In terms of the aforesaid Agreement, KPTL has agreed to sell and transfer its entire 50% equity stake, held in REFU to REFU Elektronik GmbH for a consideration of EUR 12,500 (subject to the terms and conditions set out in the Agreement).

Upon completion of the aforesaid transaction, REFU shall cease to be a joint venture of KPTL.

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The acquisition, Wipro Consumer’s 16th globally and second in the Philippines, will take the country past the Rs1,000-crore revenue mark, making it the company’s third international market after Malaysia and China to cross that milestone. Financial terms of the deal were not disclosed.

The transaction brings brands including KeratinPlus, AlcoPlus, DeoPlus, Empress and Fiona Cologne into Wipro’s portfolio, while significantly expanding its distribution across more than 500,000 “sari-sari” neighbourhood stores in the Philippines.

“This acquisition is an important milestone in our journey to become one of Southeast Asia’s leading personal care companies. S Brands brings a portfolio of trusted, category-leading brands that complement our existing presence across the region and strengthen our position in key growth markets. It reflects our long-term commitment to investing behind strong local brands and makes Philippines our 3rd market outside of India with revenues exceeding INR 1000 crore plus,” Kumar Chander, chief executive officer of Wipro Consumer Care & Lighting and managing director of Wipro Enterprises, said.

The acquisition also reflects changing consumer behaviour in the Philippines, where premium hair treatments are growing faster than conventional conditioners.

While Unilever dominates the country’s conditioner market through Cream Silk, S Brands’ flagship KeratinPlus has carved out the hair treatment category, capturing about 45% market share, according to Chander. Consumers are increasingly upgrading from regular conditioners to treatment products, a trend he described as another form of premiumisation.

The deal complements Wipro’s existing Splash business, whose Bitress brand is the market leader in leave-on conditioners with about 32% value share. Together, the businesses will give Wipro a presence across both leave-on and wash-off conditioning categories.

Beyond hair care, the acquisition strengthens Wipro’s position in the Philippines’ unusually large rubbing alcohol market, where alcohol-based hygiene products are a daily household staple rather than a pandemic-driven purchase. Combining S Brands’ AlcoPlus with Wipro’s Hygenics brand will give the company an estimated 18% market share, making it the third-largest player with ambitions to challenge the No. 2 position.

The acquisition also adds DeoPlus, a leading powder deodorant brand based on alum, and Fiona Cologne, giving Wipro an entry into the local fragrance market while leveraging its broader fragrance expertise across Southeast Asia.

“S Brands is a strong strategic fit for our portfolio, with leading market positions and attractive growth potential. This acquisition reflects our disciplined approach to capital allocation and our continued focus on investing in businesses that create long-term value and strengthen our presence in high-growth consumer markets,” Anita B. Zutshi, chief financial officer of Wipro Enterprises, said.

For Wipro, distribution was as important as brands. Unlike Splash, whose presence was concentrated in modern trade, S Brands has built a deep network across traditional retail, creating cross-selling opportunities for the combined portfolio and strengthening Wipro’s route to market.

“S Brands is growing and we’re ready to reach more people in more markets. Wipro has the track record and global reach to help make that happen. And with their proven R&D and innovation, we can give even more to our consumers. We found in Wipro a partner whose values match ours, a grounded leadership team and a culture of giving back to communities. We believe in the same thing,” said Dick Sy Ong, founder and president of S Brands.

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The two sides are working toward a potential agreement in the coming weeks involving JSW making an investment in closely held Skoda Auto Volkswagen India Pvt., the people said, asking not to be identified as the discussions are confidential. The Sajjan Jindal-led conglomerate is seeking a majority stake in the venture, the people added.

While top executives from Volkswagen and JSW have held meetings recently, several sticking points remain unresolved, including a valuation for the deal and how much capital JSW and Volkswagen will invest, the people said.

The transaction, if it’s finalized, will cap a years-long hunt by Volkswagen for a local Indian partner. The German manufacturer has struggled to build scale in India even after operating in the country for more than two decades. For the steel-to-electric vehicles conglomerate JSW, a deal would provide access to Volkswagen’s vehicle platforms and a springboard for further potential cooperation globally with a well-established European carmaker.

Volkswagen is constantly evaluating new business opportunities and various business options to implement its strategy in India, a company spokesperson said in an email. India is an important market for Skoda Auto’s global growth plans, the spokesperson added, while declining to comment on any discussions with JSW.

A JSW Group spokesperson did not respond to an emailed request for comments on the deal.

Volkswagen also slashed a planned investment in a new India EV platform to about $700 million from $1 billion, Bloomberg News reported in November.

