New Delhi, July 17 -- Global investor LetterOne has tapped a former pension fund executive to lead its investment programme in India, while Zurich Insurance is reportedly considering buying out Kotak Mahindra Bank's stake in their joint venture, according to separate media reports.

In initial public offering (IPO) news, Jio Platforms is planning to market its proposed public issue next week, and engineering components maker Indo-MIM is preparing to list with a downsized target.

LetterOne

Luxembourg-headquartered investment firm LetterOne has hired the former India private equity head of Ontario Teachers' Pension Plan (OTPP) to lead its planned $2 billion (around Rs 19,268 crore) investment programme in India, according to The Economic Times, citing sources.

LetterOne has brought in Rahul Mukim, OTPP's former India PE head for the task, providing the investment firm with an on-ground presence in India.

The company has been planning its move into India for more than a year. LetterOne primarily invests in Europe and the US. It owns British nutraceuticals retailer Holland & Barrett and holds a significant minority stake in Turkey's largest telecom operator Turkcell.

Zurich Insurance Switzerland-based Zurich Insurance has begun evaluating the possibility of acquiring Kotak Mahindra Bank's stake in their joint venture the Zurich Kotak General Insurance, according to a Moneycontrol report, citing sources.

The development comes as global insurers reassess India partnerships following India's decision to allow 100% foreign ownership in the insurance sector.

Zurich Insurance had acquired 51% stake in Kotak General Insurance in 2023, along with a plan to acquire an additional 19% stake three years later.

The Moneycontrol report noted that the acquisition process was at a nascent stage, and that the buyout of Kotak's stake could conclude in FY27. However, Zurich Kotak General Insurance refuted the media report in an official response to the publication's query.

Jio Platforms

Reliance Industries' digital services arm Jio Platforms plans to start marketing its proposed initial public offering (IPO) of more than Rs 30,000 crore (around $3.1 billion) next week, according to a Mint report citing people familiar with the matter.

The outreach will begin once the company announces its first-quarter earnings later on Friday and formal domestic and global roadshows are expected over the coming months once SEBI approves its draft papers, the report said.

Indo-MIM

Precision engineering components maker Indo-MIM is gearing up to launch an IPO later this month and is looking to raise about $420 million (around Rs 4,046 crore), according to a Bloomberg report. This is a scaled down version of the $700 million IPO that the company had planned in March.

The target size was cut down following the unfolding of the US-Iran war.

The timing, valuation and final issue size could change as deliberations are still ongoing, the report noted.

According to its draft prospectus, Indo-MIM's original IPO comprised a Rs 1,000 crore ($104 million) primary share sale and an offer for sale of about 129.7 million shares, representing roughly 26% of the company's equity held by existing shareholders.

Published by HT Digital Content Services with permission from VC Circle.