India Business News Headlines 20th March 2018

India business news headlines 20th March 2018

Here are the India Business News Headlines 20th March 2018:

 

  • Sebi has asked stock exchanges to raise transaction fees for trading in illiquid stocks as it feels that some of these may be shell companies exposing small investors to high risks. Any stock with an average daily turnover of less than Rs.2 lakh for two previous quarters is termed illiquid.

  • Malaysia’s IHH Healthcare has submitted a bid to buy a controlling stake in Medanta, valuing it at around Rs.5,500-5,700 crore. As of now, Carlyle Group – a US-based private equity fund owns 27%, Temasek Holdings of Singapore holds 18% and rest is held by Naresh Trehan, his family and Sunil Sachdeva – co-founder of Medanta.

  • IndiGo has grounded another Airbus A320neo plane after it developed technical snags. This is the ninth such aircraft to be grounded in the last few days; eight being grounded by DGCA.

  • Godrej Fund Management, the real estate private equity arm of the Godrej Group, is planning to invest in and build commercial office assets through a $150 million office investment fund and a $450 million office development fund. The entire fund is expected to be invested by the end of 2018 across 2-3 projects.

  • Blackstone Group is set to buy 80% majority stake in Nitesh Hub, a shopping mall in Koregaon Park, Pune from Nitesh Estates for around Rs310 crore. The deal will mark the exit of existing investor Goldman Sachs Group.

  • Warburg Pincus is set to take a partial exit from Lemon Tree Hotels by selling its 12% stake through IPO. It had invested approx. Rs300 crore in 2006 for a 24% stake in the company. Other investors which are also selling their shares in Lemon Tree IPO include Ravi Jaipuria and his firm RJ Corp. Jaipuria.

  • Fingerlix, a food startup, delivering ready-to-cook Indian meals, has raised Rs8.5 crore from Alteria Capital Advisors in venture debt. This is the first investment by Alteria Capital, launched in October 2017 with a targeted corpus of Rs1,000 crore.

  • Zappfresh, an online meat store, has raised Rs20 crore from Amit Burman, VC Dabur India and SIDBI Venture Capital, the direct investment arm of government-owned Small Industries and Development Bank of India. Funds will be used to expand team and increase capacity.

  • CustomerSuccessBox, a B2B software startup helping companies streamline their business processes, has raised $1 million in a pre-series A round led by pi Ventures. The fresh funds will be used for product innovation and drive more growth.

  • Singapore Airlines is ready to scale up its India operations to tap the growing number of international air travellers and will increase the frequency of flights between Singapore and various Indian cities.

  • Future Retail has received approval from RBI to increase limit of its registered foreign portfolio investors to 49% of its paid up capital, which was earlier just 24%.

  • Sony India has appointed Sunil Nayyar as its MD. He will replace Kenichiro Hibi, who has now been appointed as president for Sony Brazil, effective 1st April.

  • As per the reports, Flipkart is now asking sellers to share a big part (around 60%) of incentives offered during sale events. Discounting has been an important part of online retailers as they reportedly get more turnover during the sales events.

*News as published in Business Standard, Live Mint and Economic Times. 
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