Tiny Share

The Volkswagen group, across its Skoda, VW, Audi, Porsche, Bentley and Lamborghini brands, makes up about 2.5% of India’s passenger vehicle market, below a 5% market share goal set for the end of the decade, according to a local media report earlier this year. The low market share comes despite the Skoda brand having launched India-specific models like the Kylaq compact SUV.

JSW and Volkswagen began talks three years ago, and those discussions have previously focused on JSW tapping Volkswagen India’s manufacturing plants in Pune and Chhatrapati Sambhajinagar in Maharashtra. The most recent negotiations between the two companies still need to clear several hurdles and may yet collapse, the people familiar with the talks said.

Volkswagen has become more willing to cede control of its India unit as it grapples with a difficult turnaround globally, these people said. Although the Indian unit has posted a jump in profit for the year ended March 31, they said the European parent is growing wary of funding the business without a local partner to share the load.

The move to rein in expenditures in India mirrors pressures playing out across Volkswagen’s global operations, where the group is seeking to deepen an already broad cost-cutting drive.

JSW also has a joint venture with China’s SAIC Motor Corp., which sells MG-branded cars in India, and has plans to introduce JSW-branded cars in the local market. Volkswagen had previously been in conversations for a partnership with Mahindra & Mahindra Ltd., but a local media report early last year said those talks fell apart over differences related to development costs and culture.

The German automaker has tried a number of times to build a sustainable business in India, but like other European automakers, it has struggled in the price-sensitive market where homegrown players like Maruti Suzuki India Ltd., Hyundai Motor India Ltd., Mahindra and Tata Motors Passenger Vehicles Ltd. dominate with their more affordable models.

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Post-amalgamation, both entities will cease to exist as separate entities and will form a single entity under the name Crisil PriceMetrix Inc.

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The proposed transaction would give SOMPO majority control of the joint venture, multiple sources said. “The discussions are still at an early stage. No structure has been finalised and it will depend on the willingness of existing shareholders to dilute,” said one of the people cited above.

Emails sent to SOMPO, Dabur Investment and Karnataka Bank seeking their comments remained unanswered until the publication of this report.

Besides SOMPO, Indian Bank owns 28.52%, Indian Overseas Bank 18.06%, Dabur Investments 12.81% and Karnataka Bank 6% in Universal SOMPO. SOMPO’s immediate objective is to cross the 51% ownership threshold, said people privy to the development.

The move comes as global insurers reassess their India strategy after the government liberalised foreign direct investment (FDI) norms in the insurance sector.

The new framework allows overseas insurers to fully own Indian insurance businesses, removing the earlier requirement of having a domestic joint venture partner.

While the regulatory change has made India more attractive for global insurers, securing additional stakes in existing ventures remains challenging as most domestic partners are strategic investors and the business has been performing well. Universal SOMPO has emerged as one of the faster-growing mid-sized general insurers in recent years.

The company has expanded its gross written premium from around ₹2,500 crore six years ago to over ₹6,000 crore, while remaining profitable for the past five years and paying dividends for the last four. Its earnings before tax have also improved sharply over the period. The insurer has grown at 18% in FY26, growing faster than the industry, which grew at 9%.

The insurer requires additional capital over the next few years to support growth, maintain solvency and invest in technology and new product development as it expands its motor, health and commercial insurance businesses.

For SOMPO, increasing its ownership would provide greater operational flexibility and strengthen its position in one of the world’s fastest-growing insurance markets.

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Situated on a 30-acre campus, the Jacksonville facility employs more than 250 people and manufactures a broad range of critical medical products used by healthcare providers and patients across North America and around the world. The highly automated facility features advanced injection molding, blow molding, thermoforming, extrusion, assembly, and quality systems, further strengthening Garware Fulflex’s ability to serve leading global healthcare companies with world-class manufacturing capabilities.

The facility also offers end-to-end manufacturing capabilities, from component production and product assembly to packaging and quality assurance, allowing for greater operational efficiency and faster turnaround times. Its established customer base, experienced workforce and robust regulatory compliance systems are expected to further strengthen Garware Fulflex’s position in the global medical products market. The acquisition also enhances the company’s manufacturing footprint in the United States, improving its ability to support multinational healthcare companies with reliable, large-scale production and supply chain resilience.

According to the company, this acquisition is expected to double Garware Fulflex’s global revenue from approximately US$100 to US$200 million, significantly expanding the company’s scale and manufacturing footprint while strengthening its position as a leading global healthcare manufacturing company.

“This acquisition represents a defining milestone in our journey to build a globally respected healthcare manufacturing company,” said Diya Garware Ibanez, Chairperson of Garware Fulflex. “The Jacksonville facility brings exceptional people, world-class manufacturing capabilities, and an important presence in the world’s largest healthcare market.”

