposed purchase of approximately 23% of Kids Clinic India Limited on a fully diluted basis. Kids Clinic operates the Cloudnine chain of super-specialty hospitals, focused on mother and baby care.

Its services span maternity, gynaecology, paediatrics and fertility, with centres across several Indian cities.

NuageLux is a newly incorporated Luxembourg company and a special purpose vehicle ultimately controlled by Permira Holdings. The vehicle has no operations or presence in India or globally, the statement said. Permira’s private equity portfolio includes businesses across healthcare, consumer, services, technology and energy transition.

The CCI also approved acquisitions of equity shareholding in FarMart Service Private Limited by Impact Fund Denmark, Belgian Investment Company for Developing Countries and Orios Fund IIIa.

FarMart trades agricultural products and commodities with businesses in India and overseas. Impact Fund Denmark and the Belgian investor are development finance institutions. Orios is a scheme of Orios Venture Partners Fund III, a registered alternative investment fund.

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The transaction values Tristar at $1.5 billion on an enterprise-value basis and $882 million on an equity-value basis, equivalent to about six times its 2025 earnings before interest, taxes, depreciation and amortisation. The $809 million consideration includes contingent payments and interest on deferred consideration. Aegis will acquire the stake through its wholly owned step-down subsidiary, Aegis Logistics International Pte Ltd, from Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings.

The Aegis stock was up 7% as investors reacted positively to the transaction. The company’s current market capitalisation is Rs 52,200 crore.

ET was the first to report, in its August 18 edition, that Aegis was in advanced talks to acquire Tristar at a $1.5 billion valuation and was exploring acquisition financing with European and Indian private-sector lenders. Sources had told ET that discussions included refinancing or rolling over about $600 million of Tristar’s existing debt and raising a further $400 million-$500 million, with the balance expected to be funded through equity. The final financing structure has not been disclosed.

Established in 1998, Tristar operates in more than 30 countries, with over 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farms and more than 60 remote fuel sites. Through its majority stake in Aquarius Energy, a joint venture with Glencore, it also has access to a fuel storage platform with a capacity of 3.5 million cubic metres. Tristar reported revenue of $1.4 billion in 2025, up from $1.2 billion in 2024, with EBITDA of about $257 million and net profit of $82 million.

Tristar Group CEO Eugene Mayne said the partnership brings together complementary strengths, capabilities and a shared vision for the future, creating significant opportunities to expand its reach and strengthen its position in the energy logistics sector. “Together, we look forward to building a more competitive and globally connected business, while upholding our unwavering commitment to safety, operational excellence and delivering long-term value to our customers,” Mayne said.

BNP Paribas is the exclusive financial adviser to Aegis, with Norton Rose Fulbright and Veritas Legal acting as legal counsel.

For Aegis, the acquisition adds international transport and distribution capabilities to its domestic infrastructure. “The acquisition of Tristar will kick off Aegis’ transformation from a domestically focused operator into an international energy logistics platform,” Raj Chandaria, chairman and managing director of Aegis Logistics, said in the exchange filing. He said the combination was expected to contribute immediately to profitability and provide long-term strategic benefits.

The shipping network could prove particularly valuable as India seeks secure access to imported energy. “The deal provides access to a market that is becoming increasingly significant amid geopolitical developments,” said Shailesh Garg, director at Drewry Maritime Advisors and head of its India operations. India’s position as a major energy importer could create synergies, he said, while the combination of land and sea operations would take Aegis into segments it had not previously accessed.

Aegis has liquid storage capacity of about 2 million kilolitres, LPG storage capacity of 246,800 tonnes and ammonia capacity of 36,000 tonnes. Its board approved fund-raising of up to Rs 6,000 crore in September, while management has outlined a broader investment opportunity of about $5 billion through December 2030.

The acquisition also reflects the opportunity for Indian logistics companies to build international platforms, provided they can integrate assets and generate returns. “Overseas acquisitions must be backed by disciplined valuations and strong execution,” said Jagannathan Padmanaban, director, transport and logistics, CRISIL Intelligence.

The deal remains subject to competition and antitrust approvals and customary closing conditions. Aegis expects it to be completed in the fourth quarter of fiscal 2027, by March 2027.

