Here are the India Business News Headlines 12th March 2018:
- To fund its plan to buy distressed assets in India, JSW Steel is tapping overseas bond investors to raise $1 billion. The firm has already hired investment banks JP Morgan, Deutsche Bank and Citigroup to manage the fund raising.
- ChrysCap has bought a minority stake in pharma firm Curatio and will invest Rs.130 crore in the firm. Sequoia holds about 33% stake in the company and the rest is held together by promoter G.K. Ramani and Fulcrum Venture India.
- Mytrah Energy is in talks with large funds to raise growth capital of $500 million through equity stake sale. As of now, 78% shares of Mytrah Energy are owned by promoters and family while 22% is held by investors including Henderson, Capital Group and Blackrock.
- Essar Steel: Numetal and ArcelorMittal may be headed for a legal battle. Although the lenders of Essar Steel have not yet decided about their eligibility, both ArcelorMittal and Numetal have indicated that they will pursue legal options if their bids are scrapped.
- Bombay high court has ordered liquidation of Nimbus Communications for defaulting on Union Bank dues. The money was sanctioned in 2011 after Nimbus secured media rights from India’s cricket board to broadcast matches for seven years.
- As per indications, a consortium of Jet Airways, Delta Air Lines and Air France-KLM is understood to have expressed interest in the disinvestment of national carrier Air India.
- RBI has initiated a special audit of PSBs to focus on trade financing facilities with a special focus on issuance of LOU by them. It has also asked all banks for details of LOUs written by them.