Ibanez is particularly pleased and proud to welcome more than 250 talented employees to the Fulflex family. “Together, we will continue delivering high-quality medical products while investing in innovation, operational excellence, and long-term growth,” Ibanez said.

With the addition of Jacksonville, Garware Fulflex continues to strengthen its global manufacturing network, providing customers with increased production capacity, enhanced technical expertise, supply chain resilience, and greater proximity to the North American healthcare market.

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The Forum urged the government to immediately place the complete proposal relating to the strategic sale in the public domain, review the decision in light of India’s “long-term financial and economic sovereignty”, honour assurances made before Parliament during the bank’s restructuring, and ensure a parliamentary discussion before any irreversible decision is taken.

It also called on the government to protect the interests of employees, depositors and customers while preserving public ownership of strategically important banking institutions serving national developmental objectives.

The Centre has been pursuing the strategic sale of IDBI Bank since 2022. The government and the Life Insurance Corporation of India (LIC) together are selling a 60.72 per cent stake in the lender, comprising 30.48 per cent held by the government and 30.24 per cent by LIC, along with transfer of management control. The transaction has been delayed due to regulatory approvals and completion of the due diligence process by prospective bidders.

Fairfax Financial Holdings, the Canada-based investment firm led by Prem Watsa, has emerged as the frontrunner after reports indicated it is in advanced talks with the government. The proposed transaction remains subject to regulatory and statutory approvals.

“This development is not merely a commercial transaction. It concerns the ownership and control of one of India’s strategically important financial institutions and therefore raises questions touching upon constitutional governance, economic sovereignty, parliamentary accountability and long-term national interest,” the Forum said.

It added that IDBI Bank, established as a development finance institution, played a key role in financing industrialisation and infrastructure projects. Substantial public resources were also deployed to revive the lender during periods of financial stress, and that employees accepted difficult restructuring measures that helped restore the bank to sustained profitability.

“Now, when the Bank has returned to sustained profitability and financial stability, the proposal to transfer ownership raises serious questions of public policy,” it said.

Arguing that the proposed sale runs counter to the government’s Atmanirbhar Bharat vision, the Forum said: “Financial sovereignty constitutes an essential pillar of national sovereignty. The banking system mobilises the hard-earned savings of millions of citizens and channels them towards national development.”

The employees’ body also said the proposed transaction reflects “a broader policy trend whereby institutions revived through public investment are subsequently transferred to private ownership after the risks have been absorbed by the public”, adding that such an approach warrants wider public debate.

The strategic disinvestment is part of the government’s broader privatisation programme aimed at reducing its presence in non-strategic sectors while unlocking value from public sector enterprises. However, employee unions have consistently opposed the proposed sale, arguing that the lender should remain under public ownership given its strategic role in India’s financial system.

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Other interested players include Naveen Jindal-backed Jindal Renewable Energy, renewable energy arm of RP-Sanjiv Goenka Group, and Macquarie-backed Blueleaf Energy, they said.

The portfolio, which supplies clean power to commercial and industrial (C&I) consumers across India, is expected to be valued at about ₹3,000 crore on an enterprise value basis.

Brookfield had appointed an investment bank to run the sale process and has received interest from a mix of global infrastructure investors and domestic power producers, ET first reported in April.

Co’s 550-megawatt green energy portfolio in Bikaner likely to be valued at around ₹3k cr

The project, backed by International Finance Corporation (IFC), has a diversified base of C&I customers. Hindustan Unilever is among its marquee clients, with a 45 MW power purchase agreement (PPA), while Brookfield Properties’ commercial campuses in Gurgaon and Noida also source solar power from the portfolio.

Spokespersons of Brookfield, Actis, INOXGFL and Macquarie declined to comment.

The equity investment in the Bikaner portfolio was made through the first Brookfield Global Transition Fund (BGTF I), the firm’s flagship energy transition vehicle. Brookfield invests in India’s renewable energy sector through BGTF I, a $15 billion fund launched in 2022, which has since been fully deployed. The asset manager has also completed fundraising for its successor vehicle, BGTF II, which has secured $20 billion in commitments.

In 2024, IFC committed $105 million through long-term non-convertible debentures to part-finance the project in Bikaner.

Of the total 550 MW capacity, Brookfield commissioned the first phase of 268 MW in 2024. Ahead of the commissioning, PTC India signed a long-term PPA with Brookfield Renewables in 2023 to procure 100 MW of solar power. Under the agreement, PTC India markets the electricity to distribution utilities as well as C&I consumers.

Brookfield currently has more than $4 billion invested in the Indian energy sector, with a portfolio of about 45 GW of wind and solar assets in operation and pipeline across various platforms.

India’s commercial and industrial renewable energy capacity could increase from 32 GW in 2025 to 100 GW by 2032, according to a report by the India Energy Storage Alliance. The domestic C&I energy storage market is set for significant expansion, with installed capacity projected to increase to 22-31 GW by 2032 from less than 1 GW in 2025, it said.

