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EquityPandit

EquityPandit
BUSINESS

Cult.fit Acquires Gold’s Gym Fitness Chain in India

Health and wellness start-up Cult.fit has picked up a majority stake in F2 Fun & Fitness India, becoming the master franchise partner for Gold’s Gym in India. The companies did not disclose the value of the deal.

In December, food delivery company Zomato invested $100 million in Cult.fit as part of a Series F fundraise of $150 million, making the health start-up a unicorn with a valuation of around $1.5 billion. Zomato has a 6.4 per cent stake in the company after the deal.

According to the company, Gold’s Gym is the second-largest player in fitness in India, with more than 140 outlets in over 90 cities. As part of this strategic partnership, Cult.fit will be investing in scaling the revenue of existing Gold’s Gym centres through top-of-the-line marketing efforts and facilitating centre expansion via franchisees in the coming years.

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BUSINESS

JSW Energy Completes Acquisition of 4.7 GW Renewable Platform

Ali Waghbakriwala

JSW Energy Limited announced that it had successfully acquired a 4.7 GW renewable energy platform from O2 Power Pooling Pte. Ltd. for an enterprise value of roughly Rs 12,468 crore through its wholly owned subsidiary JSW Neo Energy. 

As of FY2025, O2 Power has 1,343 megawatt (MW) installed capacity, bringing JSW Energy’s total installed capacity to 12,212 MW. Renewable energy accounts for approximately 54%, or 6,554 MW. The purchase is a key step toward JSW Energy’s objective of switching to renewable energy. 

By June 2025, the platform’s 2,259 MW of capacity is expected to produce a steady-state EBITDA of Rs 1,500 crore. JSW plans to scale the entire 4,696 MW by June 2027 with an extra Rs 13,500 crore in capital expenditures, resulting in an expected steady-state EBITDA of Rs 3,750 crore annually.

The acquired platform has 596 MW of C&I capacity and 4,100 MW of utility-scale renewable energy projects. PPAs with high-credit-quality off-takers, such as utility-scale, commercial, and industrial users, are the recipients of 3,722 MW of the platform’s total capacity.

A letter of award/intent was issued for 974 MW of capacity; however, the PPA is still being processed. The acquired assets are mostly located in western India and are spread across seven resource-rich states. The portfolio features a diverse energy mix, with 1.8 GW of solar, 0.5 GW of wind, 1.6 GW of hybrid, and 0.9 GW of complex solutions such as FDRE/RTC.

The platform’s average blended tariff is Rs 3.37 per kWh. PWC served as the company’s transaction advisor, Khaitan & Co. and Herbert Smith as its legal advisors, KPMG as its financial and tax due diligence, and Wind Guard as its technological due diligence firm.

Sharad Mahendra, JSW Energy’s CEO and co-managing director,  has high-quality properties in resource-rich states and a management team with a proven track record of effective planning and execution, which are included in the transaction.

Well before 2030, this strategic acquisition brings us one step closer to achieving our 20 GW capacity goal. We can expand in the future thanks to the additional 900 MW of connectivity that O2 Power provides. It gives us great pleasure to welcome the seasoned management and employees of O2 Power to the JSW Energy family.

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BUSINESS

Biocon Subsidiary Secures USFDA Approval 

Ali Waghbakriwala

Biocon Biologics, a subsidiary of Biocon, reported on Thursday, 10 April, that the US Food and Drug Administration (FDA) had approved its antibody Jobevne.

The company’s exchange filing states that Jobevne is a humanized monoclonal antibody used to treat various cancers.

Jobevne is a vascular endothelial growth factor (VEGF) inhibitor that works by binding to VEGF and blocking its interaction with receptors, thereby stopping the formation of new blood vessels (angiogenesis). This limits the tumour’s blood supply, helping to fight cancer.

With this approval, Biocon Biologics has strengthened its oncology offerings in the US, adding to its existing products Ogivri and Fulphila.

In 2023, bevacizumab generated approximately $2 billion in US sales. Biocon now competes in this space alongside Amgen, Amneal, Celltrion, and Pfizer.

The company also sells bevacizumab under the brand name Abevmy in Europe and Canada, where it received approval in 2021.

Shreehas Tambe, CEO & Managing Director of Biocon Biologics Ltd., said: “The USFDA approval is a significant milestone—our seventh biosimilar approved in the US and a strong addition to our robust oncology portfolio. It underscores the depth of our scientific expertise and commitment to expanding access to high-quality, affordable biologics.

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BUSINESS

Aurobindo Pharma Arm Completes Phase 1 Trials of New Bone Medicine

Ali Waghbakriwala

Pharmaceutical major Aurobindo Pharma Ltd, on 10 April, announced that its subsidiary, CuraTeQ Biologics, has successfully completed the phase 1 Trial of its new bone treatment medicine, BP16. 

The new medicine, BP16, was tested on 204 health volunteers and compared with Prolia, which is the original drug that is being sold in the United States and Europe. 

The drug functions by inhibiting a protein called RANKL, which is responsible for the breakdown of bone tissue. This mechanism makes it effective in treating:

  • Osteoporosis in postmenopausal women
  • Bone complications resulting from cancer spreading to the bones
  • Bone weakening due to cancer treatments

The Phase 1 study involved 204 participants from Australia and New Zealand and successfully achieved all of its primary endpoints. The successful completion of the trial is an important step toward introducing a more affordable version of this medication to patients. 

