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ICICI Venture sells 30% in KIMS to General Atlantic for Rs 850 crore

ICICI Venture sells 30% in KIMS to General Atlantic for Rs 850 crore

Finance
MUMBAI: India’s largest private equity fund ICICI Venture has sold its 30% stake in Hyderabadbased hospital chain Krishna Institute of Medical Sciences to rival General Atlantic for Rs 850 crore, making close to four-fold returns on its initial investment in four years, two people with direct knowledge of the sale told ET. “Yes, ICICI Venture has exited, but we don’t know the value,” Bhaskar Rao, chief executive, KIMS, confirmed to ET in a mobile phone text message. “The money is not coming to KIMS.’’ The stake sale to General Atlantic values KIMS at around Rs 2,700 crore, up from Rs 850 crore in 2014. General Atlantic and ICICI Venture did not respond to ET queries. ICICI Venture had invested about Rs 220 crore in 2014 in the hospital chain, which had a
Apple sells fewer phones but profits rise

Apple sells fewer phones but profits rise

Business
Apple sold 77.3 million iPhones in the final months of 2017, slightly fewer than during the same period in the prior year.But higher prices compensated for the dip, lifting the firm's profits in the quarter to more than $ 20bn (£14bn).The record results, which included strong growth in Japan, were the first to provide a glimpse of sales of the firm's expensive iPhone X.Apple boss Tim Cook said iPhone X sales surpassed the firm's expectations.Apple released the 10th anniversary phone, which starts at about $ 1,000, in November. It has been the top-selling phone every week since, Mr Cook said. Investors had been worried that demand for the firm's products may be dimming.The number of iPhones sold in the period slipped 1% year-on-year, but Apple executives said it was important to remember t
Wolseley owner sells stake to Thai-listed Minor

Wolseley owner sells stake to Thai-listed Minor

Business
The restaurateurs behind landmark London venues including The Wolseley and The Delaunay will this week hand control of their company to a Bangkok-listed hotelier.Sky News has learnt that a majority shareholding in Corbin & King, which was established in 2003, is being bought by Minor Hotels, which operates more than 150 sites around the world.The deal, which will be announced to the Thai stock exchange on Monday by the parent company Minor International, will be one of the most prominent to involve a portfolio of top London restaurants this year.Sources said the deal valued Corbin & King at roughly £60m and would result in Chris Corbin and Jeremy King continuing as minority investors alongside Minor.The Thai company is buying most of its stake from Graphite Capital, a private equit
iPhone X sells out within minutes overnight

iPhone X sells out within minutes overnight

Technology
If you're just waking up, you're too late: iPhone X preorders sold out within minutes overnight. Today marked the kick-off for iPhone X preorders, Apple’s much anticipated 10th-anniversary edition of its iPhone. Preorders opened at 12:01 a.m. Pacific Time and 3:01 a.m. ET for those Apple devotees who wanted to be some of the first to get their hands on the phone that Apple's CEO Tim Cook called the “biggest leap forward since the original iPhone” at its Sept. 12 launch event. While the iPhone X was gone online in minutes, the phone will be available in stores next Friday, Nov. 3. Here’s what you need to know about the iPhone X: Apple has confirmed that stores will have the new phone in stock on Nov. 3 and the company is encouraging customers to arrive early. "Stores will have iPhone
Branson sells majority stake in Virgin Atlantic

Branson sells majority stake in Virgin Atlantic

Business
Sir Richard Branson has given up his majority holding in Virgin Atlantic in a £220m deal with rival Air France-KLM amid Brexit woes for the carrier.Under the agreement, which is subject to regulatory approval, the billionaire tycoon's Virgin Group will give up 31% of its 51% stake in the airline he founded - leaving it with 20%.US carrier Delta Airlines continues to hold the other 49%.The three airline groups said the deal would allow them to create "the most comprehensive transatlantic route network" by enabling tailored flight schedules between them.Passengers using the carriers, they said, would earn flyers' benefits across the network with Virgin, which has 53 aircraft in its fleet, retaining its brand and remaining a "UK airline with a UK operating certificate".The announcement will b