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Grapevine: Google eyes Twitter-backed ShareChat; Apollo Global joins fray for BPCL

By Ankit Agarwal

  • 24 Nov 2020
Grapevine: Google eyes Twitter-backed ShareChat; Apollo Global joins fray for BPCL
Credit: Reuters

Google is in preliminary talks to acquire Twitter-backed regional language social media platform ShareChat at a valuation of over a billion dollars (Rs 7,395 crore), The Economic Times said, citing two people privy to the development.

The term sheet has been signed and a due diligence exercise is underway, the people said.

ShareChat founders may retain a small stake post the deal while all the other existing investors will exit,” one of the persons said.

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In September, ShareChat raised $40 million to boost short video platform Moj.

Meanwhile, Apollo Global Management has submitted an expression of interest for the government’s 53% stake in Bharat Petroleum Corp Ltd (BPCL) in a bid to compete with Anil Agarwal’s Vedanta that has also confirmed its participation at this stage, The Economic Times said.

Apollo is likely to partner with a global energy major ahead of its final offer, people aware of the development told The Economic Times

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Government officials handling the sale said that they had got up to four global funds and a major foreign company in the bidding process.

In another development, green energy majors Goldman Sachs-backed ReNew Power and ADIA-backed Greenko Energy are among 10 companies that have shown interest in buying Chandigarh’s electricity distribution company (discom), Mint said citing two people aware of the development.

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The Chandigarh discom sale also marks the start of India’s efforts to privatise discoms of its Union Territories as part of its next-generation power-sector reforms.

A pre-bid meeting has been called on 1 December for the Chandigarh discom and the last date of bid submission is 30 December. 

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