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The company is expected to develop a luxury residential project in the land parcel at central Noida, the people said.

“This is in the vicinity of two projects by reputed developers,” one of the persons said. “There are lenders (to Shipra group) involved who will get the exit once the deal is concluded.”

Birla Estates declined to comment while Shipra Group didn’t respond to an email query.

This will mark the second project for Birla Estates in Noida. Last December, the company partnered with Delhi-NCR-based realty company Sikka Group to become a co-developer in a five-acre residential project in Greater Noida.

Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases and asset-light joint ventures apart from developing its own land parcels.

In the long term, the company is focused on building residential, commercial and mixed-use properties and aims to rank among the top realty firms in India. It also has a commercial portfolio with two grade-A commercial buildings in Worli, Mumbai covering 600,000 square feet of leasable area.

India’s real estate sector is poised for significant growth, with land transacted between 2021 and Q1 2026 representing nearly 1,400 million sq ft of potential built-up area, according to realty consultancy Cushman & Wakefield. This translates into an estimated $176 billion (Rs 16.67 lakh crore) of future revenue potential, nearly 22 times the combined revenue generated by the country’s top 10 listed realty developers in FY26.

Residential projects account for the largest share of this potential at 559-768 MSF, or 55%, followed by industrial and logistics developments at 205-225 MSF, or 16%. “Office developments could contribute 109-179 MSF, or 13%, while data centre and retail assets carry development potential of approximately 113-124 MSF and 8-26 MSF, respectively,” the firm said.

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This is the largest foreign direct investment (FDI) in the country’s financial sector and the biggest stake sale by the government. “This process has been brought to its logical conclusion,” said finance minister Nirmala Sitharaman. “We are calling it strategic restructuring as we are still invested in IDBI Bank.”

Fairfax subsidiary M/s 10955230 Canada Inc will pay ₹81 a share, higher than the average ₹75.99 per share valuation by two independent valuations, the government said.

Move Helps Meet Divestment Target

Fairfax, which currently holds a 40% stake in Kerala-based CSB Bank, will have to either merge it with IDBI Bank or exit the latter within two years of signing the deal under the rules.

The bank’s stock surged 9% to close at Rs 90.44 apiece on Wednesday, although the deal was announced after market hours. The record flow from the IDBI Bank stake sale is expected to help the government meet its Rs 80,000 crore disinvestment target for the current fiscal year.

Fairfax will pick up a 30.48% stake from the government and another 30.24% from the Life Insurance Corporation of India.

After conclusion of the deal, expected in the current financial year, LIC will have 19% in the bank while the government will be left with 15%.

“This will not only strengthen the banking ecosystem but also help banking services surpass global benchmarks,” Sitharaman said. “It reinforces that India’s growth story is strong, its economy is resilient, and the government’s commitment to reform is unwavering.” She was speaking after the CCEA, chaired by Prime Minister Narendra Modi, approved the stake sale on Wednesday.

The deal marks a significant milestone in the government’s efforts to lower state ownership in commercial enterprises in non-strategic sectors.

The CCEA has also authorised the so-called alternative mechanism, an empowered group of cabinet ministers, to offload IDBI shares – from the remaining 15% stake that the government will hold after the divestment – through the open market.

The deal will need to be approved by RBI, which will conduct a “fit and proper” assessment, as well as the Competition Commission of India and other statutory authorities.

Fairfax will be required to present its credentials to the central bank and submit a roadmap for meeting the regulator’s requirements before the sale can be finalised. As per RBI norms, promoters can hold no more than 26% in a bank. Fairfax will get up to 15 years to comply with this condition, Department of Investment and Public Asset Management secretary Arunish Chawla said, adding that there will be a lock-in period of five years for the promoter.

The new promoter will also have to retain the name, brand and customer relations for at least three years, he said. Employees don’t have to worry, Chawla said, adding that the management transfer had been discussed with all stakeholders.

LIC will have to cut its stake to 15% from 19% in IDBI Bank in two years.

After completing the transaction, likely before the end of FY27, the government will exit from the IDBI Bank board.

