India Business News Headlines 12th December 2017 –

Here are the India Business News Headlines 12th December 2017:


  • SC shall be hearing Unitech case against NCLT order for Govt takeover today as it is concerned about home buyers. On 8 December NCLT had dismissed the board of Unitech while hearing central government’s plea to take control of the firm and directed the ministry of corporate affairs to nominate 10 directors to the board.


  • UCO Bank and Allahabad Bank have sold their entire loan exposure to Jai Balaji Industries to Edelweiss Asset Reconstruction Co., ahead of a deadline to begin bankruptcy proceedings against the Jai Balaji, which is one of 29 NPA accounts in the second defaulter list prepared by RBI. Jai Balaji has around Rs3,600 crore of debt, 40% of which is owed to these two banks.


  • Supreme Court shall be hearing today govt’s appeal in Vodafone tax dispute case against a Delhi HC order that allowed arbitration in the case under India-UK bilateral treaty.


  • Pradeep Singh Kharola, Senior IAS officer, has taken over charge as CMD of Air India from Rajiv Bansal. Pradeep was MD of Bangalore Metro Rail Corporation since February 2015.


  • The Label Life, an e-commerce lifestyle brand backed by Kalaari capital, has raised Rs.20 crore from Kalpavriksh, Centrum group’s maiden private equity fund. The Label Life provides contemporary fashion, accessories and home décor styled by Bollywood celebrities like Malaika Arora, Sussanne Khan and Bipasha Basu and caters majorly to urban women aged 23 to 45 years living in the top ten cities of India.


  • Venture Catalysts has bought 10% stake in ‘Chai Break’ for Rs.5 crore. Chai Break, a Kolkata-based restaurant chain that serves hookah and snacks, has been valued at Rs.50 crore in the first round of an external funding. Chai Break will now look to expand to around 10 more cities in east India.


  • Lighthouse Funds has received a commitment of $20 million for its third PE fund from IFC, the private investment arm of the World Bank group. IFC is also considering a parallel investment of up to $25 million in the fund. Lighthouse is looking to raise a corpus of $200 million for the fund.


  • Tata Motors will increase prices of its passenger vehicles by up to Rs.25,000 from January to offset the impact of rising input costs due to changing market conditions and various other external economic factors.


  • The luxury hotel in Delhi, The Oberoi, is set to open from January 1 and the hotel has started taking bookings. After a complete renovation, the hotel is promising guests “the cleanest air in the city”. It is estimated to have spent approx. Rs 600 crore on the massive renovation work.


  • After gaining over 150,000 sellers in little more than 12 months, an 80 percent growth, Amazon India planning a big technology and investment boost for its services in Delhi. Apart from the fulfillment centres, where Amazon has put a chunk of its investment, it is also planning to spend a lot more on seller services in 2018.


  • Simility, a machine learning powered adaptive fraud prevention solution, has raised $17.5 million funding. It has so far received $25 million in funding. The funds will be used to expand its partner network, sales, customer success and data science teams.


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