Ola buys Food­panda in all-stock deal

India Business Journal - - NEWS ROUND-UP -

Trad­ing Cor­po­ra­tion to ac­quire a 49 per cent stake in Odisha-based Brah­mani River Pel­lets for about Rs 1,200 crore. In­ci­den­tally, Tata Steel had signed a sim­i­lar agree­ment to ac­quire a stake in Brah­mani River Pel­lets for Rs 900 crore in De­cem­ber 2016.

Ola, op­er­ated by ANI Tech­nolo­gies, has ac­quired on­line food de­liv­ery start-up Food­panda In­dia from its Ger­man par­ent De­liv­ery Hero in an all-stock deal. The trans­ac­tion will also see the ride-hail­ing com­pany in­fuse $200 mil­lion (around Rs 1,300 crore) in Food­panda In­dia's op­er­a­tions. Un­der the deal, Food­panda In­dia's busi­ness will be trans­ferred to Ola in ex­change for the lat­ter's stock. The share-swap ar­range­ment and de­tails of the trans­ac­tion were not dis­closed. The deal marks Ola's foray into the on­line food or­der­ing and de­liv­ery seg­ment.

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