The major factors driving the growth are favourable long-term PPA tariff vis-a-vis on-grid tariff, net-zero targets, renewable purchase obligation for corporates, said a recent Crisil Ratings report.

INOXGFL Group’s C&I renewable energy business is driven by Inox Clean Energy Limited and its subsidiary Inox Neo Energies. In December 2025, Inox Clean Energy acquired Vibrant Energy, a 1.3 GW C&I platform owned by Macquarie.

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While Warburg did not disclose the details of the transaction, a person familiar with the matter said that the deal value was close to ₹1,000 crore. This is part of the investment firm’s plan to create a larger pharma platform that would include the potential acquisition of Koye Pharma and Maneesh Pharma, the person added, requesting anonymity.

Warburg declined to comment while Koye and Maneesh had not responded to Mint’s emails till press time.

As part of the transaction, existing shareholders True North and Temasek will fully exit their investment in Integrace, Warburg said in a statement on Wednesday. Over the years, Integrace has built a differentiated portfolio of more than 20 brands across attractive high-growth markets catering to pain management, pregnancy, and women’s health.

“Integrace has built an exceptional foundation with a differentiated portfolio in orthopedics and gynecology, a strong position in the high-growth therapeutics segments and trusted relationships with specialists. This acquisition reflects our conviction in therapy-focused, brand-led platforms and our ambition to build a scaled, market-leading pharmaceuticals business in India,” said Himanshu Nema, managing director, Warburg Pincus, said in the statement.

Through its scientific marketing practices, Integrace has a network of over 45,000 healthcare professionals across India, supported by a high-quality specialist prescriber base across orthopedics and gynecologists.

“India’s pharmaceutical market is large and attractive with predictable growth over the long-term, particularly in women’s health and orthopedic therapies. With Warburg Pincus’ business-building expertise and healthcare investing experience, we look forward to building a scaled therapy-focused domestic formulations platform in India,” Khan said.

This deal comes as India’s pharmaceutical market promises long-term growth opportunities for investors, driven by healthcare awareness, rising incomes, and expanding access to quality care. Warburg Pincus believes that this sector is well positioned for the creation of scaled, therapy-focused platforms through strategic consolidation.

Warburg Pincus has been investing in India for three decades and, over time, has built one of the country’s most established healthcare investment franchises. The firm has partnered with leading businesses across pharmaceuticals, medical technology, healthcare services and life sciences, including Metropolis, Laurus Labs, MedPlus, Meril Life Sciences and Appasamy Associates. The investment in Integrace builds on this long-standing track record of partnering with exceptional management teams to create scaled, market-leading healthcare businesses.

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Japan’s largest lender has solely underwritten the facility, which will be raised through the so-called external commercial borrowing route with a five-year tenor, the people said, asking not to be identified because the discussions are private. Aditya Birla Renewables Ltd. is the borrower.

The loan will be priced at an all-in cost of about 160 basis points over the Secured Overnight Financing Rate, or SOFR, they said. All-in costs take account both of the margins lenders pay on their loans and the fees they offer to banks at different levels.

An Aditya Birla Group spokesperson said the conglomerate is in touch with multiple banks with whom they have a strong relationship and who have shown willingness to underwrite the full amount. “We continue to engage with them to secure the best terms,” the spokesperson added.

MUFG did not immediately reply to Bloomberg’s email seeking comment.

On Monday, Aditya Birla Renewables said it will acquire 100% of Solenergi Power Pvt. to get control of its five-gigawatt renewable energy portfolio. The deal will be funded through debt alongside equity to be injected by Aditya Birla Renewables’ parent Grasim Industries Ltd. and Global Infrastructure Partners, according to a company statement.

The financing underscores the growing role of Japanese lenders in backing large cross-border acquisitions involving Indian companies. MUFG has emerged as one of the country’s most active acquisition financiers, capitalizing on robust deal activity and rising demand for offshore funding.

In May, MUFG was among the three original lead banks backing Sun Pharmaceutical Industries Ltd.’s $12 billion acquisition financing, one of the largest such deals involving an Indian company. The Japanese behemoth, which surpassed Toyota Motor Corp. to become the most valuable firm in its domestic market this week, has also signed a pact with the State Bank of India, the country’s biggest lender.

MUFG will down-sell a portion of the loan later once the loan syndication is launched, said the people.

The deal comes as India’s acquisition financing market is gathering momentum. The Reserve Bank of India has recently taken steps to allow local lenders to finance as much as 75% of the acquisition value of corporate takeovers. The move is expected to intensify competition with foreign lenders and private credit funds in a market historically dominated by global banks.

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