India Business News Headlines 16th March 2018

India business news headlines 16th March 2018

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

 

  • As per Head of Singapore Airlines’ India business, Singapore Airlines has an open mind about making an initial bid for a stake in  Air India. The government is expected to invite initial bids for Air India this month. Meanwhile, several other companies have already expressed interest in buying part of Air India’s businesses which includes IndiGo, Tata Group and Turkey’s Celebi Aviation Holdings.

  • RCom is in advanced discussions to sign a development deal with Panchshil Realty for its 125 acre land at Navi Mumbai. RCom had been looking for co-developers for its land housing Dhirubhai Ambani Knowledge City through which it expects to raise approx. Rs.10,000 Crore to pay off part of its debt of around Rs.45,000 Crore.

  • Trai has issued notice to Bharti Airtel for not complying with tariff norms. As per Trai, Airtel didn’t inform them about certain segmented tariffs offered to consumers with a purpose of retaining them.

  • CBI has arrested two Directors of RP Infosystems, Kaustuv Ray and Shivaji Panja, for allegedly defrauding a consortium of lenders of around Rs.515 crore. The company, which used to make computer hardware, was being investigated for few years for allegedly drawing loans from around 17 banks by submitting “fabricated” documents.

  • Xander Finance has provided Rs135 crore for the upcoming Trump Tower project in Kolkata to finance land acquisition and construction in structured debt. It has also offered Rs107 crore of structured debt to Akshaya Pvt. Ltd, a Chennai-based real estate developer to refinance loans and for general corporate purposes.

  • Trai is planning a UPI-like system for public Wi-Fi hot spots and will submit a report to DoT by March end based on the results of its pilot project conducted in Bengaluru and Noida.

  • As per a published report, World bank has said that GST is one of the most complex with the second highest tax rate in the world among a sample of 115 countries having similar indirect tax system.

  • General Atlantic is in final stages of discussions to buy a controlling stake in Capital Foods, owner of noodles brand Ching’s Secret from its existing investor Invus Group, which holds 44% as also some from the promoters which hold the remaining 56%.

  • As per a report by Grant Thornton, Corporate India has announced M&A deals worth $1,893 million in February 2018, a 40% increase in value terms over the same period last year.

  • Trading on bitcoin exchanges in India has dropped by 60-90% in the last two months as top Indian lenders have shut accounts of exchanges thereby restricting the transactions.

  • SoftBank is leading a Rs.400 Crore funding round for Grofers to increase its share to around 35-40%. Another existing investor, Tiger Global, is also participating in the fund raising. Grofers had earlier raised $120 million in 2015. The fresh round of funding will cut Grofer’s valuation by 20% to $300 million.

  • Mukund Rajan has resigned as chief ethics officer of Tata Sons. As per the official statement, he will be evaluating certain entrepreneurial pursuits. Rajan has held various leadership roles in telecom sector, private equity space and branding strategy over a period of 23 years.

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