Here are the India Business News Headlines 13th Feb 2018:
- ArcelorMittal and Numetal Mauritius, in which Essar Group founders own a stake, are the only firms who have submitted binding financial bids for Essar Steel. Although Tata Steel were also considered to be one of the prime contenders for Essar Steel they have not submitted a bid yet.
- Max Life Insurance has emerged as the leading candidate to pick up a majority stake or buy out IDBI Federal Life Insurance, valued at around Rs.6,000 crore. Some other firms like Kotak Mahindra, Tata AIA, LIC, Aditya Birla Sun Life and Exide Life Insurance have also shown interest in buying IDBI Federal Life’s insurance assets in India. IDBI Bank holds 48% stake in IDBI Federal Life while Federal Bank and Belgian life insurer Ageas SA/NV each hold 26%.
- Lendingkart , the online loans start-up, has raised Rs565 crore equity capital in a Series C round of funding led by Singapore’s Fullerton Financial Holdings and some of its other existing investors. Lendingkart offers collateral-free working capital and other business loans to small businesses. With the latest funding round, Lendingkart group’s total equity and debt funding is now Rs1,129 crore.
- Foodpanda is planning to invest Rs.400 crore to scale up technology to improve customer experience. It also plans to hire around 25,000 delivery riders over the next 12 to 15 months. The fresh investment will be focussed on scaling up technology, ensuring seamless experience for users, partner restaurants and riders.
- Supertech is planning to divest some of its shopping malls and hotels in smaller Tier-II cities and raise around Rs.1,000 crore for business liquidity and to reduce debt. Its planning to monetise two malls in Haridwar and Meerut, Radisson Blu hotel in Rudrapur and Country Inn & Suites in Meerut.
- Media agency GroupM has agreed to buy a majority stake in The Glitch, a digital creative agency. The acquisition will help GroupM’s growth plans by offering its clients a wide portfolio of digital marketing services and content solutions. Although the deal size has not been disclosed, but it is estimated to be in Rs100-150 crore range. Some of its key clients of The Glitch include Netflix, Hindustan Unilever, Tinder and Oyo Rooms.
- Omnivore Capital Management Advisors, an impact venture fund that invests in food and agri-tech start-ups, has made a first close of its Omnivore Partners India Fund 2 at $46 million.The firm is targeting a total of $75 million for its second fund and expect to meet the target by August. Omnivore invests in Indian start-ups developing technologies for agriculture, food and rural economy.
- RBI has withdrawn all existing frameworks for addressing stressed assets and has come out with new norms which require lenders to classify a loan as NPA immediately upon restructuring. For loans larger than Rs.2000 Crore, resolution plan has to be completed within 180 days, failing which it will be referred to Insolvency and Bankruptcy code.
*News as published in Business Standard, Live Mint and Economic Times.