India Digest: ReNew IPO; Coal India sale; Carnival, Shapoorji-Allianz in M&A

Goldman Sachs-backed ReNew Power’s proposed IPO may see a delay as investors get wary of aggressive valuations and size, while the government is likely to divest 5-10 per cent of Coal India’s equity through an offer for sale. In the M&A space, Carnival Group, which operates multiplex chain Carnival Cinemas, said it is acquiring Elan Group’s 100 per cent stake in Qatar’s Novo Cinemas, while Shapoorji Pallonji Group and Allianz combine has emerged as frontrunner for the Hyderabad-based business park WaveRock.