India Business News Headlines 12th April 2018

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India business news headlines 12th April 2018

Here are the India Business News Headlines 12th April 2018:


  • Infrastructure Leasing and Financial Services is raising a new infrastructure fund with a target corpus of around $1 billion, which will invest majorly in operational assets in infrastructure. IIML has till now invested in various sectors like media, retail, city gas distribution, shipyards, telecom, etc. through its various funds.

  • Flipkart is said to be leaning over Walmart over Amazon for the acquisition deal as Walmart may face fewer regulatory issues for having no online retail presence in India while Amazon is the second largest e-commerce player in the country.

  • Reliance Industries has absorbed its 3 units which own Jio apps to build a single media team. Reliance Jio Digital Services, Reliance Jio Messaging and Reliance Jio Media Services, which owned various Jio apps, have been subsumed with Reliance Industries to make Reliance Jio a pure telecom company.

  • ClearTax, a start-up helping individuals and businesses file tax returns online, has acquired Greeblu Enterprises, which runs TOOTL, an app that helps to personalize content. Deal terms and size have not been disclosed. ClearTax would use TOOTL’s technology to curate personalized content by integrating TOOTL’s back-end tech stacks.

  • A day after TPG and Manipal sweetened their Fortis offer, IHH Healthcare, which is contemplating cash offer for Fortis hospitals, is planning to send a letter to the Fortis Healthcare board within the next couple of weeks with its bid details.

  • As reported by Mint, as per regulatory filings, Chanda Kochhar and six members of Kochhar family held shares in Credential Finance Ltd, along with Videocon group, at least as far back as 2001. Chanda Kochhar was elevated as ICICI Bank’s CEO in 2009 and she sold or transferred her shares in Credential Finance before 2010. Videocon International, too, cut its shareholding to 4.88% by 2013-14.

  • In line with N. Chandrasekaran, Tata Sons chairman’s business restructuring plans, Tata Sons is consolidating its various businesses across aerospace and defence verticals under Tata Aerospace and Defence.

  • Seeking to expand capacity, Atria Power Corp., a Bengaluru-based renewable power producer, is planning to sell dollar bonds worth $500 million. It has already hired Barclays Plc, JPMorgan Chase and UBS AG as investment bankers for the process. Atria is backed by GE Energy Financial Services.

  • PNB fraud: ED has asked HC not to entertain Firestar Diamonds’ plea on assets seizure of its property as Nirav Modi is an ‘absconding fugitive’.

  • TravelTriangle has raised Rs78 crore in a series C round of funding led by Fundamentum, mid-stage VC fund founded by Nandan Nilekani and Sanjeev Aggarwal, Helion Ventures founder. Till date the company has raised $20 million across three rounds.

  • Saudi Aramco, the Saudi oil major, has signed a pact with a consortium of State owned Oil companies to buy 50% stake in $44 billion Maharashtra refinery. The deal once completed, will compete with Rosneft, the Russian major’s acquisition deal of $10bn acquisition deal for Essar group’s refinery.

  • RBI has fined IDBI Bank Rs.3 Crore for failing to report NPAs as also other deficiencies in regulatory compliances.

  • Sebi has asked Sahara Mutual Funds to wind up all its schemes till July 27 except the ‘Sahara Tax Gain Fund’. Sebi had cancelled registration of Sahara MF in July 2015 for being “no longer fit and proper”.

  • Rhiti Sports, the company handling endorsements of MS Dhoni and some other players, has filed a recovery suit in Delhi High Court against the Amrapali Group for Rs.200 Crore due to them.

  • Amazon has announced EMI on Debit cards for HDFC Bank customers for purchases over Rs.10,000.

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