According to CuraTeQ Biologics, the study demonstrated that BP16 closely replicates the pharmacokinetic (PK) profile of the reference drugs. It met key bioequivalence standards, such as peak serum concentration and total drug exposure, falling within the accepted range of 80–125%.

The company also reported that BP16 showed similar pharmacodynamic behaviour, safety profile, and immune response when compared to both the EU and US reference versions. 

Dr Disha Dadke, Head of R&D and Regulatory Sciences at CuraTeQ Biologics, said that the company is also very confident in its ongoing Phase 3 trial, which is currently underway across multiple locations in the EU. This study focuses on postmenopausal women with osteoporosis and is expected to conclude by May or June 2025.

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BUSINESS

Zee Entertainment Takes a Breath as NCLAT Dismisses IDBI Bank’s Plea

Ali Waghbakriwala

Zee Entertainment Enterprises Limited (ZEEL) won a major victory when the National Business Law Appellate Tribunal (NCLAT) denied an insolvency appeal that IDBI Bank had filed against the business. NCLAT maintained the National Company Law Tribunal’s (NCLT) ruling by dismissing IDBI’s plea.

The NCLAT has allowed IDBI Bank to enter a new plea if needed, according to the Bar and Bench.

On 19 May 2023, the NCLT’s Mumbai bench dismissed the bank’s bankruptcy case against media group Zee Entertainment, citing Section 10A of the Insolvency and Bankruptcy Code.

According to the NCLT bench’s order, ZEEL, the corporate guarantor for the loan taken out by Siti Networks, IDBI Bank’s primary borrower, has defaulted.

However, the default took place within the time range specified in IBC section 10A.

Section 10A states that no financial or operational creditor may file an application to initiate the corporate insolvency resolution process (CIRP) against any debtor for any default occurring on or after 25 March 2020 for a period of one year.

The government included this special clause in the IBC to support firms when the economy had gradually recovered from the lockdown.

The NCLT ruled that Section 10A forbids the filing of any application under Sections 7, 9, and 10 of the Code for defaults made on or after 25 March 2020 until 25 March 2021.

Siti Networks has secured a Rs 150 crore loan for operating capital, and the arrangement requires them to keep a Debt Service Reserve Account (DSRA).

Under DSRA, Siti Networks was required to maintain a credit balance equal to two-quarters of working capital interest until it was repaid.  However, there was a default.

On 5 March 2021, IDBI Bank invoked ZEEL’s guarantee and demanded Rs 61.97 crore plus interest beginning 18 February 2021. It claimed Rs 149.60 crore for default.

ZEEL disputed this, arguing that its guarantee limits the guarantor’s liability and prevents them from being held accountable for the full amount owed in the event that the borrower defaults at Siti Bank.

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BUSINESS

Ashok Leyland Invests Rs 500 Crore in Subsidiary 

Ali Waghbakriwala

Hinduja Group’s commercial vehicle manufacturer, Ashok Leyland, has completed an investment of GBP 45 million (approximately Rs 500 crore) into its UK subsidiary, Optare Plc, which is the holding company of Switch Mobility. This transaction increased Ashok Leyland’s stake in the Yorkshire-based bus manufacturer by 0.41%, bringing its total ownership to 93%. The company informed stock exchanges on 2 April.

In its filing, the company said that the Board of Directors of Optare Plc, at their meeting on 1 April 2025, approved the allotment of 64,963,55,352 ordinary shares of £0.001 each at an issue price of £0.006927 per share (including a premium of £0.005927 per share) to the company.

Previously, Ashok Leyland had announced its intention to invest Rs 500 crore into Optare to meet capital expenditure requirements. Optare serves as the parent entity for both Switch UK and Switch India, with a portion of the investment expected to be allocated to the Indian arm.

Shenu Agarwal, Managing Director and CEO of Ashok Leyland, said that as this investment is directed into Optare, part of it will be utilized by Switch UK, while some may flow into Switch India for capex needs. The funds are intended to reduce Switch UK’s interest burden and support its capital expansion plans.

Switch UK has been grappling with low sales volumes, leading to revenue fluctuations. In response, Ashok Leyland recently announced the closure of one of its manufacturing and assembly operations at the Sherburn facility in the UK.

According to Agarwal, inconsistent order inflow is a major challenge for Switch UK, causing periods of both underutilization and overcapacity at its factory.

As of February 2025, electric buses, including battery-electric and plug-in hybrid models, account for 15.9% of new bus sales in the European Union, while diesel-powered buses dominate at over 62%. Overall, electric vehicles make up just 1.9% of the EU’s total bus fleet, according to data from the European Automobile Manufacturers’ Association (ACEA). The sluggish demand in the public transport sector, where Switch UK operates, is primarily attributed to high upfront costs, range anxiety, and inadequate charging infrastructure.

Buses and coaches handle only about 7.3% of passenger transport on EU roads, ACEA reported. “EV market is still kind of very, very subdued in UK against our expectations 2-3 years ago. So, we are evaluating the options for Switch UK because there we are making losses,” Agarwal stated in February 2025.

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