India Business News Headlines 16th April 2018

Here are the India Business News Headlines 16th April 2018:

 

India business news headlines 16th April 2018

 

  • Blackstone Group Lp shall invest around 60% of its maiden $4 billion Asia-focused fund in India. Blackstone’s global PE fund will contribute 40% of the deal value for every transaction it does in Asia and the new Asia fund, BCP Asia, will invest remaining 60%. Blackstone manages $430 billion of assets globally and has invested around $7.5 billion in India till date.

  • Essar Steel update – JSW Steel, which is bidding with Numetal Mauritius may invest in the step down subsidiary of Numetal if it wins the auction.

  • WhatsApp has clarified its data privacy policy in India saying that Facebook does not use WhatsApp payments data for commercial purposes and just helps pass the necessary payment information to its bank partner and NPCI.

  • Ravi Goyal, the promoter of AGS Transact Technologies, is raising $100 million in debt from Piramal Enterprises to buy back shares from TPG Growth and Actis Capital. As of now, Goyal owns 55.2% of AGS Transact while TPG has 26% and Actis owns 16.44%.

  • Lenders have rejected RIL and JM Financial’s bid for Alok Industries; the reason has not been disclosed yet.

  • Reliance Jio has initiated beta trials of wired broadband service in Mumbai and Delhi and may commercially launch the service by the end of 2018. The unlimited internet at 100 mbps is being offered @ Rs4,500.

  • RattanIndia and Lone Star will jointly invest Rs.2,600 crore to launch a non-banking financial company, RattanIndia Finance, to be headed by Rajiv Rattan. The groups claims that RattanIndia Finance will be among the top 10 NBFCs in India based on the currently estimated capitalization.

  • Embassy Industrial Parks is planning to invest around $1 billion in 3-4 years warehousing space. The firm currently has a portfolio of around 6-7 million sq. ft of leasable space and plans to take it to up to 30 million over the next 3-4 years.

  • Lakshadeep Pvt Ltd. has emerged as the front-runner for Jaypee Infratech with Rs.7,350 crore bid and has offered Rs.1,200 crore in cash to banks, Rs.4,000 crore of land parcel and the rest in the form of long-term NCD.

  • Indian exports up to $5.6 billion could be hit as the US pressures India for greater market access by declaring a review of the generalized system of preferences through which Indian exporters get preferential market access to the US. GSP program allows duty-free entry of 3,500 products from India, benefiting exporters of textiles, engineering, gems and jewellery and chemical products.

  • Insurance companies that sell liability insurance have begun to reprice the costs of cover they offer to Directors on bank boards. Most of the listed banks buy insurance policies to cover the action of their Directors on the boards against any claims, whether of shareholders or customers or even other stakeholders.

  • Income Tax Department has seized Rs 4.4 billion of dividend income due to Cairn Energy Plc to recover a part of the Rs.102.47 billion tax demand it had raised on the firm using a retrospective tax legislation. It had previously seized Rs 6.66 billion of dividends due to Cairn as also refused to pay tax refund of Rs 15.94 billion to recover the dues.

  • DoT is awaiting approval from DIPP to give clearance for raising FDI limit in Idea Cellular to 100 per cent before approving the merger of Vodafone India with the Aditya Birla group firm. Meanwhile, it is being said that over 5000 employees may lose jobs in the process over the next few months.

  • RBI may relax some of the stringent norms for treatment of bad loans. The one day NPA norm may be extended to 30 days and the resolution plan could be cleared by 75% vote of creditors.

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