Una Galani
ReutersBreakingviews
Mumbai, MH, India
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Past articles by Una:
India’s energy-storage fix has virtue of speed – Breakingviews
As the West obsesses over building the perfect battery, Singapore- and Abu Dhabi-backed Greenko is launching the largest long-lasting renewable power-storage project. It’s a low-tech leap towards a greener energy system. Big customers like ArcelorMittal are lined up too. → Read More
Egypt’s hunger pangs are like 2011, but worse – Breakingviews
A decade ago the soaring cost of bread helped unseat Cairo’s long-term ruler, Hosni Mubarak. In 2022 food prices are rising faster, and Egypt’s population and debt are bigger. The more prices rise, the trickier the tradeoff between enraging financial and domestic constituencies. → Read More
Xiaomi fight puts China Inc on India red alert – Breakingviews
The country’s tax and financial agencies have tried to block some $1.2 bln of the smartphone maker’s funds. New Delhi engaged Vodafone, Cairn and others in similar battles but its testy relations with Beijing up the ante. Xiaomi and Chinese peers in India face a slow decline. → Read More
India’s Russian oil binge carries hidden costs – Breakingviews
New Delhi is filling its boots with Moscow’s cheap crude, just as Europe and traders like Vitol start to turn away. The aggressive ramp-up carries longer-term risks. As a keen buyer, India will find it hard to get waivers from sanctions if the West targets Russia’s energy trade. → Read More
India’s $168 bln bank merger bets the house – Breakingviews
HDFC Bank’s plan to buy its mortgage-lender parent at a tiny discount sparked a 10% rally in shares of both. New capital rules enable the long-speculated union. Benefits range from lower funding costs to resolving CEO succession. Preparing for a home-loan boom is the main goal. → Read More
India’s pandemic recovery is in awkward full swing – Breakingviews
Cities are bustling and growth is humming along, thanks to a pragmatic approach to managing Covid-19. But bond markets’ rising impatience with the government’s debt hangover underscores a tough trudge back to normality, even for an emerging market with ample external reserves. → Read More
Everyone wins in India’s telecoms debt reset – Breakingviews
New Delhi is set to become Vodafone Idea’s top owner via a $2.2 bln debt-for-equity swap. The deal saves India’s No. 3 operator, spares its lenders and averts a duopoly. With the government on side, raising tariffs and securing outside investment will be easier too. → Read More
Reliance channels its name in 40-year bond – Breakingviews
It sold the longest tenure paper by an Indian firm as part of a $4 bln deal, on the back of a big successful expansion into consumer businesses. Bagging cheap funding now looks smart. But as China’s tech upheaval shows, four decades is plenty to test India’s reliance on Reliance. → Read More
Tencent’s Sea rejig keeps most people happy – Breakingviews
The Chinese tech behemoth is selling part of its stake in its $120 bln Singaporean peer. Sea also plans a revamp of its supervoting shares so that founder Forrest Li retains control. Li, Tencent and even Beijing can cheer. Minority investors have the least reason to be enthused. → Read More
Big Quit sends world’s back office back offshore – Breakingviews
When the pandemic fades, and along with it the stigma of letting people go, the WFH revolution will embolden global employers to move jobs to low-cost centres again. While that should benefit India’s IT services providers, they’re ironically grappling with similar problems. → Read More
Byju’s SPAC turns into India’s $48 bln IPO problem – Breakingviews
New Delhi is yet to allow companies to list directly overseas, so ed-tech star Byju’s is mulling a U.S. debut via a merger. Other startups will probably get creative too. It’s similar to the regulatory grey area that China’s tech giants exploited but are now paying the price for. → Read More
Byju’s SPAC deal is straight out of the textbook – Breakingviews
India’s edtech startup has an offer to go public at a $48 bln valuation. SPAC sponsor Michael Klein would invest in a private placement too, adding credibility to sales forecasts. Byju’s copies Grab’s deal outline, but growing U.S. revenue could help it fare better. → Read More
Mukesh Ambani BT bid would struggle for clear line – Breakingviews
His Reliance would earn a so-so return buying the UK telco’s enterprise for 38 bln pounds. It’d be a distraction for his energy-to-retail conglomerate’s huge India ambitions too. He can more comfortably get a taste of a rich market by narrowing his focus to BT’s broadband unit. → Read More
Paytm IPO ends Morgan Stanley India winning streak – Breakingviews
The fintech firm’s 27% first-day drop contrasts with pops the Wall Street giant oversaw for Nykaa and others. Paytm execs and powerful buyers and sellers like Alibaba, SoftBank, and BlackRock all played a role in the fiasco. But as lead bank Morgan Stanley has most to lose. → Read More
Paytm IPO misery leaves Indian tech looking West – Breakingviews
The Alibaba and SoftBank-backed fintech company plunged a bruising 24% on its debut, in contrast to huge first-day pops for Nykaa and Zomato. The market is mispricing tech IPOs. It revives the debate about listing in a New York market more accustomed to money-losing firms. → Read More
Temasek buffs sovereign fund standing in M&A fight – Breakingviews
The money manager is on both sides of a $2.9 bln tussle for Singapore Press’ real estate assets. That may seem a conflict in the city-state’s spiciest bidding battle in years. But it hammers home how Temasek’s mundane arm's-length investor role makes it the envy of global rivals. → Read More
India’s brutal tech churn washes out Paytm – Breakingviews
The one-time fintech star is struggling to sell its $2.5 bln IPO, a contrast to beauty shop Nykaa’s red hot offer and 80% first-day pop. The commoditisation of payments makes it harder for Paytm to profit and easy for competitors to rise. Its ragbag of businesses doesn’t help. → Read More
Indian startup repackages deliveries for investors – Breakingviews
Delhivery has grown its reach by relying on partners for warehousing and last mile, so it owns fewer assets than FedEx and Chinese peers. That leaves it more dependent on tech and exposed to volatile costs like rising rents. A $5.5 bln IPO valuation might be slow to stack up. → Read More
CVC bets Indian cricket will set richer boundaries – Breakingviews
The buyout fund beat a billionaire banker and tycoon for one of two new Indian Premier League franchises, which sold for a combined $1.7 bln. Its bid stacks up providing hype about the upcoming auction of media rights, held by Disney, is realised. A longer season will help too. → Read More
Tata’s new backseat drivers charge electric course – Breakingviews
The Indian carmaker added $4 bln in market cap after buyout firm TPG and others backed its battery-powered passenger-vehicle unit at a $9 bln valuation. Extra funding is welcome in the capital-intensive business. It should help Jaguar’s owner race ahead in a fast-growing market. → Read More