The ministry said RBI’s regulatory supervision, deposit insurance and priority-sector lending requirements will remain unchanged. Deposits will continue to be insured up to Rs 5 lakh per depositor under the Deposit Insurance and Credit Guarantee Corporation framework.

IDBI Bank will also continue to provide services to government welfare schemes. These include the Pradhan Mantri Jan-Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, the Atal Pension Yojana, PM Mudra Yojana loans for micro and small enterprises, and GeM Sahay, collateral-free, digital working capital loans based on government e-marketplace transaction records.

The finance ministry said five contenders had initially submitted expressions of interest for IDBI, with four of them qualifying. Two were picked as qualified bidders, the ministry said.

Bids were initially invited last fiscal FY26, when the reserve price was fixed at Rs 94.42 per share. Offers fell short of the reserve price and were not accepted.

Qualified bidders were asked to submit their best offers in the current fiscal year. These revised offers were considered by the cabinet committee.

According to the statement, IDBI Bank’s financial position has improved since it was placed under RBI’s Prompt Corrective Action framework in May 2017. The restrictions were lifted in March 2021 following the improvement. Gross non-performing assets declined from 31.78% in September 2018 to 2.32% in March 2026, while net non-performing assets fell from 17.30% to 0.15%.

Its capital adequacy ratio rose from 6.22% in 2018 to 26.65% in March this year. The bank reported a net profit of Rs 9,513 crore in FY26, while total business crossed Rs 6.27 lakh crore as of September 30, up 18% year-on-year.

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CSB Bank Ltd is expected to be merged with IDBI Bank following the Centre’s decision on Wednesday to sell its 60.72% stake in the latter to Fairfax Financial Holdings Ltd, said two people aware of the development.

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Investment bank Piper Sandler and advisory firm Perella Weinberg Partners have abandoned ​talks for an all-stock merger as they could not ‌agree on financial and personnel terms, a person familiar with the matter told Reuters on Wednesday.

Shares of Perella Weinberg closed ​19.1% lower at $13, while those of Piper ​Sandler ended up 0.96% at $64.5.

Perella Weinberg declined ⁠to comment, while Piper Sandler did not immediately ​respond to a Reuters request for comment.

The Financial Times ​first reported on Wednesday that the merger talks fell through. The Wall Street Journal had reported last month that Piper Sandler was in ​talks to buy Perella Weinberg, which had a ​market value of about $1.4 billion at the time.

A $485-million merger between ‌Minneapolis-based ⁠Piper Jaffray and New York-based Sandler O’Neill led to the formation of Piper Sandler Companies in January 2020, creating a major investment bank specializing in ​the middle market, ​with leading ⁠advisory practices in financial services, healthcare and energy.

Meanwhile, Perella Weinberg was founded by ​veteran Wall Street bankers Joseph Perella, ​Peter ⁠Weinberg and Terry Meguid in 2006. The firm went public in 2021 through a merger with a blank-check ⁠company ​backed by banking entrepreneur Betsy ​Cohen, in a deal valued at about $975 million.

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Negotiations with the families, organised in the Wegmann Holding ​company, are ongoing, with the parties not far apart ​on purchase price, the person told Reuters.

German business daily ⁠Handelsblatt reported on Wednesday that a decision is expected in ​the coming weeks.

Plans for a KNDS initial public offering have been ​put on hold, the first source and another person close to the matter told Reuters.

The listing of KNDS, which makes the Leopard 2 tank among ​others, would have been among the European defence sector’s largest ​IPOs in recent years.

Under that plan, the company’s family owners and the French ‌state, ⁠which both hold 50% of the shares, were to sell 10% stakes to investors, with the families’ remaining 40% being sold to the German state.

The German economy ministry said on Wednesday that ​the government is ​considering acquiring a ⁠stake on an equal footing with France to protect key defence industry technology.

“The decision regarding the ​purchase and sale of shares rests with the ​shareholders,” ⁠a ministry spokesperson said in an emailed statement.

KNDS declined to comment on discussions between the owner families and Germany. A company spokesperson ⁠would only ​say that an IPO remains the ​company’s objective.

The families declined to comment.

