MC Insider: Rounding up star performers, circling stressed asset, grabbing consolation prize, and more

We saw the fanfare around an Indian-American who was recently selected to head a US retail major. But his previous employer is facing nightmares. After he had joined the company a few years back, the famed executive subsequently poached a string of star performers from his preceding organisation. Will he do the same again? Fearing that the answer might be in the affirmative, the consumer goods giant has put a hold on some major projects helmed by its erstwhile leader's top lieutenants. Of course, the party line for the spending cuts would be the fear of an imminent global slowdown. But the real smoke that is giving away the fire is C-suite level chatter about notice periods for the top brass.

Word on deal street is that a clutch of investors are eyeing this stressed asset which is backed by a celebrity. We are picking up that a top corporate house may be indirectly in the mix and the plan going ahead is to convince the lenders for a possible settlement outside the insolvency process. Let's see if the creditors take the bait and seal the deal.

A little birdie tells us that a CEO of an airline which will not exist after its merger was trying to put his hat in the ring for the larger role of the parent airline. Apparently, the efforts increased after the first choice backed out. It now seems that he would get a consolation prize with efforts bearing fruit as he is landing up at the corner office of the merged airline. Not bad, eh?

We hear representatives from two of the world's biggest and most aggressive tech investors have come down to India's startup capital and are eyeing early-stage investments into a homegrown VC's portfolio companies. While one of the investors has just raised a fund with a focus on Indian startups, one is struggling with its existing funds. It will be interesting to see how these meetings will go for the two investors as early-stage investing will be a shift in their usual strategies.

The Indian agri-tech segment has the potential to hit around $24 billion in revenue by 2025, according to a recent study and even global tech biggies like Amazon and Microsoft are gradually warming up to it. We hear that a fresh funding round may be in the works at one of the promising players in the segment which is likely to be led by an Asian sovereign fund. Any guesses?

Following rumours of a possible liquidation, we now hear that the ongoing insolvency resolution process for an infrastructure player has picked up steam and three suitors have thrown their hat in the ring -- two corporate houses and an ARC (asset reconstruction company). A call is likely to be taken next month but what makes the deliberations interesting are whispers that the said ARC is allegedly close to the promoter group. Hmmm!

All eyes are on the outcome of the sale process announced by this business group which has disclosed that it has cleared the divestment of its cement assets housed in two entities in a bid to reduce the debt burden. While the winning suitor could be one of the leading players in the segment, the quantum of sale proceeds will also be key as the group will look to convince lenders not to pursue fresh bankruptcy proceedings.

Mallikarjuna Kharge is certain to win the AICC (All India Congress Committee) president elections. The “nominee” of the Gandhis is getting mixed reactions in his home state Karnataka. Majority are not happy with his expected elevation to the highest party post as they feel that it will create more power centres in the state and can have an adverse impact on the upcoming Assembly elections. They also fear that Kharge as party chief can push for a third candidate, if the party wins, sidelining two top leaders Siddaramaih and DK Shivakumar. But insiders claim these two leaders who are not on good terms can even join hands to fight Kharge and spoil his secret plans. Someone close to Kharge for decades said: “His ultimate goal is Karnataka CM. By making him AICC president, Gandhis have ruined it. As party chief he can’t nominate himself to that post. But, he certainly does not want Siddaramaiah or DK Shivakumar to be the chief minister. Anything can happen.”