India Business News Headlines 12th Feb 2018

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India business news headlines 12th Feb 2018

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

  • Aditya Birla Capital Ltd, the financial services business of Aditya Birla Group, will begin investing in its asset reconstruction company (ARC) and start business this quarter. The company, which has presence across sectors like insurance, asset management and private equity and others is trying to tap into the bad loan opportunity in India, which is said to be of around Rs.10-trillion.
  • Eduvanz Financing, an education technology start-up providing loans for skill development to students, has raised $500,000 in a round of funding led by Blinc Advisors. Eduvanz works with training partners, corporates and certification providers to increase their enrollments by providing innovative financial solutions to students and skill-seekers. The firm wants to utilize the funds for strengthening its AI-based lending technology and expand operations across India.
  • FundsIndia aims to double assets under management by March 2019. The firm will also start selling insurance related products to increase its revenue base and customer loyalty.
  • Mindtree has decided to pause its inorganic growth plans and not to do any more acquisitions. The decision comes at a time when two of their recent acquisitions – Bluefin and Magnet 360 – have not shown results as expected by the company.
  • In a first, India shall buy 10% stake in Abu Dhabi oil fields for $600 mn. An MoU has been signed between an Indian consortium comprising ONGC Videsh, Bharat PetroResources, Indian Oil and Abu Dhabi National Oil Co for acquisition of 10 per cent participating interest in its offshore Lower Zakum Concession.
  • To add fizz to the group company and move beyond tea, coffee and water offerings, Tata Group is in talks with Hector Beverages, makers of Paper Boat, to buy out the company. The group is also considering dairy as a possible extension.
  • Ebix Inc, software and e-commerce services supplier, to e-governance, insurance, financial, and healthcare industries, has emerged as the front-runner to acquire Educomp, a digital education company, which has filed for bankruptcy. Ebix has offered Rs 325 crore, all inclusive, which is almost 11% of the Rs 3,000 crore that Educomp owes to a clutch of banks.
  • After opening its first distribution centre in Pune, Ikea is now searching for land in Maharashtra to build more facilities with an investment of around Rs 750 crore. The Pune distribution centre has been set up to service its store to be opened in Hyderabad by the middle of the year.

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

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