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The European Commission said on ​Wednesday it would not ‌oppose a deal under which Italy’s state-backed ​defence group ​Leonardo would acquire Iveco’s defence ⁠unit.

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Mergers and acquisitions worth $2.3 billion were completed in the sector between July ​1 and September 30, 2026, up 54% from a quarter earlier, according to data from Grant Thornton.

Here are ‌the key facts about some major deals:

IDBI – Fairfax Financial Holdings

Fairfax will offer 81 rupees per share for IDBI Bank, above the benchmark price of 75.99 per share ​determined by the government based on fair valuations.

Bank of America – Jio Credit

MUFG – SHRIRAM FINANCE

EMIRATES NBD – RBL BANK

The deal gives the Middle Eastern lender access to a wide branch network, which it intends to merge with its local subsidiary.

SMBC – YES BANK

It bought the stake from a ​clutch of Indian banks that rescued the bankrupt lender in 2020. It bought an additional 4.99% in September.

BLACKSTONE – FEDERAL BANK

The deal’s ‌completion will ⁠give Blackstone’s affiliate Asia II Topco XIII Pte Ltd the right to nominate one non-executive director to the Federal Bank’s board.

IHC – SAMMAAN CAPITAL

Earlier this month, Abu Dhabi’s International Holding Company (IHC) agreed to invest close to $1 billion to buy a 43.5% stake in Sammaan Capital, a non-bank lender focused on housing loans.

IHC will launch an open offer to buy an additional 26% stake for retail investors as ​per Indian takeover regulations. The ​investment was among the largest ⁠in India’s non-bank financial sector.

WARBURG PINCUS, ADIA – IDFC FIRST BANK

Together the two funds will ​have a combined ownership of 15% on conversion of the shares.

BAIN CAPITAL – MANAPPURAM FINANCE

Bain will raise its stake to over 40% after making an open offer for shares from retail investors.

Manappuram is a leading gold-loan NBFC with over 5,300 branches.

BAJAJ GROUP – ALLIANZ

In March, India’s Bajaj Group bought back a 26% stake in ⁠its ​two joint venture firms – Bajaj Allianz General Insurance Ltd and Bajaj Allianz Life ​Insurance Ltd – from its joint venture partner Allianz for $2.8 billion, ending a decade-long partnership.

Allianz thereafter tied up with Reliance-owned Jio Financial Services to set up general and ​life insurance businesses.

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France’s EDF has put plans to sell a stake in its Italian subsidiary ‌Edison on hold due to uncertainty over gas supplies from Qatar, Edison’s chief executive said on Wednesday, adding that the process could resume early next year.

The prolonged conflict between the United States and Iran has disrupted energy ​flows through the Strait of Hormuz, where around one-fifth of global liquefied natural ​gas (LNG) supplies passed before the war.

In its last official notice, QatarEnergy said ⁠it would not deliver cargoes to Edison until at least the first half of December. Edison ​has been forced to replace Qatari supply, which accounted for around 40% of the group’s portfolio, ​since April, with CEO Nicola Monti saying it had mostly been buying US LNG on the spot market.

“At the moment, neither we nor, it seems, QatarEnergy are in a position to make longer-term forecasts. We ​hope deliveries can resume at the beginning of next year, but we have no visibility ​at this stage,” Monti said at an energy conference organised by Italian publisher RCS.

EDF confirmed that, given market ‌conditions, ⁠the launch of the operation has been postponed.

The French group has for months been studying an IPO or the sale of a minority stake in Edison to investors as it seeks to raise funds to finance the construction of new reactors and maintain its ageing domestic fleet.

As obstacles ​to the transaction emerged, ​EDF turned to ⁠the United States, where it sold its renewable power assets for $4.2 billion.

“We are ready to resume the (stake sale) process… I expect we will restart ​it next year, once there is greater clarity in the markets, particularly ​over the ⁠situation in the Gulf,” Monti said.

The Edison CEO said that the company was not interested in terminating its 25-year contract with QatarEnergy, which it signed in 2009 for the annual supply of ⁠6.4 billion ​cubic meters of natural gas.

“Relations with QatarEnergy are excellent… ​we are therefore keen to understand when discussions can resume and how the contract might be extended for several ​more years.”

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